Monday, July 24, 2017

Malaysian liberalisation could raise penetration rate to 75%

Insurance and takaful penetration rate in Malaysia could increase to 75% by 2020 if the central bank liberalises the insurance sector.

This was the pronouncement of the Life Insurance Association of Malaysia (LIAM), which noted that insurance and takaful penetration rate in the country has ranged between 54% and 56% over the last five years.

LIAM industry promotion committee chairman Ramzi Toubassy said liberalisation would also help boost insurance sales in the country.

He further told reporters that while new challenges are expected in in the industry due to advances in digital technology and the demand for life insurance products and services, the same challenges will also help increase the penetration rate.

The country’s insurance industry had been undergoing a transformation with the implementation of key initiatives under Bank Negara Malaysia’s Life Insurance and Family Takaful Framework, Ramzi added.

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