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Solvency determinants: evidence from the Takaful insurance industry

Abstract

This paper contributes to the nascent literature on Takaful by investigating the solvency determinants for Takaful firms in both the Gulf Cooperation Council (GCC) and Malaysian economies. Our main objective is to develop a deeper understanding of the solvency determinants of these firms. Using hand- collected microdata for the period 2011 to 2016 for 52 Takaful firms, we document that firm size and wakalah fees significantly decrease solvency. From a regulatory point of view, this finding underscores that the percentage of wakalah fees should be closely monitored. Moreover, we find that other explanatory variables, including return on assets and the risk retention and investment income ratios, are not significantly associated with solvency. Overall, our results remain robust to many different model specifications. Further analysis indicates significant differences between the GCC and Malaysian Takaful firms. This may be explained by the different stages of financial development in the two markets.

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Data availability

The data that supports the findings of this study are available in the supplementary material of this article. Macroeconomic data are also available at the World Bank website (https://data.worldbank.org/indicator). However, the financial data are not cited because they were hand-collected from the firms’ financial statements.

Notes

  1. Visions including: The Kingdom of Saudi Arabia vision 3030, State of Kuwait vision 2035, Kingdom of Bahrain vision 2030, Abu Dhabi’s vision 2030, State of Qatar vision 2030 and Sultanate of Oman vision 2040.

  2. Wakalah fees are the upfront fees to be paid for the operators, who manage the Takaful operations.

  3. Our sample considers only Takaful operators and not Takaful windows.

  4. Financial data were hand-collected from the income statements of Takaful firms and thus we cannot cite the websites of all these companies.

  5. We repeated this procedure with random effects regression by also controlling for country fixed effects. The results remained the same and are available upon request.

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We are grateful to two anonymous referees and the editor for their constructive comments and suggestions that helped us to improve the scope and clarity of this research.

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Alokla, J., Daynes, A., Pagas, P. et al. Solvency determinants: evidence from the Takaful insurance industry. Geneva Pap Risk Insur Issues Pract 48, 847–871 (2023). https://doi.org/10.1057/s41288-021-00263-1

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