Takaful to outperform peers

PETALING JAYA: The pandemic is causing much change in the insurance sector but takaful operators feel they have an edge in terms of growth over their conventional counterparts.

Malaysia’s oldest takaful operator Syarikat Takaful Malaysia Keluarga Bhd group chief executive officer Nor Azman Zainal believes that the concerns of the takaful industry are about the overall impact of the outbreak of Covid-19 on the economic environment, particularly prospects for growth and profitability in underwriting as well as investment portfolios.

“In light of the outbreak, takaful operators and insurance companies are hard-pressed to adjust their budgets and implementation plans, cash flow expectations as well as investment portfolios in order to stay competitive in the insurance and takaful industry.