Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
Life Insurance records moderate growth in 2018 - LIAM
Last update: 04/03/2019

LIAM president Anusha Thavarajah

KUALA LUMPUR, March 4 (Bernama) -- The life insurance industry recorded a moderate growth in coverage among Malaysians last year, rising 9.6 per cent to RM1.51 trillion in sum assured for all policies combined, compared to RM1.38 trillion in 2017.

The Life Insurance Association of Malaysia (LIAM) said the overall life insurance industry registered a total of 12.65 million policies while the group policies in force grew by 2.9 per cent in 2018.

The total in force premiums grew by 5.7 per cent to reach RM38.8 billion in 2018 compared to RM36.7 billion in 2017.

The number of lives covered under group policies registered an encouraging growth of 10.1 million lives in 2018 compared with 9.6 million lives in 2017.

“The per capita sum assured continued to rise to RM46,610 in 2018 from RM43,029 in 2017, but the figure was still below the amount needed to support one family member in the event of the death or disability of the breadwinner,” it said in a statement today. 

The total of new business premium grew by 1.8 per cent last year amounting to RM10.3 billion as compared to 10.1 billion in 2017.

Meanwhile, the total paid out claims increased by 6.5 per cent to RM10.8 billion last year from RM10.1 billion in 2017 due to higher medical claims.

On the outlook, LIAM president Anusha Thavarajah said the prospect of the life insurance industry remained positive as the percentage of the population with life insurance or takaful plans is still low at 54 per cent.

“Taking into account policyholders with more than one life or takaful policies/certificates, only 34 out of 100 people are insured.

“The low penetration rate means there are more opportunities for the industry to grow and tap the potential market, particularly in the underserved areas in the country as well as the urban and rural areas,” she said.

-- BERNAMA

 


 <Back>

Malaysia remains global leader in Islamic capital market
Malaysia mulls integrating halal industry, Islamic trade finance

 
Alliance Islamic Bank aims to maintain double-digit growth

Allianz new motorcycle plus covers both motorcycle & rider
Anusha re-elected LIAM president for second consecutive term

 
More than RM300 million worth of unclaimed insurance benefits - BNM

CLOSING, FRIDAY, APR 19
US4.1300/1350
S'pore3.0473/0514
100 Yen3.6898/6949
Sterling5.3707/3792
Euro4.6446/6506
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Banker’s Cheque, Bank Draft and Cashier’s Order. Do you think this additional charge is justified?
Yes
No
Not Sure
 
  Main | News | Insurance

© 2019 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution