Insurance

Consisting of both Islamic and conventional insurers, the Sultanate’s insurance sector has held steady in recent times, despite strong external pressures on Brunei Darussalam’s economy. Non-life remains a dynamic segment, with Islamic takaful products making up the bulk of these general insurance premiums. This pattern looks set to continue in the year ahead, too, with the next 12 months also promising to be one of further professionalization of the sector’s distribution channels, in response to increased globalization and liberalization as the ASEAN Economic Community takes hold. The potential future impact of the Trans-Pacific Partnership agreement on the sector is also now a subject of debate by industry players. This chapter contains an interview with Osman Jair, Managing Director, Insurans Islam TAIB; and Chairman, Brunei Insurance and Takaful Association (BITA).