Growth of Malaysia’s Takaful Sector to Continue Strong in 2022: Fitch

The Takaful sector in Malaysia continues to see strong growth fuelled by a 46.7% jump in family takaful in the first half of 2021 (H121) followed by a 13.5% growth in general takaful, according to Fitch Ratings (Fitch) through its “Malaysia Takaful Dashboard: 2022” report.

Why it Matters?

The growth in the sector was motivated by public awareness of takaful products, supportive government initiatives, lifting of Covid-19 movement restrictions and economic recovery. The industry is expected to continue improving its penetration rates, business models and technological capabilities, catalysing the rising demand for digital service as a key factor for the industry's growth, lowering operating costs, enhancing consumer experience and creating av...