OSK Research Sdn Bhd has projected a high single-digit growth in premium income for the insurance industry next year. The growth would be supported by the growing affluence amongst the middle-income population, healthy consumer spending power and an under-penetrated market, compared to that of a developed nation.
The takaful segment is expected to continue registering a high double-digit growth of around 20 per cent through 2014. “Insurers increasingly identified takaful as a high-growth profitable segment and with a penetration rate of 13 per cent for family takaful, it indicates the latent potential for takaful versus conventional life insurance’s 55 per cent,” OSK said………………………………………..Full Article: Source