Takaful agents have a significant role to play in the further development of the Takaful industry and it is essential that there are ongoing dialogues between the agents and operators.
Agents are said to be the face and image of the Family Takaful industry as they have great understanding of consumer needs.
In a press conference today at the World Takaful’s Conference’s 4th Annual Family Takaful Summit in Kuala Lumpur, the CEO of Etiqa Takaful Berhad, Ahmad Rizlan Azman said that recent reports indicate that the Malaysian Takaful Industry is expected to surge with a 20% growth per annum for the next two years as consumer acceptance grows and regulatory changes provide a stronger and more stable infrastructure for the Sharia compliant insurance company.
Azman added that by having the widest distribution network with 4,500 agents, 31 branches throughout Malaysia, a wide Bancassurance distribution network with more than 401 Maybank branches and third party banks, Etiqa believes in and supports the role of a powerful agency force in ensuring an exciting future for Family Takaful.
Family Takaful contributions enjoyed a compound annual growth rate of 32% in the period from 2007 and 2011 with Malaysia dominating both at the regional and global level.
The contributions from Malaysia make up around 56% of the total global Family Takaful contributions.
The event, held under the support of Etiqa Takaful Berhad, highlighted the importance of empowering agents to be the driving force of Family Takaful growth.
Etiqa’s Family Takaful premium amounts to 37% of Etiqa’s total market share.
Global family Takaful market is expected to grow over 160% in the next five years to hit USD 5bil.
The 4th Annual World Takaful Conference: Family Takaful Summit is held for two days until 20th June 2013.