Malaysia: InsurTech gets green light to establish takaful and retakaful operations

Source: Middle East Insurance Review | Feb 2024

Kuala Lumpur-based PolicyStreet, a regional InsurTech company, has secured approval from the Labuan Financial Services Authority to commence takaful and retakaful operations.

PolicyStreet co-founder and group CEO Yen Ming Lee, said in a statement that regulatory approval for the establishment of the takaful and retakaful window opens up new opportunities for the InsurTech company to contribute to narrowing the protection gap in the region. Bank Negara Malaysia’s Financial Sector Blueprint has set a goal of achieving a 4.8% to 5% insurance and takaful penetration rate by 2026, with RAM Rating Services estimating the current penetration rate at 4.6%, signalling considerable room for expansion within the market. M

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