AIG Launches Re-Takaful Company In Malaysia
KUALA LUMPUR, 18 June 2014 – American International Group (AIG), one of the world’s leading insurers, launched AIG Re-Takaful (L) Berhad today, to address growing demand in the Malaysian Re-Takaful reinsurance segment.
Chief Executive Officer of AIG Malaysia Insurance Berhad, Mr. Antony Lee, said: “With the launch of AIG Re-Takaful in Malaysia, we are looking to bring our global expertise and providing capacity to the local market. This move also gives us the opportunity to look into entering the Takaful segment in the future.”
The company has also appointed 21-year industry veteran, Mr. Md. Idzuddin Zakaria as Chief Executive Officer, who started in April this year. Mr. Idzuddin will be responsible for strategic business development, supported by AIG’s existing underwriting team in Malaysia.
“I am excited to be able represent a respected global brand in a dynamic and growing Re-Takaful segment. I am also delighted to report that we have already started seeing a steady flow of business since the start of our operations earlier this year,” said Mr. Idzuddin.
AIG Re-Takaful will provide a variety of products and services in consumer and commercial insurance, with a primary focus on property, casualty, financial lines, marine, aviation and group accident.
According to the latest 2012 Financial Stability and Payment Systems Report from Bank Negara Malaysia, total assets of Takaful funds grew by 12.4% to RM19 billion, with total Takaful contributions accounting for 13.6% of total premiums and contribution in the local insurance and Takaful industry. It is estimated the penetration rate of Takaful insurance currently stands just over 10% of the overall insurance sector, with a projected double digit growth rate in 2014.
On a global scale, Malaysia accounts for 11% of the US$20 billion (RM66 billion) Takaful contributions in 2013, making it the second largest market in the world, as reported by the Malaysia International Islamic Financial Centre (MIFC) in February 2013.
“We look forward to supporting the Government’s aspirations to turn Malaysia into an international Islamic finance hub,” added Mr. Idzuddin.
AIG Re-Takaful (L) Berhad was incorporated on 28 January 2014, licensed under the Labuan Financial Services Authority (LFSA). The company will adopt the Syariah-approved “Wakalah Hybrid” operating model, based on a combination of the “Wakalah”, “Mudharabah” and “Ju’alah” Takaful models.
AIG Re-Takaful (L) Berhad is a wholly owned subsidiary of AIG Asia Pacific Insurance Pte Ltd.
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American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG Re-Takaful can be found at www.aig.my/retakaful | Facebook: www.facebook.com/aigmy | Twitter: @AIGMY | YouTube: www.youtube.com/aig | LinkedIn: www.linkedin.com/company/aig
Contact : Vishal Doshi, Corporate Communications, AIG Malaysia, 603 2118 0013