Malaysia: Great Eastern Takaful aims for double digit growth this year
Source: Middle East Insurance Review | Oct 2016
Great Eastern Takaful Bhd (GETB), the Shariah compliant arm of Singapore-based insurer Great Eastern Holdings, expects a double digit growth across its business this year despite the general slowdown in the takaful industry.
“We are expecting a double digit growth this year, despite a challenging landscape for insurance and takaful in general,” said CEO Zafri Ab Halim.
“We will gain this double digit growth mostly because we are coming from a low base. We expect there will be a single digit overall growth for the industry this year.”
The takaful provider also said they currently have some 400 policyholders, and hold a market share of 6.1% in the family takaful business as of June 2016.
“Going forward, we would like to increase our penetration further by specifically targeting the Malay Muslim community by employing more Malay agents,” said Mr Zafri.
“We currently have 2,400 Malay agents out of the existing 6,000 agents. We are specifically targeting an additional 1,200 Malay agents this year so they can push our takaful products to more Malays.”
GETB, which distributes through agents and banks, expects to sell its products online in early 2018.