Aplikasi Skor-Z Altman Dalam Menganggar Kesolvenan Pengendali Takaful di Malaysia

Noor Huzaidah Husin, Rubayah Yakob

Abstract


ABSTRAK

Kajian ini bertujuan untuk mengira tahap kesolvenan pengendali takaful di Malaysia dengan menggunakan Skor-Z Altman. Beberapa penganggar kesolvenan telah pun dibangunkan dan diguna pakai dalam industri, antaranya termasuk Margin Kesolvenan (Margin of Solvency [MOS]), Modal Berasaskan Risiko (Risk-Based Capital [RBC]), Keupayaan Membayar Tuntutan (Claim Paying Ability [CPA]) dan Penarafan CAMEL (CAMEL Rating). Masalah maklumat tidak simetri yang sememangnya wujud dalam industri insurans (takaful) sekaligus menyebabkan maklumat daripada pengukuran-pengukuran ini lebih bersifat tertutup. Akibatnya, pengguna dan pemegang polisi sendiri tidak maklum tentang tahap kesolvenan penanggung insurans dan pengendali takaful yang berada di pasaran bagi membantu membuat pilihan yang tepat untuk mendapatkan perlindungan. Kajian ini akan mengenalpasti tahap kesolvenan pengendali-pengendali takaful di Malaysia untuk tempoh tiga tahun yang bermula dari tahun 2012-2014. Selain itu, pengendali takaful akan ditarafkan berdasarkan skor kesolvenan yang diperolehi. Skor kesolvenan dalam kajian ini berdasarkan kepada empat nisbah di bawah Skor-z Altman (bukan pembuatan) iaitu nisbah kecairan, nisbah keuntungan, nisbah leverajvdan nisbah kesolvenan. Hasil kajian menunjukkan bahawa secara purata pengendali takaful berada dalam keadaan ‘berjaga-jaga’ pada sekitar tahun 2012 dan 2013. Pada tahun 2014 pula, secara purata pengendali takaful berada dalam keadaan ‘petanda buruk’. Seterusnya penarafan dibuat berdasarkan keputusan skor yang diperolehi. Pada tahun 2012, AmFamily Takaful Bhd menduduki tempat yang teratas manakala Syarikat Takaful Malaysia Bhd menduduki tempat terbawah dalam kalangan pengendali takaful. Seentara itu, pada tahun 2013, pengendali takaful yang menduduki tempat teratas ialah Hong Leong MSIG Takaful Bhd manakala di tempat terbawah masih lagi Syarikat Takaful Malaysia Bhd. HSBC Amanah Takaful Sdn Bhd pula menduduki tempat pertama pada tahun 2014 manakala Takaful Ikhlas Sdn Bhd menduduki tempat yang terakhir. Secara keseluruhan, pengendali takaful yang berstatus asing lebih baik berbanding pengendali takaful tempatan. Hasil kajian diharapkan dapat memberi maklumat kepada pihak yang berkepentingan seperti masyarakat umum dan pengendali takaful tentang kebarangkalian kesolvenan yang dihadapi dan kedudukan setiap pengendali takaful berbanding dengan yang lain. Bagi masyarakat umum, skor kesolvenan yang diperoleh mungkin boleh dijadikan rujukan untuk memilih sesebuah pengendali takaful sebelum membuat keputusan pembelian. Manakala dari sudut industri takaful pula, pengendali takaful yang mempunyai skor kesolvenan dan penarafan yang baik boleh dijadikan rujukan sebagai amalan terbaik (best practised) pada yang lain.

Kata kunci: Kesolvenan; takaful; Skor-Z Altman; insurans

 

ABSTRACT

This study aims to calculate the level of solvency of takaful operators in Malaysia using the Altman Z-Score. Several solvency estimators, including Margin of Solvency [MOS], Risk-Based Capital [RBC], Claims Paying Ability [CPA] and CAMEL rating, have been developed and applied in the industry. The problems of asymmetric information which are inherent in the insurance (takaful) have at the same time caused the information resulted from these measurements to be more closed and secretive. As a result, consumers and policyholders do not have the information about the solvency of insurers and takaful operators in the market which may help them make the right choice for protection. This study will identify the level of solvency of takaful operators in Malaysia within a period of three years starting from the year 2012 to 2014. In addition, takaful operators will also be ranked based on solvency’s scores obtained. The solvency score in this study is based on the four ratios considered under The Altman Z-Score (non- manufacturing). The results showed that on average, takaful operators were at the level of 'alert' for the year 2012 and 2013. For year 2014, result showed that takaful operators were at a 'bad' level. Further, the rank was based on the scores obtained. For year 2012, Takaful AmFamily Ltd. was ranked at the top while Syarikat Takaful Malaysia Bhd was ranked at the bottom. Meanwhile, for year 2013, Hong Leong MSIG Takaful Bhd was at the highest rank while the lowest rank was Syarikat Takaful Malaysia Bhd. HSBC Amanah Takaful Sdn Bhd was ranked as the first in 2014 and Takaful Ikhlas Sdn Bhd. was ranked as the last. Overall, the foreign takaful operator performed better than the local takaful operator. The result obtained from this study was expected to provide information to respected parties such as public and takaful operators with regards to the possibility of facing the solvency problem and rank of each takaful operator over the other. For public, the solvencies score can be made as a reference in term of selecting a takaful operator before any decision is being made to purchase the takaful plan. Meanwhile, in the position of takaful industry, takaful operator who has a good solvency’s scoring and a good rank can be referred to as a company with best practices over the other.

Keywords: Solvency; takaful; Altman Z-Score; insurance.


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