Saturday, January 20, 2018

Takaful outpaces conventional insurance in Malaysia

Takaful continued to outpace the conventional insurance sector in Malaysia in terms of growth in the first half of 2017, according to Fitch Ratings.

Family and general takaful in Malaysia grew by 7.5% and 5.9%, respectively in the first half of 2017, compared with life insurance’s 5.2% and general insurance’s 1.8% contraction.

Family takaful accounted for 30.5% of the overall life market in the country based on new business premiums in H1 2017, up from 28.8% at the end of 2016, Fitch said.

Additionally, general takaful’s share in the overall general insurance market grew to 12.8% from 12.2% in the same period.

The government’s push for affordable insurance and its 75% insurance penetration target by 2020, is also expected to benefit the takaful segment, Fitch added.

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