We are a part of Al Baraka Group. We are a 100% takaful insurance company born in Lebanon in 2001. This company is a pioneer and the solo Islamic insurance company in the market. We are enjoying this concept as we believe the concept is trustworthy and honest. This market is saturated by conventional insurers, and what we offer really sets us apart.
The concept of takaful is very important for the market. People have to save their money and are looking for satisfactory and reasonable products with better returns. Our service has the same terms and conditions, yet the customer can get a better return.
THE RIGHT TIME
It was the right time for takaful. Many companies are looking to establish similar institutions. I believe that it is the right time to invest in Lebanon. We have 0.5% of the market, and by the end of 2015 we will have claimed 15%.
MAKING THE DIFFERENCE
Lebanon is not an oil-producing economy, but rather a service-based economy. If you compare it to neighboring countries and exclude the oil-rich Gulf countries, what has made the difference here is life insurance.
Internet sales are definitely a growth area for the future. Chartis has already begun e-marketing in areas such as the Gulf, and we see potential here especially due to the computer proficiency the younger generation boasts.
We offer corporate insurance products and are after a niche market. We look at financial lines where we provide insurance for commercial and financial institutions; banks, private equities, for their management liability, for their professional liability, for embezzlement, and so on.
More than 50 insurance companies are currently operating in the Lebanese market including bancassurers, multinationals, and family-owned businesses. Each company has its market share, but it’s difficult to acquire more business and grow in such a small market with so many players.
BACK TO BUSINESS
Overall, results achieved in 2010 were better than the ones achieved in 2009 and 2008. We have noticed that the insurance business is back on track, especially after the events that occurred following 9/11, and the global financial crisis.
We have over 70 agencies and branches throughout Lebanon, mostly banks. When you work with a bank every branch of the bank is a point of sale, which makes things easier. Arope standalone branches provide customer service and claims assistance. We have customer service branches in all the major cities. The rest are all points of sale.
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