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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.
