The Malaysian Takaful Association (MTA) expects MYR10 million (US$2.76 million) in insurance claims to be filed by about 5,000 policyholders from areas ravaged by the recent floods in the East Coast of the peninsula, reported the state news agency Bernama.
“As of mid-January this year, takaful operators have already disbursed claims amounting to RM2 million filed by about 1,000 policy holders,” MTA chairman Ahmad Rizlan Azman said at a media conference last week.
He said although total claims for last year were expected to increase slightly, they would not have much impact on the overall growth of the takaful industry that would be between 5-6% per year.
“We will further assist policy holders by expediting the processing and settlement of claims and also offer an instalment option for their subscriptions.
“Some of our members have been proactive by sending their lost adjusters to the affected areas even before the claims were made,” he added.