KUALA LUMPUR, April 8 (Bernama) --
The Malaysian Takaful industry continues to show resilience during the pandemic with an increase of 7% new business contribution for all Family Takaful certificates in 2020, amounting to RM 6.59 billion as compared to RM 6.16 billion in 2019. The new Takaful protection value has increased by 21.4% to RM 461.7 billion, from RM380.2 billion in 2019.
The Family Takaful new business single gross contributions registered RM 5.09 billion in 2020, an increase of 4.9% from RM 4.85 billion in 2019. while the Family Takaful annual gross contributions of new business have recorded RM1.50 billion in 2020, a double-digit growth of 14.8% when compared to RM 1.31 billion in 2019. In terms of distribution channels, Bancatakaful was the main contributors with 41.6% followed by Agency for 25.1%.
As a whole, the takaful industry added 839,358 new certificates in 2020, marked a significant growth of 14.4%. This resulted in a notable growth of Family Takaful industry penetration rate, a measure of number of inforce certificates to the total Malaysian population, which has increased to 16.9 % in 2020 from 15.9% in 2019.
This also demonstrates that the industry’s Takaful protection value has reached to RM1.1 trillion, an increase of 14.5% from 2019.
The General Takaful business registered Gross Written Contributions of RM 3.46 billion, an increase of 4.4% over the same period in 2019. Motor Takaful portfolio remains at the top position with the share of 66.1% [2019: 64.8%] of the portfolio mix. In terms of distribution, both agency and direct distribution channels are the main contributors to the overall growth of general takaful, 59.4% and 31.7%, respectively. It is also worthy to mention the growth of the Internet channel which has been encouraging. This channel has grown by 22.1% from RM174.5 million in 2019 to RM213.1 million gross written contribution in 2020, 96.1% of which is motor takaful.
In terms of claims paid, the Net Claims Incurred Ratio (NCIR) has edged down to 55.7% in 2020. For motor business, the industry’s NCIR decreased to 68.2% from 72.7% in 2019.
“This promising growth is an evident of positive outcome from reopening of economy during COVID-19 pandemic under the Government’s recovery efforts to revitalise economic activities, especially during the third and fourth quarter of 2020.” said Encik Elmie Aman Najas, the newly elected Chairman of the Malaysian Takaful Association (MTA) today.New Office Bearer 2021-2023
In MTA’s 19th AGM held on 7 April 2021, a new office bearer was elected for the term 2021-2023. Encik Elmie Aman Najas, CEO of AIA PUBLIC Takaful Bhd. has been elected as the new Chairman for the Association. He will be supported by newly elected Deputy Chairman, Encik Mohamed Sabri Ramli, CEO of Syarikat Takaful Malaysia Am Berhad, and Treasurer, Encik Zafri Ab Halim of Etiqa Family Takaful Berhad.
Encik Elmie has 25 years of insurance and takaful experience in multinationals. Previously, he was the Deputy Chairman of MTA. He also serves as a board member for the Institute of Islamic Banking and Finance (IBFIM) and the Insurance Services Malaysia (ISM). He is a Fellow Member of the Chartered Institute of Islamic Finance Professionals (CIIF) and a Fellow of the Malaysian Insurance Institute (MII).
Encik Elmie replace Encik Muhammad Fikri Mohamad Rawi who have served the maximum constitutional terms of 4 years as MTA Chairman. Encik Muhammad Fikri, who is also the CEO of Sun Life Malaysia
Takaful Berhad, has served MTA Management Committee since 2009. He held various roles in the Association, namely, the Chairman of MTA Corporate Communications Subcommittee, Treasurer, Deputy Chairman and lastly, as MTA Chairman over his 12-year period as a member of MTA Management Committee. MTA would like to put on record the Association’s deepest and sincere appreciation to Encik Muhammad Fikri for his contribution to MTA and the industry during his tenure.
The new line-up for members of MTA Management Committee for the term of 2021-2023 are as follows: Chairman :
Encik Elmie Aman Najas
AIA PUBLIC Takaful Bhd.Deputy Chairman :
Encik Mohamed Sabri Ramli
Syarikat Takaful Malaysia Am BerhadTreasurer :
Encik Zafri Ab Halim
Etiqa Family Takaful BerhadCommittee members :
1. Encik Shahrul Azuan Mohamed
Etiqa General Takaful Berhad
2. Encik Shahrul Azlan Shahriman
Great Eastern Takaful Berhad
3. Encik Mohd Asri Omar
Hong Leong MSIG Takaful Berhad
4. Encik Mohammad Nizam Yahya
Malaysian Reinsurance Berhad
5. Encik Wan Saifulrizal Wan Ismail
Prudential BSN Takaful Berhad
6. Mr Marcel Omar Papp
Swiss Re Retakaful (Swiss Re Asia Pte. Ltd)
7. Encik Nor Azman Zainal
Takaful Ikhlas Family BerhadPlease click here for : Chairman's and Deputy Chairman's profileAbout Malaysian Takaful Association
Malaysian Takaful Association (MTA) was established on November 2002 under the Societies Act 1966. It is a trade association representing all 18 licensed Takaful and Retakaful operators in the country. The objectives and the powers of MTA are to promote the interests of its members and to lead and supervise the exercise of self-regulation within the Takaful industry.SOURCE : Malaysian Takaful Association (MTA) FOR MORE INFORMATION, PLEASE CONTACT:
Name : Puan Siti Nor Kamariah
Head of Corporate Communications
Malaysian Takaful Association
Tel : +603-2031 8160
Fax : +603-2031 8170
Email : email@example.com