Malaysia’s insurance sector has welcomed Jessica Chew as the newly appointed deputy governor for the country’s central bank.
Chew is set to step in starting January next year as Sukudhew Singh is relinquishing his post, effective December 31, to end a stint that spans 31 years.
Chew is the current assistant governor of Bank Negara Malaysia.
In October, central bank governor Muhammad bin Ibrahim, at the Malaysian Insurance Summit, said the current business models of the insurance sector were deemed as failing from the perspective of an under-served population.
With Chew at the helm, insurance stakeholders in the country have renewed hopes that new measurers will be put in place to promote the sector, and expand its coverage in the market.
Last year, a report quoted Chew as saying that the industry would see its most important transformation over the next five to 10 years.