Development of Islamic Insurance in Southeast Asia (Malaysia, Brunei Darussalam, and Indonesia): The Progress Perspective

Abstract

This study compares the number of companies, assets, contributions, and Islamic insurance claims in Malaysia, Brunei Darussalam, and Indonesia. The method used is descriptive quantitative, with research questions: How is the number of companies, assets, contributions, and claims Islamic Insurance in Malaysia, Brunei Darussalam, and Indonesia? This study's findings show that Indonesia has the highest growth in Islamic insurance companies and assets. Malaysia has the highest average growth contribution because of increased product innovation and digital technology use. Brunei Darussalam had the lowest claim growth rate because the claims process was considered too bureaucratic and complicated.