The family takaful sector in Malaysia is expected to record a 20 per cent growth in premium over the next two to three years, said Etiqa Takaful Bhd.
In 2012, the segment registered total premium of RM4.5 billion, out of which 37 per cent was contributed by Etiqa Takaful.
"The growth of family takaful in Malaysia has outperformed the growth in conventional life insurance.
"Given the large untapped market that still exists and the low penetration rate, there is significant room for the growth of family takaful in the country," he told reporters on the sidelines of the fourth World Takaful Conference: Family Takaful Summit Malaysia, here Wednesday.
The two-day event is a platform for market players to gather and share insights into the key challenges as well as opportunities in the Malaysian family takaful market.
Meanwhile, Ahmad Rizlan said the anticipated growth in premium registration would also be enjoyed by Etiqa Takaful as the company is the leading takaful operator in the country.
Etiqa Takaful commands 60 per cent of the family takaful market and 50 per cent of the general takaful sector.
Last year, the company's overall gross return premium amounted to RM2.4 billion, out of which 60 per cent was derived from the family takaful business with the balance from general takaful.
Currently, there are 12 takaful operators providing an array of family takaful products in Malaysia.