The life insurance industry registered an overall 12.6% drop in total premiums for the first half of the year, after the movement control order (MCO) and recovery MCO (RMCO) forced the halt of insurance selling activities.The Life Insurance Association of Malaysia (LIAM) in a report attributed the overall dip to the 24.5% contraction of premiums in investment-linked policies. It said the industry is expected to achieve single-digit growth for the second half of the year given the weak global and local economies.
It also reported a rise in direct channel sales for temporary insurance, critical illness insurance and medical and health insurance, with annualized premiums and the total sum seeing growth levels of 63.9% and 71.5% respectively.
1,028,811 policyholders had been granted premium deferment relief to date, involving premium payments of RM1 billion.
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