Annual Report
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TOUCHING LIVES IN A MEANINGFUL WAY ANNUAL REPORT MALAYSIAN TAKAFUL ASSOCIATION 21st Floor, Main Block, Menara Takaful Malaysia, No 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur, Malaysia Tel : (603) 20318160 Fax : (603) 20318170 www.malaysiantakaful.com.my @malaysiantakafulassociation malaysiantakafulassociation 2019 MALAYSIAN TAKAFUL ASSOCIATION 02 ANNUAL REPORT 2019 LIST OF MEMBER COMPANIES FAMILY TAKAFUL OPERATORS Prudential BSN Takaful Berhad Syarikat Takaful Malaysia Am Level 13, Menara Prudential, Berhad AIA PUBLIC Takaful Bhd. Persiaran TRX Barat Tun Razak 17th Floor, Annexe Block, Level 14, Menara AIA Exchange, 55188 Kuala Lumpur Menara Takaful Malaysia, 99 Jalan Ampang, Tel : 03-2778 3888 No. 4, Jalan Sultan Sulaiman, 50450 Kuala Lumpur Web : www.prubsn.com.my 50000 Kuala Lumpur Tel : 03-2037 1333 Tel : 1300 88 252 385 Sun Life Malaysia Takaful Berhad Fax : 03-2056 3690 Fax : 03-2274 0237 Penthouse, 338 Jalan Hotline : 1300 88 8922 Web : www.takaful-malaysia.com.my Web : www.aiapublic.com.my Tuanku Abdul Rahman 50100 Kuala Lumpur Takaful Ikhlas General Berhad AmMetLife Takaful Berhad Tel : 03-2612 3600 9th Floor, IKHLAS Point Level 23, Menara Sentrum Fax : 03-2698 7035 Tower 11A, Avenue 5 No.201, Jalan Tun Sambanthan Hotline : 1 300 88 5055 Bangsar South, No. 8, Jalan 50400 Kuala Lumpur Web : www.sunlifemalaysia.com Kerinchi Tel : 03-2271 8000 59200 Kuala Lumpur Syarikat Takaful Malaysia Keluarga Fax : 03-2272 3229 Tel : 03-2723 9668 Berhad Hotline : 1 300 22 9777 Fax : 03 2711 8140 26th Floor, Annexe Block, Web : www.ammetlifetakaful.com Web : www.takaful-ikhlas.com.my Menara Takaful Malaysia, Etiqa Family Takaful Berhad No. 4, Jalan Sultan Sulaiman, Zurich General Takaful Malaysia Level 20, Tower B, 50000 Kuala Lumpur Berhad Dataran Maybank Tel : 1300 88 252 385 Fax : 03-2274 0237 Level 23A, Mercu 3 No.1, Jalan Maarof Web : www.takaful-malaysia.com.my No 3, Jalan Bangsar 59000 Kuala Lumpur KL Eco City Takaful Ikhlas Family Berhad Tel : 03-2297 1888 Fax : 03-2297 1800 59200, Kuala Lumpur 9th Floor, IKHLAS Point Hotline : 1 300 13 8888 Tel : 03-2109 6000 Tower 11A, Avenue 5 Web : www.etiqa.com.my Fax : 03- 2109 6888 Bangsar South, No. 8, Hotline : 1 300 888 622 FWD Takaful Berhad Jalan Kerinchi Web : www.zurich.com.my No. 211, 29th Floor Menara 59200 Kuala Lumpur Shell, Jalan Tun Sambanthan, Tel : 03-2723 9668 Fax : 03 2711 8140 50470 Kuala Lumpur Web : www.takaful-ikhlas.com.my Tel : 03-2771 7888 RETAKAFUL OPERATORS Hotline : 1300 13 7988 Zurich Takaful Malaysia Berhad Web : www.fwd.com.my Level 23A, Mercu 3 Malaysian Reinsurance Berhad No 3, Jalan Bangsar (Malaysian Re Retakaful Division) Great Eastern Takaful Berhad KL Eco City 12th Floor, Bangunan Level 3, Menara Great Eastern 59200, Kuala Lumpur Malaysian Re 303 Jalan Ampang Tel : 03-2109 6000 Fax : 03- 2109 6888 No. 17, Lorong Dungun 50450 Kuala Lumpur Hotline : 1 300 888 622 Damansara Heights Tel : 03-4259 8338 Web : www.zurich.com.my 50490 Kuala Lumpur Fax : 03-4259 8808 Tel : 03-2096 8000 Hotline : 1 300 13 8338 Fax : 03-2096 7000 Web : www.greateasterntakaful.com Web : www.malaysian-re.com.my GENERAL TAKAFUL Hong Leong MSIG Takaful Berhad Munich Re Retakaful Level 5, Tower B, OPERATORS Suite 13.1 Level 13, Menara IMC PJ City Development, Etiqa General Takaful Berhad 8 Jalan Sultan Ismail No 15A, Jalan 219, Seksyen 51A Level 21, Tower C 50250 Kuala Lumpur 46100 Petaling Jaya, Selangor Dataran Maybank Tel : 03-2380 8500 Tel : 03-7650 1800 No.1, Jalan Maarof Fax : 03-2032 5955 Fax : 03-7620 6730 59000 Kuala Lumpur Web : www.munichre.com Web : www.hlmtakaful.com.my Tel : 03-2297 1888 Swiss Re Asia Pte.Ltd Malaysia Fax : 03-2297 1800 Branch Hotline : 1 300 13 8888 No. 10, Persiaran KLCC, Web : www.etiqa.com.my Level 13A-2 Naza Tower @ Platinum Park 50088 Kuala Lumpur Tel : 03-2170 3601 Fax : 03-2170 3602 Web : www.swissre.com MALAYSIAN TAKAFUL ASSOCIATION ANNUAL REPORT 2019 03 CONTENTS 04 About MTA 05 Chairman’s Message 06 Management Committee 2019–2021 07 MTA Subcommittees Representatives in other Organisations and Committees 08 Development of the Takaful Industry 17 Conference, Seminar, & Workshop Collaboration 20 Lecture Series and Courtesy Visits 21 Events, Training and Media Engagements 26 Key Figures 30 Photo Gallery MALAYSIAN TAKAFUL ASSOCIATION 04 ANNUAL REPORT 2019 1 ABOUT MTA Malaysian Takaful Association (MTA) was formed in November 2002 under the Malaysian Societies Act of 1966. The objectives of MTA are essentially to promote the interests of its members and to supervise self- regulation within the Takaful industry. Currently, a total of 15 Takaful operators and 3 ReTakaful operators are member companies of MTA. MISSION Promote and represent the interests of members and also the foundation of a To provide leadership on issues bearing on the industry’s collective strength and image, locally and internationally to benefit the industry sound Takaful structure with cooperation. as a whole. Represent the Malaysian Takaful industry to government, regulators and policy makers VISION in locally and internationally, driving • Sustainably profitable and growing Takaful industry in Malaysia effective public policy and regulation. • An industry that can be trusted and recognised as contributing to society and the economy Institute strategic alliances and cooperation • An economic and public policy climate conducive to a flourishing with other similar associations both locally industry and internationally. • A trade body recognised as providing active leadership and an authoritative collective voice for the Takaful industry Promote the benefits of takaful to the government, regulators, policy makers and OBJECT AND POWER OF MTA the public. MTA was established to foster cooperation and mutual understanding amongst its registered members, whilst furthering the interests of the Takaful concept. Advocate high standards of services within the industry and provide useful information to the public about Takaful. Collect, collate and publish statistics and any other relevant information relating to Takaful to members. MALAYSIAN TAKAFUL ASSOCIATION ANNUAL REPORT 2019 05 2 CHAIRMAN’S MESSAGE The local Takaful industry continued its increasing and active trend towards the promotion of Takaful protection to Malaysians. Over the last 36 years, even though the Takaful industry faced many challenges, the industry kept its relentless pace in responding well to the nation’s aspirations, so that everyone could afford a Takaful coverage. As proof, the Takaful industry had put endless efforts into the Life insurance and Family Takaful (LIFE) framework and the Phased Liberalisation on Motor and Fire Tariff. The industry had been innovative and embraced transparency in its Takaful products and services. Our Association continues to strive leadership on issues bearing on the industry’s collective strengths and to shape the decisions made by the various stakeholders, locally and internationally. We have been lucky to have had the assistance of various stakeholders such as Life Insurance Association Malaysia (LIAM) and Persatuan Insurans Am Malaysia (PIAM) in enabling us to forge the many initiatives carried out for this year. Top of the list was our concern on the rising inflation of medical and health insurance/Takaful (MHIT). Towards this, an industry task force was set up with LIAM and PIAM focusing on hospitalisation/in-patient cost given its significant contribution to the rising total MHIT premium/contribution. The move towards digitisation has made it easier and convenient for the general public to be connected to the World Wide Web with just a click. There is increased awareness of our direct channel products available in the market. The introduction of online nomination for Takaful certificates has simplified the process for consumers. Encouraged by this, the industry will continue to provide a seamless experience in terms of online content for consumers. Basic protection needs, simple product descriptions and hassle-free e-payment processes are some of the contributing factors leading to consumers subscribing to Takaful Plans. The Association also has played a big part through the lecture series at several higher learning institutions to publicise awareness of Takaful amongst the younger generation. Branding through social media platforms, participations in exhibitions, CSR programmes, broadcast publicities and media interviews were some of the mediums adopted. Furthermore, several courtesy visits from Nigeria, Turkey, South Korea, Kazakhstan and Japan showed increasing interests in Takaful too. On behalf of the Management Committee, I wish to express my sincere gratitude to all members companies and their representatives for the continuous support and dedication in assisting MTA’s initiatives. The MTA Member Companies have shown their support over the years for the Association and I`m confident that with this camaraderie spirit we can collectively achieve higher penetration rates and reach a wider audience thus appealing to all market segments of the Takaful value proposition. Finally, I would like to thank Team Secretariat for their tireless hard work and commitment in carrying out the Association’s activities and operations. Encik Muhammad Fikri Mohamad Rawi Chairman MALAYSIAN TAKAFUL ASSOCIATION 06 ANNUAL REPORT 2019 3 MANAGEMENT COMMITTEE 2019– 2021 Encik Elmie Aman Najas Encik Muhammad Fikri Mohamad Rawi Encik Zafri Ab Halim Deputy Chairman Chairman Treasurer Chief Executive Officer Chief Executive Officer Chief Executive Officer AIA PUBLIC Takaful Bhd. Sun Life