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Takaful penetration rate rises to 18.6% in 2021 despite pandemic
26 Apr 2022 | Tuesday Source: The Edge Markets
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.
