Takaful Malaysia No Claim Bonus

Syarikat Takaful Malaysia Bhd (Takaful Malaysia) is confident of disbursing about RM35 million in No Claim Rebate this year to its customers given the positive growth in its General Takaful portfolio.

Group Managing Director Datuk Mohamed Hassan Kamil said Takaful Malaysia has sufficient surplus to sustain its 15 per cent No Claim Rebate in the future. The projection is made due to the company’s prudent underwriting policy, efficient claim management and the investments which the company undertakes.

Takaful Malaysia paid out a record RM31 million in No Claim Rebate to its customers, adding it is optimistic on capturing a more than 50 per cent market share from the current 40 per cent.

“We must go beyond 50 per cent market share to be the number one insurance provider in Malaysia,” he said, adding that the Takaful industry is growing by 20-25 per cent every year. Mohamed Hassan said the company hopes to see positive industry initiatives by the government for the company to capitalise on.

He said this year, the company is offering an additional five per cent No Claim Rebate for non-motor products, applicable for certificates ending in 2013.

For most of the years since its inception in 1984, the company has been paying the no claim rebate, which distinguishes it from other Takaful operators or conventional insurance providers, he said.