RM6.7 Billion Claims Paid - 2012

A total of RM6.70bil was paid out in life insurance claims in 2012, up 19% from RM5.6bil a year ago, according to the Life Insurance Association of Malaysia (LIAM) - and this includes various types of claims payment namely death, disability, medical and cash bonus payments. An additional amount of RM7.6bil was paid for maturity of policies and cash surrender in 2012.

The association said that as at December 2012, the Malaysian population was covered with RM1.02 trillion sum insured in various forms of life insurance policies. This was 8% higher than the corresponding figure in 2011 of RM946bil. The average sum insured works out to be RM34,700 per capita for 2012, an increase of 6.7% from RM32,533 in 2011.

LIAM noted that investment-linked policies continued to outshine traditional policies in terms of growth with 49.5% of new business share. In 2011, the investment-linked policies formed a lower portion of 45.6% of all new policies sold.