Takaful penetration rate rises to 18.6% in 2021 despite pandemic
KUALA LUMPUR (April 25): Malaysia's takaful industry penetration rate rose to 18.6% last year from 16.9% recorded in 2020, according to the Malaysian Takaful Association (MTA).
Chairman Elmie Aman Najas said the landmark increase was the highest growth over a five-year period, whereby the ratio of the number of Family Takaful in-force certificates to the total Malaysian population grew to 6.07 million certificates in 2021 versus 5.51 million in 2020.
“The Family Takaful market has shown an exceptionally strong resilience despite the pandemic, with annual takaful contributions of new businesses reaching the two billion ringgit mark for the first time, recording RM2.23 billion, an increase of 48.8%, compared to RM1.5 billion in 2020.
“Overall, the Family Takaful new business industry registered RM8.5 billion in gross contributions, a 29.7% increase from RM6.59 billion in 2020,” he said during the industry's 2021 performance presentation prior to an Iftar event with the media on Monday (April 25) night.
In parallel, a total of 1,135,189 new business certificates were issued in 2021, a 35.2% increase from the 839,355 certificates in 2020, while total business in-force gross contribution was RM7.42 billion in 2021, in contrast to RM6.12 billion in 2020, he said.
Elmie, who is also a chief executive officer for AIA Public Takaful Bhd, said the General Takaful business registered gross written contributions of RM3.83 billion, the Motor Takaful business of RM2,54 billion, while the Fire Takaful business recorded RM0.69 billion in 2021.
“These are increases of 10.6%, 11.2% and 10.3% respectively from their performances in 2020,” he added.
Agency and Bancatakaful were the main distribution channels contributing 60.6% and 14.2% of businesses respectively.
For new businesses, Agency recorded 85.7% as the main distribution channel for "annual contribution" takaful plans, while Bancatakaful was the main contributor for "single contribution" plans at 52.4%.
http://www.theedgemarkets.com/article/takaful-penetration-rate-rises-186-2021-despite-pandemic
Singapore Investment
-
-
-
-
-
-
-
-
-
-
Expenses that are necessary to pay for11 hours ago
-
-
-
All that Glitters Is Gold21 hours ago
-
-
Portfolio (March 30, 2024)1 day ago
-
-
-
-
-
-
-
-
-
-
-
-
QAF #77 - 2023 Annual Report1 day ago
-
-
-
6 Secrets of Millionaire Couples2 days ago
-
The Secret To Investing2 days ago
-
-
-
-
-
-
-
-
-
The Green U-Turn3 days ago
-
-
-
Week Ahead4 days ago
-
Burnt out!4 days ago
-
-
-
-
Feb 2024 Expenditure5 days ago
-
-
-
-
-
-
-
Not Worth It6 days ago
-
Trip to Legoland6 days ago
-
-
-
-
-
-
-
Starting Our Second Property Cycle1 week ago
-
-
-
Position Update1 week ago
-
-
Finance Investment Movement 432 weeks ago
-
-
-
-
MAS Singapore Gold Vault2 weeks ago
-
Gaining And Holding2 weeks ago
-
-
-
-
Book Giveaway- Winners2 weeks ago
-
-
ICYMI: Corporate Connect with Singpost3 weeks ago
-
-
Just sold at record high!3 weeks ago
-
-
-
-
-
-
-
-
-
Monthly IBKR Update – Feb 20243 weeks ago
-
-
Feb 2024 Portfolio3 weeks ago
-
Rethinking my financial targets for 20243 weeks ago
-
-
-
-
Summary of February 20244 weeks ago
-
Portfolio -- Feb 20244 weeks ago
-
The Market Is A Scam!4 weeks ago
-
-
-
-
-
-
-
-
-
-
-
Today’s Deal of the day – Max Miles1 month ago
-
-
Options Trading Journal Jan 20241 month ago
-
-
-
-
-
-
-
-
-
-
-
End of 2023 Review2 months ago
-
-
Year 2023 DIYQuant Portfolio Performance Report2 months ago
-
Monthly Summary of November 20233 months ago
-
3 Simple Poker Strategies for Beginners3 months ago
-
Migration of website4 months ago
-
-
Abandon REITS?4 months ago
-
-
-
-
-
-
-
-
-
August 2023 Portfolio Updates6 months ago
-
-
-
-
Hello SP Group, I'm Back!9 months ago
-
-
-
-
I am in debt9 months ago
-
A New Light10 months ago
-
-
-
-
-
-
-
Demoralized1 year ago
-
2022 Thoughts, Hello 2023!1 year ago
-
Series of Defaults for Maple Finance1 year ago
-
Takeaways from “Sea Change”1 year ago
-
-
Greed is Coming Back1 year ago
-
-
-
-
-
-
-
-
-
-
-
What is Overemployment1 year ago
-
-
-
-
-
-
-
-
-
-
-