Malaysia: Takaful targets 25% market share by 2020
Source: Middle East Insurance Review | Jul 2015
The takaful sector is aiming for a quarter of the insurance pie by 2020, up from 14% at the end of 2014, said Mr Ahmad Rizlan Azman, Chairman of the Malaysian Takaful Association, in an interview with Bloomberg.
Takaful operators should also step up educational campaigns to boost customers to 8.4 million by 2020 from about four million now, said Mr Ahmad, who is also CEO of Etiqa Takaful. A young population, strong economic growth and the ability to attract more professionals will be prerequisites to achieving Malaysia’s targets, he added.
“We are targeting the under-served and the younger people who are entering the workforce,” said Mr Ahmad Rizlan. “We are doing this by embarking on awareness campaigns at the tertiary level.”