ASEAN KEY DESTINATIONS
Insurance assets rise 4% in Q3 2015
Brunei: TOTAL assets in the insurance sector increased by $57 million in the third quarter of 2015 compared to the same period of last year, according to statistics made available by the Autoriti Monetari Brunei Darussalam (AMBD).
Data published by the central bank in the September 2015 Monthly Statistical Bulletin showed that assets for the insurance sector increased by approximately 4.09 per cent to $1.45 billion in the third quarter of 2015, up from $1.393 billion in the third quarter of 2014.
Meanwhile takaful assets went up to $495 million from $452 million during the period, data show.
Assets of both non-life and family takaful also rose during the period, with non-life rising to $310 million from $271 million and family takaful increasing to $184 million from $181 million.
Likewise, assets of conventional insurance rose to $955 million from $941 million in the same period.
Conventional non-life insurance increased from $129 million to $135 million while life insurance rose to $820 million from $812 million.
Gross premiums, meanwhile, rose by $2 million from $69 million to $71 million.
Takaful premiums remained unchanged at $31 million with non-life takaful premiums decreasing to $19 million from $24 million, while takaful family premiums increased to $12 million from $7 million recorded during the third quarter of 2014.
For gross premiums of conventional insurance, non-life increased by $2 million from $19 million to $21 million during the third quarter of 2015.
Meanwhile conventional life premiums increased to $20 million from $19 million during the same period of the previous year.
Gross claims for the third quarter of 2015 in the insurance sector rose by $7 million to $40 million from $33 million recorded in the same quarter of 2014.
Claims for takaful decreased to $13 million from $16 million with non-life takaful claims decreasing to $5 million from $9 million.
Claims for family takaful remained unchanged at $7 million.
For conventional insurance, claims went up to $27 million from $18 million.
Non-life insurance rose to $11 million from $3 million, while life insurance also saw an increase of $3 million from $14 million to $17 million.
In May, a top executive at one of the leading insurance companies in the country said more Bruneians had been observed buying travel insurance and takaful although consumer take-up of insurance products was still relatively slow.
According to Hj Osman Hj Jair, managing director of Insurans Islam TAIB Sdn Bhd, more people are now “inclined” to buy travel insurance and takaful on back of concerns brought by recent aviation accidents.
“There is a growing trend (in Bruneians buying travel insurance). We are experiencing growth in that area,” he told the local media in a press conference.
He said the “increasing” trend is observed across the whole insurance industry.
Despite steady growth in gross premiums and total insurance assets over the last three years, Brunei’s rate of penetration remains relatively low compared to other markets.
Previous reports stated that according to unaudited consolidated figures compiled by AMBD, the total assets of the financial sector stood at $22.4 billion at the end of 2014.
Takaful and insurance sector accounted for six per cent of the financial sector’s total assets.
The takaful and insurance industry is comprised of four takaful operators, nine insurers, one broker, one adjuster and over 600 agents, according to AMBD.--Brunei Times
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below