Malaysia Life Insurance and Family Takaful Newsletter, May 2017

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By Farzana Ismail, Richard W. Holloway | 04 May 2017
According to the Life Insurance Association of Malaysia, the life insurance industry recorded healthy growth in 2016. In terms of new business annual premium equivalent (APE), the life insurance industry grew by 16.2% in 2016, partly driven by the sale of products with shorter premium payment terms. Both traditional and investment-linked products achieved double-digit growth in 2016, i.e., 20.0% and 16.4%, respectively. Claims payouts registered an increase of 5.1%, amounting to RM9.7 billion in 2016, mainly contributed by higher medical claims. For Takaful, according to RAM Rating Services Bhd, family Takaful contributions are reported to have climbed 11.8% to RM7.8 billion in 2016.