Companies and operators that offer takaful and insurance services in the country are regulated by Brunei Darussalam Central Bank (BDCB). Policies and coverage are available directly from the insurance companies or takaful operators. Other sources include authorised agents; banks that have a bancassurance (bancatakaful) agreement with insurance companies or takaful operators; and brokers registered under BDCB.
The BDCB Financial Institutions Directory provides a list of registered insurance companies, takaful operators, general insurance or takaful agents and insurance brokers in the country. The directory is available on the BDCB website and app.
In 2013, the Brunei Insurance and Takaful Association (BITA) was inaugurated in a soft launch, uniting all the registered conventional life and non-life insurers as well as takaful operators in the country. The trade body promotes a level playing field, harmony and cooperation among members and industry players.
BITA members include AIA, Great Eastern, Audley Insurance, National Insurance Company, Insurans Islam TAIB General and Family Takaful, Standard Insurance, Tokio Marine Insurance Group, Takaful Brunei Am (TBA) and Takaful Brunei Keluarga (TBK). In addition to supporting the Brunei Darussalam National Road Safety Council, BITA is also a member of the ASEAN Insurance Council and the East Asian Insurance Council.
Established in 1957, AIA Brunei is the largest commercial life insurance company in the country and has served generations as a trusted household name. With a strong financial foundation and personalised services, the company helps its customers achieve financial security and medical protection in every stage of life.
AIA Brunei is the country’s leading conventional life insurer both in terms of market share and business volume. The year 2022 marked AIA Brunei’s 65th anniversary as it continues to provide lifelong support and financial security to its customers.
Audley Insurance Company Sdn Bhd (AIC) is a subsidiary of Brunei Investment Agency (BIA). It was established in 1996 with the primary objective of acting as a “Captive Insurer” for all BIA-owned assets and interests.
AIC offers its services to all assets and interests owned and partly owned by His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam’s Government and others which are of strategic importance to Brunei. The company also services insurance needs of other major corporations and individuals in Brunei. As a captive insurer, AIC retains a percentage of risks of its related companies. This has proven beneficial to the companies, providing stability in its premium rates.
Etiqa Insurance Berhad, Brunei branch (previously known as Malaysian National Insurance Berhad) is a fully owned subsidiary of the Maybank Group. The company offers general insurance designed to provide coverage for businesses, individuals, properties and assets.
Products offered by Etiqa Brunei include fire insurance, burglary insurance, motor insurance and all risks insurance for industries such as the construction sector, which entails a significant risk factor due to the use of heavy machinery.
Founded in 1908, Great Eastern is the oldest and largest life insurance group in Singapore and Malaysia. Great Eastern is one of the leading insurance companies in Asia with over SGD90 billion in assets and over 10 million policyholders. The company provides insurance solutions through three distributions channels: a tied agency force, bancassurance and a financial advisory firm named Great Eastern Financial Advisers.
Aside from operating in Indonesia and Brunei, the group also has a presence in China as well as a representative office in Myanmar. Great Eastern was named the Life Insurance Company of the Year at the Asia Insurance Industry Awards in 2011 and 2013 by Asia Insurance Review. Having been in Brunei since 1975, Great Eastern Life has acquired its very own office building, a statement of its commitment as a foreign life company.
Established in 1993, Insurans Islam TAIB Holdings Sdn Bhd (IITH) is a subsidiary company of Perbadanan Tabung Amanah Islam Brunei (TAIB). IITH is the first takaful company in the country and has bancatakaful partnerships with leading banks and financial institutions in Brunei.
IITH has two subsidiary companies under the Takaful Order 2008: Insurans Islam TAIB General Takaful Sdn Bhd (IITGT) and Insurans Islam TAIB Family Takaful Sdn Bhd (IITFT). The two subsidiaries offer a wide range of Takaful products and services. IITGT protects the insured’s assets and values, whereas IITFT provides financial protection for families if the insured or their significant other becomes ill and is unable to work.
Incorporated in 1969, National Insurance Company Berhad (NICB) is the market leader in general insurance in Brunei. In January 1998, Allianz Global Corporate & Specialty AG, MSIG Holdings (Asia) Pte Ltd and Baiduri Holdings Berhad acquired partial ownership of the company, a mark of confidence in NICB and the Brunei economy.
NICB cemented its status as the country’s premier general insurance firm when it attained ISO 9002 certification in 1996. The company was re-certified with the new 9001:2015 standard in 2017, becoming one of the few insurance companies in the region to have achieved this prestigious certification.
Standard Insurance Sdn Bhd is an approved insurer offering risk solutions in Brunei and has been operating for over 25 years. The company has been a member of the General Insurance Association (GIA) of Brunei Insurance and Takaful Association (BITA) since BITA’s inception. The company has three branches and two counters, with the head office located in Kampong Kiarong.
The company offers a wide range of quality risk solutions for individual and commercial customers, precisely constructed to cater to their customers’ needs throughout the various aspects of their lives or businesses.
With a history of over 140 years, Tokio Marine has an expansive network that spans across the globe, conducting business with integrity, passion and quality.
Tokio Marine Insurance Singapore Ltd (Brunei branch) is a Brunei-registered life insurance, regulated by the Brunei Darussalam Central Bank. The company offers life insurance solutions covering everything from retirement, term, investment-linked plans and savings to estate planning, mortgage planning and personal accident, as well as general insurance protection for private motor, travel and sports, home, and personal accident and health.
Takaful Brunei has been a household name as the leading takaful/insurance provider in Brunei Darussalam. With over 30 years of experience in service innovation and customer care, Takaful Brunei strives to create a synergistic business environment among stakeholders while elevating Brunei’s heritage and Islamic values to the highest standards.
Takaful Brunei has continuously been on the forefront of Brunei’s InsurTech as the market leader, with nearly 80,000 registered users on the Takaful Brunei Mobile application. Takaful Brunei Mobile’s growth is greatly attributed to the app’s ability to deliver the customers’ protection needs, meet expectations, give reward points and offer exclusive in-app discounts. Takaful Brunei Mobile gives customers the opportunity to experience and contribute towards the growth of Brunei’s digital economy. Takaful Brunei Mobile demonstrates Takaful Brunei’s commitment and support of the government’s Brunei Vision 2035 and the Digital Economy Masterplan.
Takaful Brunei has been awarded with multiple accolades such as the Best Takaful Company in Brunei by the International Takaful Awards for three consecutive years since 2017, Digital Insurance Initiative of the Year and Best Takaful Operator in 2020. Most recently in 2022, Takaful Brunei Mobile was awarded Brunei’s ‘Mobile App of The Year’, while Takaful Brunei Am Sdn Bhd (TBA) was awarded ‘Domestic General Insurer of The Year’ and Takaful Brunei Keluarga Sdn Bhd (TBK) was awarded ‘Domestic Life Insurer of The Year’ by the Insurance Asia Awards, recognising Takaful Brunei’s initiatives, product and service developments, as well as innovative solutions.
Takaful Brunei has long been providing corporate clients, government agencies and private companies of all sizes Physical Asset and Operational Protection; Human Asset Protection; and Professional and Legal Liability Protection. Under the care of an experienced team, Takaful Brunei corporate clients will have Takaful Relationship Consultants on hand to cater to the Takaful needs of their customers. Takaful Brunei Corporate aims to provide extensive protection coverages at the highest capacity for nation building industries, supporting industrialisation and economic growth.
The Takaful Brunei brand is synonymous with trustworthiness and integrity as it continues to provide world-class Syariah compliant protection plans to combat globally evolving risks and facilitate consistent growth with the promise of a robust future. The trust and confidence given drives their commitment to serve and secure the future of Brunei Darussalam.
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