Insurance

Malaysia’s insurance and takaful, or Islamic insurance, sector has recorded consistent growth in recent years. In 2015 total assets of both combined expanded by 5.6% to RM264bn ($65.3bn). Within the life insurance and family takaful sector, the growth of takaful contributions has been notable, accounting for almost 18% of new premiums and contributions. Insurance and takaful provide an important avenue for the public to save and invest, as well as a form of risk protection for events such as death, disability and retirement. The target penetration rate for insurance and family takaful policies is 75%. As of 2015 the penetration rate was 54.9%, while in 2014 it stood at 55.5%. This chapter contains an interview with Yen Saw, CEO, Tokio Marine Insurans.