Magazine Table of Contents
Significant changes are afoot in Malaysia’s insurance industry as the regulator seeks to enhance the business environment, deepen the penetration rate and resilience of the market. Its potential for growth remains high with the transformations. Meanwhile, insurers are keeping busy with internal enhancements as they wait for the opportune time to strike.
Addressing the protection gap will continue to be a key focus area for Bank Negara Malaysia (BNM), says Mr Yoon Yew Khuen, Director of Insurance Development, in an exclusive interview with Asia Insurance Review where he stresses the need to bring to the market products and services that increase the affordability and accessibility of insurance. Engaging customers and enhancing their experiences are also key to boosting insurance.
Malaysia’s general insurance sector reported sluggish growth for a second year running, stalled largely by economic headwinds. But insurers are unfazed as they set their sights on embracing market liberalisation and disruption, while noting the market needs to dig deep and transform from within.
Like the general insurance sector, Malaysia’s life market is undergoing change. However, while the general sector reported sluggish growth, local life insurers fared relatively well in 2016, with new business premiums rising by 6.9% to MYR9.75 billion (US$2.3 billion). LIAM President Toi See Jong and AIA Bhd CEO Anusha Thavarajah take stock of the industry and share their insights on its future direction.
Several new life insurance regulatory guidelines which will have a significant impact to the life insurance industry were introduced in 2016 in Malaysia. Ms Farzana Ismail from Milliman, Malaysia gives an overview of these new regulations and their impact.