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Takaful industry posts robust growth

Posted On: Apr. 19, 2023 9:45 AM CST

The Malaysian Takaful Association said that the country’s takaful industry reported robust growth in 2022, driven by post-lockdown recovery and rising popularity of takaful products, Middle East Insurance Review reported citing Bernama. General takaful business witnessed a year-on-year increase of 21% in gross direct contributions to 4.6 billion Malaysian ringgits ($1 billion), while the fire takaful business generated gross direct contributions of MYR840 million, marking a year-on-year increase of 23.5%.