From 2011 to 2017, the Autoriti Monetari Brunei Darussalam, A-M-B-D, has seen an 11 percent growth in the insurance and takaful industry premiums. The number of policies has also increased from 3 hundred 47 thousand 2 hundred and 82 to 5 hundred 93 thousand 1 hundred and 43 in 2017. Insurance penetration, although marginal, has risen from 1 point 4 percent in 2011 to 1 point 6 percent in 2017. This was disclosed by Awang Yusof bin Haji Abdul Rahman, Managing Director of A-M-B-D during the ‘Insurance and Takaful Day Celebration’, THIS MORNING. The one-day celebration was organized by the Brunei Insurance and Takaful Association, BITA.
Awang Yusof bin Haji Abdul Rahman said that the contributing factor to the increase in life insurance and family takaful was due to A-M-B-D’s requirement for insurance or takaful for unsecured financing. At the same time, he added, there has been a rise in local capacity to underwrite large and complex risks. Furthermore, these numbers indicate a rising awareness among the general public on insurance and takaful.
This year’s insurance and takaful day celebration was held alongside the launching of the BITA website QR code. The BITA website QR Code not only provides a link to the BITA Website, but also to the Motor Claims and Fraud Awareness guidelines, providing a means of quick reference and information beneficial to the general public. Exhibition and information booths were also set up by BITA Members as well as other stakeholders such as Centre for Islamic Banking, Finance and Management (CIBFM) and the Royal Brunei Armed Forces, R-B-A-F. Aside from promoting and raising awareness on the role and importance of Insurance and Takaful, the event, which carried the theme ‘Insurance and Takaful Do Matter’, also promotes and enhances awareness on the role and importance of a savings culture. Also present was Awang Haji Osman bin Haji Md Jair, Chairman of BITA.
Source: Radio Television Brunei