Thursday, October 19, 2017

Bright future for Malaysia’s general takaful sector

Malaysia’s general takaful industry is forecast to continue growing in the coming years to take up 20% of the market share in the country’s insurance sector by 2020.

The general takaful industry currently accounts for 12.6% of the insurance sector, according to Hong Leong MSIG Takaful.

The general takaful industry is still new in the market but Suparno Ahmad, head of general takaful operations at Hong Leong MSIG Takaful, said the industry is having a promising time in Malaysia.

The implementation of the phased liberalisation is also expected to complement the takaful industry with value-added products.

Suparno, who attended the General Takaful Agents Convention 2017 in Kuala Lumpur, told reporters that insurance and takaful industries will have the flexibility to offer products with new features at market-based pricing, under an environment of phased liberalisation.

The liberalisation could also reduce the number of frauds by 20% to 30%, Suparno added.

Share

Related Articles

Videos

Victor Kuk, Swiss Re

Partner Content

White Papers

Follow InsuranceAsia News

Print Edition

AUTUMN 2017

Roundtable

Convergence of reinsurance and capital management