Significant protection gaps still exist in Malaysia, particularly among the vulnerable segments of the population, and a multi-faceted approach is critical to narrow them, with the insurance sector taking on greater ownership, according to Mr Adnan Zaylani Mohamad Zahid, deputy governor of Bank Negara Malaysia (BNM).
Syarikat Takaful Malaysia Keluarga (Takaful Malaysia) has launched Kaotim Legasi, an affordable Hibah (conditional gift) takaful plan with high coverage of up to MYR2 million.
When asked how MFRS17 has affected Malaysian insurers and takaful operators since its implementation, Christopher & Lee Ong partner Chelsea Chan said that "most companies are seen to be enhancing and upgrading their legacy systems to comply" with the new standard.
The Malaysian insurance and takaful sector has a stable outlook, which is supported by steady growth in insurance demand, with capitalisation robust and claims under control, says RAM Ratings.
The Licensing and Regulatory Framework for Digital Insurers and Takaful Operators (DITO) Policy Document was released by Bank Negara Malaysia (BNM), the country's regulator, in July 2024.
AIA Malaysia is the number one Million Dollar Round Table (MDRT) company in Malaysia for the eighth consecutive year.
Prudential Financial Advisers Singapore (PFA), Prudential Singapore's dedicated financial advisory arm, has expanded to over 800 PFA representatives, which the company plans to increase to 1,500 by end of 2025 to support growing customer needs
s a result of increased uncertainty, awareness of the benefits of insurance has risen across society in Malaysia, but affordability and availability remain major issues, said Mr Ahmad Noor Azhari Abdul Manaf, president and CEO of Malaysian Reinsurance (Malaysian Re).
PIAM, the General Insurance Association of Malaysia, says that it enthusiastically supports the Malaysian Standard - Motor Vehicle Aftermarket Smash Repair Requirements.
The Galen Centre for Health and Social Policy, an independent public policy research and advocacy organisation based in Kuala Lumpur, says that a co-payment option in health insurance could expose households to financial catastrophe.