There is a huge potential for insurance companies to provide insurance policies for the underserved disabled community, said Women, Family and Community Development Minister Datuk Seri Rohani Abdul Karim.
While the ministry does not provide an estimation of the size of the insurance market for the disabled, she said the potential is huge as there are very limited offerings and insurance plans for them.
Allianz Malaysia Bhd is the only insurance company in the country that provides insurance policies for the disabled community, Rohani told Parliament during the question-and-answer session yesterday, when she was asked about steps taken by the government to ensure that the disabled can buy insurance at affordable rates.
“The ministry has been engaging with Bank Negara [Malaysia] and [the] Life Insurance Association of Malaysia (LIAM) on the matter to provide the disabled community with suitable insurance products,” she told reporters at the Parliament lobby later.
“We are happy with Allianz as they are the first to offer insurance plans for the disabled community. We hope there will be more insurance companies coming on board, not only on the potential of this segment but also as their corporate social responsibilities,” she added.
Currently, there are 400,000 registered disabled in the country.
The estimated penetration rate of insurance for the disabled is said to be as low as 0.1%.
She said the government will continue to hold discussions with insurance companies and the LIAM to explore other insurance products for the disabled, like savings or endowment plans, and plans that are not limited to protection regarding death and accident.
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