Govt wants national insurance penetration rate to breach 75pc mark in 2020

The government wants the national insurance penetration rate to breach the 75 per cent mark next year, says Finance Minister Lim Guan Eng.

He said, to bring this about, the government must raise awareness of the benefits of insurance protection, including takaful among Malaysians.

“Malaysia is a growing family takaful market that has tremendous potential moving forward,” he said in his keynote address at the FWD Takaful Official Brand Launch here today.

Bank Negara Malaysia‘s data shows that only 41 per cent of Malaysians are protected by at least one insurance policy.

Lim said FWD Takaful’s entry into Malaysia augured well for the domestic takaful industry, with total investments of RM1.06 billion over the next five years.

FWD Takaful Bhd chief executive officer Salim Majid Zain said the company was eyeing 15 per cent market share for its takaful in the country within five years.

He said currently, the company ranked 11th among he 12 insurance companies in the country and aimed to be among the top five within the period.

“We are confident in the long-term growth potential of the takaful industry in Malaysia as our nation continues to be one of the leading global hubs for Islamic finance.

“Together with other providers in the industry, we seek to create a more robust takaful market, offering a wider range of takaful solutions to serve the various needs of Malaysians,” he said.

FWD Takaful officially launched its brand today and introduced its vision to change the way people feel about takaful.

Marking FWD Group’s ninth market in just five years, the brand will leverage FWD’s strength and expertise in the insurance and protection business to cement its position locally as a family takaful operator, offering an innovative and easy way to understand products and a straightforward approach to claims.

FWD Takaful is the first takaful business unit of FWD Group — the insurance business of investment group Pacific Century Group that covers Hong Kong and Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia. – Bernama

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