Malaysian takaful insurance market: 2022 turnover

The Malaysian Takaful Association has reported strong results for local takaful insurance companies in 2022.

The family takaful class of business (personal insurance) has posted a turnover of 8.34 billion MYR (1.9 billion USD), which represents a 12.4% increase over a year.

Non-life premiums (general takaful) have progressed by 21.1% to reach 4.6 billion MYR (1.04 billion USD). This activity is dominated by the motor and fire classes of business which account for respective market shares of 66.2% and 18.2%.

The sector's performance is driven by several factors including the ever-growing popularity of takaful products among consumers, the shift to new technologies and the increased demand for Islamic financial products.