Shariah-compliant insurance provider sees growing broker interest

Shariah-compliant insurance provider sees growing broker interest | Insurance Business Canada

Insurance News

Shariah-compliant insurance provider sees growing broker interest

CEO talks about “phenomenal” market response

Insurance News

By
Terry Gangcuangco

Ethical Insurance, introduced by CHES Special Risk as the first Shariah-compliant insurance provider in Canada, is drawing substantial attention from brokers and small business owners.

Launched in March, the new proposition offers products that align with Islamic principles, meeting a growing demand for ethical and values-based insurance solutions. Initially focusing on Ontario-based clients, Ethical Insurance specializes in commercial property liability and construction risks.

According to CHES Special Risk president and chief executive Gary Hirst, the market response has been remarkable.

“The interest from brokers and small business owners has been truly phenomenal,” the CEO said. “We are excited to expand our network with appointed brokers who are passionate about offering ethical insurance solutions and helping their clients access a product that aligns with their values.”

For brokers, Ethical Insurance represents a unique opportunity to diversify offerings and tap into an expanding market. It also provides the necessary training and support to help brokers understand and distribute products effectively.

The new brand is grounded in Islamic teachings that prioritize social responsibility, equitable business practices, and ethical engagement. Its approach ensures exclusion from industries related to alcohol, weaponry, certain food items, and gambling.

“At CHES Special Risk, we’re proud to pioneer this exclusive offering, aligning insurance solutions with Islamic principles of ethics and finance,” Hirst noted earlier this year. “We’re empowering retail brokers with a product that reflects the values and principles of their clients.

“Our product and workflow are overseen by an independent Islamic advisory board, made up of Muslim clerics who audit our product and operations to a very strict code of ethics and have certified our operations.”

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