Malaysia: Family takaful new business contributions rise by 7% in 2020
Source: Middle East Insurance Review | May 2021
New business contributions for family takaful business in Malaysia increased by 7% to MYR6.59bn ($1.59bn) in 2020 from MYR6.16bn in the previous year despite the challenges brought on by the COVID-19 pandemic, said the Malaysian Takaful Association (MTA).
New takaful protection value increased by 21.4% to MYR461.7bn last year from MYR380.2bn in 2019, reported Bernama News Agency citing an MTA statement.
The family takaful new business single gross contribution amounted to MYR5.09bn in 2020, an increase of 4.9% from MYR4.85bn in 2019.
As for general takaful, the MTA said that gross written contributions increased 4.4% y-o-y to MYR3.46bn, with the motor takaful portfolio remaining at the top position with a 66.1% share of the portfolio mix.
“This promising growth is evidence of the positive outcome from the reopening of the economy in the government’s pandemic recovery efforts, especially during the third and fourth quarters of 2020,” said MTA newly-elected chairman Elmie Aman Najas.
Overall, the takaful sector’s protection value reached MYR1.1tn, up 14.5% from 2019. M
MYR1 = $0.24