Insurance

Although the business environment for insurers is challenging, Brunei Darussalam’s small insurance industry continues to expand gradually. Increasingly high court awards to accident victims have affected the profitability of mandatory automotive and workers’ compensation lines, while the government’s local business development policies and support for sharia-compliant insurers are squeezing conventional players. The sector should get a boost from investment growth in industrial segments and planned government expenditure on infrastructure. However, it will continue to be difficult for the sector to accelerate significantly given the high level of economic security enjoyed by Bruneian citizens and the limited ability of local insurers to serve the economy’s dominant economic sector.

This chapter contains an interview with Osman Jair, Chairman, Brunei Insurance and Takaful Association, and Managing Director, Insurance Islam TAIB.