Continuation
Insurers are
among the largest institutional investors in Europe.
European insurers
generate a premium income of almost €1.1 trillion.
Thus account for
more than one-third of the global insurance market.
Employ nearly one
million people.
Invest around
€7.7 trillion in the economy.
Given its depth,
the European insurance industry is:
-
an established
-
and
fully-equipped
vehicle for the introduction
of Islamic insurance operations.
Furthermore, the
European market is familiar with the concept of “mutuality and cooperative insurance”.
It has many
similarities with Islamic insurance.
In fact, more
than two-thirds of all insurers in Europe belong to the mutual and cooperative
insurance sector.
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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