AXA partners with Cobalt Underwriting for Sharia-compliant policy
AXA Insurance has teamed up with Cobalt Underwriting to create a new Shariah-compliant insurance product for the real estate sector to be distributed via brokers.
AXA has devised new premium payment and claims processes to ensure the product adheres to the key principles of Islamic insurance, including mutual co-operation between policyholders and not insuring assets or business involved in prohibited Islamic activities, such as gambling.
As part of the partnership, AXA directly manages the trading and underwriting of the product and utilises Cobalt’s Shariah expertise. Cobalt employs in-house Shariah scholars who provide each client with Shariah compliance certification.
The new product is part of AXA’s wider strategy to bring new products to under-served sections of the insurance market.
“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 Ryan Birbeck, head of real estate specialty, AXA Insurance-
“Cobalt Underwriting has a wealth of expertise in Islamic insurance, having worked with a number of the world’s largest Islamic banks, and will enable us to make significant in-roads into a market which is of growing importance,” Birbeck added.
Anne Plumb, Head of Underwriting, Cobalt Underwriting, said: “This sector represents a significant proportion of the global Islamic fiscal assets, currently estimated to be around $3 trillion”.
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