Malaysian Takaful insurance market in the first half of 2021

Despite the pandemic, Takaful insurance companies operating in Malaysia are putting in a strong performance in the first half of 2021.

According to the data published by the Malaysian Takaful Association (MTA), the life and health insurance class of business (family Takaful) has recorded 4.68 billion MYR (1.12 billion USD) of contributions. This amount represents a 46.7% increase compared to the 3.19 billion MYR (744.37 million USD) recorded during the same period of the previous year.

Non-life premiums (Takaful General) have increased by 13.6% to reach 1.86 billion MYR (447.81 million USD) during the period under review. The non-life activity is dominated by motor insurance which represents a 62.5% market share.

The industry's resilience in the face of the health crisis, the diversity and flexibility of products are among the factors contributing to the sector's growth.