Takaful coverage for Covid-19 : an observation toward Malaysian's family and general takaful operators

Abstract

COVID-19 has been declared as a pandemic by World Health Organization since the year 2020 and has become a global issue in health and the economy sectors. The pandemic has affected millions of people worldwide by reducing health rates and financial well-being. This has also lead to mental health problems. This research aims to observe and compare the COVID-19 coverages offered by family and general takaful operators in Malaysia. This research adopts qualitative approach where data is collected via takaful operators’ website. Overall, six operators have involved in this research comprises of three (3) general and three (3) family operators. Documentation and comparative analysis is conducted to observe COVID-19 coverages offered by the operators. The analysis found that various coverage of COVID-19 has been offered by both family takaful operators and general takaful operators. The family takaful operator that has provided the highest number of COVID-19 coverage was Prudential BSN Takaful Berhad (7 coverages), followed by Sun Life Malaysia Takaful Berhad (6 coverages). Meanwhile, the general takaful operator that have offered more initiatives to help COVID-19 victim was Etiqa General Takaful Berhad in TripCare 360 Takaful (6 coverages), followed by Zurich General Takaful Malaysia Berhad in Z-CoVac Protect Takaful (2 coverages). The coverages varied from COVID-19 diagnosis test, hospitalization until COVID-19 vaccination side effects. Overall, findings from this research reveal that each operator have offered around the same coverage of COVID-19 and they have put effort into giving the best COVID-19 coverage for their customers. The coverages are varied depending on the amount of funds allocated by the operators. Findings from this research is significance to the academic literature as well as industry players on their effort to provide the best coverage or protection against the pandemic for future sustainability.