The launch of the Brunei Insurance and Takaful Association (BITA) in November 2013 was a major event for the insurance industry and a highly anticipated one since plans for its formation were agreed upon in 2011. Bringing for the first time conventional and takaful insurers under one group, BITA is expected to unify the industry, especially in its relations with...
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Articles & Analysis | The creation of a new industry organisation is expected to help resolve long-standing issues from The Report: Brunei Darussalam 2014
Interviews & Viewpoints | OBG talks to Osman Jair, Chairman, Brunei Insurance and Takaful Association (BITA), and Managing Director, Insurans Islam TAIB from The Report: Brunei Darussalam 2014
Articles & Analysis | Competition is intense as takaful firms gain on conventional insurers from The Report: Brunei Darussalam 2014
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 impacted the profitability of mandatory automotive and workers’ compensation insurance, while the government’s local business development policies as well as strong support for...
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...
Articles & Analysis | Sub-regional alliance to enhance trade and build better linkages from The Report: Brunei Darussalam 2014
While trade liberalisation through ASEAN will open up opportunities for Brunei Darussalam, the Sultanate may have a larger immediate impact within the smaller sub-region of Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA). Established in 1994 to address the socioeconomic progress of less developed, marginalised and far-flung areas and...
Articles & Analysis | Enhancing connectivity among ASEAN member states from The Report: Brunei Darussalam 2014
Much of the procedural elements of Brunei Darussalam’s regional integration are intended to tear down any remaining trade barriers in order to facilitate greater trade between member countries. But in order to take full advantage of these new opportunities, a network of seamless interconnectivity between these markets must be established in terms of communications,...