The life insurance industry will experience encouraging growth next year spurred by the current low penetration rate of 42.8 per cent, said the Malaysian Insurance Institute.
Chief executive officer Khadijah Abdullah said 12 million policies were issued for the year ended 2010 in a country of 28.3 million people.
"By 2020, the penetration rate for life insurance is projected to reach 75 per cent," she said at the Bumiputera Life Insurance Agents Convention 2011 and presentation ceremony for Bumiputera Agency Managers and Top Personal Producer awards here today.
Some 940 bumiputra life insurance agents attended this year's convention themed "Agents -- Catalyst for Insurance Development."
Khadijah said insurance agents hold 53 per cent of the distribution channels in the life insurance sector, followed by the banking sector at 38 per cent and broker and direct customer channels with 3.8 per cent and five per cent respectively.
Meanwhile, Life Insurance Association of Malaysia past president Adnan Zain said the life insurance industry, which normally outperforms the gross domestic product, is dominated by a mix of foreign and local players.
No comments:
Post a Comment