LOCAL TAKAFUL INDUSTRY POSITIVELY MOVING FORWARD THROUGH PANDEMIC

KUALA LUMPUR, Oct 28 (Bernama) -- The local Takaful industry remains positive in facing the COVID 19 pandemic that is hit our country this year, said the Malaysian Takaful Association (MTA).

“Living under the new norms, the industry came forward to ease the burden of the community. Among of the industry’s initiatives are RM 8 Million of Covid-19 Test Fund (MyCTF) by MTA, the Life Insurance Association of Malaysia (LIAM) and the Persatuan Insurans Am Malaysia (PIAM), the introduction of remote Takaful Basic Examination (TBE) by MTA and Islamic Banking and Finance Institute Malaysia (IBFIM), the 90-day deferment of premium/ contribution payment by MTA and LIAM, and additional benefits offered by Takaful operators to those who are affected by the pandemic” said the Chairman of MTA, Encik Muhammad Fikri Mohamad Rawi in his speech the virtual Takaful StarNite 2020 today.

“We cannot deny the fact that under this unprecedented situation, it has impacted the country’s economy including Takaful industry. However, the industry has embraced technologies in promoting Takaful digitally”, said Fikri.

MTA has announced the Takaful industry performance for the period of January 2020 to June 2020 in the virtual Takaful StarNite 2020 event which has been streamed via the Association’s Facebook page today.

The Deputy Chairman of MTA, Encik Elmie Aman Najas said “Takaful industry has achieved RM 286.2 billion for the new Takaful protection value which is amounting to RM 3.19 billion in total new business contribution for all certificates combined in the period from January 2020 to June 2020. The protection value has increased by 0.97% compared to the same period in 2019”.

The growth of 19.1% of the Family Takaful Business Inforce Protection Value from January 2020 to June 2020 compared to the previous year in the same period which only reached RM 0.96 trillion back in 2019. For the period of January 2020 to June 2020, Family Takaful Business Inforce Protection Value recorded RM 1.02 trillion, which something that can be a great catalyst for the industry to move forward and give its best efforts.

“The performance of the Family Takaful industry in 2020 has reflected its resilience and the increasing of familiarity with the Takaful concept among Malaysians, evidenced by greater acceptance of Takaful coverage as the choice for protection”, Elmie said.

For General Takaful, the growth of Total Business Gross Contribution in the period of January 2020 to June 2020 was at 0.6% which amounted to RM 1.64 billion compared to the same period of 2019 which the amount recorded is RM 1.63 billion.

To fully utilise the advantage of digitalisation especially during the pandemic, Takaful StarNite 2020 was held virtually for the first time. It is a special annual event that brings together members of the Takaful fraternity to celebrate the achievements of industry players who had contributed towards the development of the Takaful industry. The theme for Takaful StarNite 2020 this year is "New Millennial Evolution" which brings a meaning that the industry welcomes youths who come from the millennial generation. At the same time, the industry also evolving to meet the needs of a generation which is literate about the world of information technology (IT).

A total of 26 awards were presented to those who have achieved outstanding performance in contributing to the development of the Takaful industry. The awards were segmentized to several categories which are Family Takaful Individual Business, Family Takaful Group Business, General Takaful, Bancatakaful, Institution and Special Awards category. 

About Malaysian Takaful Association

Malaysian Takaful Association (MTA) was established on November 2002 under the Societies Act 1966. It is a trade association representing all 18 licensed Takaful and Retakaful operators in the country.  The objectives and the powers of MTA are to promote the interests of its members and to lead and supervise the exercise of self-regulation within the Takaful industry.

SOURCE : Malaysian Takaful Association (MTA)