MALAYSIAN BROKER ASSOCIATION PLANS GROWTH

The rebranded Malaysian Insurance and Takaful Brokers Association (MITBA) hopes to grow its brokers' share in the non-motor general segment to 50% within three years. The company changed its name from Insurance Brokers Association of Malaysia to reflect the growth of its takaful portfolio. Its chairman Mohamad Abdullah told the Malaysia Star that growth would come via new syariah-compliant products for areas currently not covered such as insurance coverage for farmers as well as the information technology sector. Equally the group expected to introduce more new conventional products. Currently, MITBA has 38 members comprising 29 composite, four takaful and five conventional insurance brokers.