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Steady growth for life, family takaful
3 Jan 2023 | Tuesday Source: The Star
The new business premiums (NBPs) for the life and family takaful industry is anticipated to chalk up a higher single-digit growth in the second half of 2022 and 2023 amid the challenging market conditions, says RAM Rating Services Bhd.
The life insurance industry’s NBPs for the first nine months of 2022 grew 8.5% to RM1.51bil, based on the Life Insurance Association of Malaysia’s (Liam) statistics.
Overall new business premiums for the period posted a slight dip of 3.1% due to lower take-up rate of investment-linked (IL) business.
This was also attributed to the lower premium size (average of RM75 per policy) offered by life insurers under the Perlindungan Tenang Voucher (PTV) programme.
