UK: AXA partners Cobalt to launch shariah-compliant real estate product

Source: Middle East Insurance Review | Jun 2018

AXA Insurance has teamed up with Cobalt Underwriting to create a new insurance product for the real-estate sector, as part of AXA’s strategy of “bringing relevant new products to under-served sections” of the insurance market. AXA said it has devised new accounting and claims processes that are shariah-compliant and this policy will be distributed through brokers.

Under the arrangement, AXA underwrites policies directly with brokers and works with Cobalt to ensure risk and policy wording is compliant with shariah principles.

“We are always exploring ways to reach potential customers and, with overseas investment continuing to flow into the UK real estate sector, a shariah-compliant insurance policy was an obvious addition to our suite of products,” said Mr Ryan Birbeck, head of real estate specialty, AXA Insurance.

Ms Anne Plumb, head of underwriting, Cobalt Underwriting said, “This sector represents a significant proportion of the global Islamic fiscal assets, currently estimated to be $3tn. AXA’s shariah-compliant product is just what the Islamic real estate sector needs.” M

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