KUALA LUMPUR: The Malaysian takaful industry collectively disbursed a total of RM10.2bil in benefits to certificate holders in 2024, marking a 16.73% increase from the previous year, according to the Malaysian Takaful Association (MTA).
MTA interim chairman Wan Saifulrizal Wan Ismail said the family takaful segment accounted for over three quarters, or 77.37%, of the benefits paid in 2024 at RM7.89bil, while general takaful disbursed RM2.31bil.
“The takaful industry remained resilient and well-capitalised. This total payout underscores the industry’s commitment and responsiveness in supporting certificate holders during their critical time of need,” he said during a media briefing yesterday on the 2024 takaful industry performance.
According to Wan Saifulrizal, takaful fund assets in 2024 expanded to a 13.9% market share of total conventional and takaful fund assets valued at RM59.6bil, up from 11.6%, valued at RM55.7bil, in the previous year.
“Additionally, the takaful industry’s share of total net contributions increased to 23.9% in 2024 from 23.4% in 2023.
“In ringgit terms, takaful net contributions stood at RM19bil, up from RM17.3bil in 2023, driven by growth in both family takaful and general takaful,” he added.
For family takaful, Wan Saifulrizal said 993,393 new certificates have been issued in 2024, bringing the total number of in-force certificates modestly higher to 6.69 million from 6.6 million in 2023, after accounting for certificate replacements, expiries, or terminations over the same period.
Correspondingly, the total new business gross contribution was RM9.73bil in 2024, a slight improvement from the RM9.59bil registered in 2023.
Likewise, he said contributions from business in-force rose to RM9.62bil in 2024 from RM8.97bil previously, translated to a 7.2% growth.
“The industry is working hard to expand the reach of takaful.
“We believe there is always room for improvement to create a positive impact and address the critical need for protection to build resilience,” he added.
Meanwhile, Wan Saifulrizal noted that the general takaful segment maintained the positive momentum from 2023 into 2024, with gross written contributions rising year-on-year to RM5.91bil from RM5.45bil, representing an 8.46% growth.
“Gross direct contributions also recorded an 8.41% increase, from RM5.44bil in 2023 to RM5.9bil in 2024, driven largely by motor takaful, which continued to dominate.
“Motor takaful accounted for 68.77% of gross written contributions,” he said. — Bernama
