Total Premium - In its 2022 annual report, the total in force premium grew by 3.5% last year to RM44.1 billion from RM42.7 billion in 2021.
New Business Sum Assured - Overall new business sum assured increased to RM497.7 billion in 2022, an increase of 8% from RM461.1 billion in 2021. However, the number of new policies issued fell slightly by 2.1% to 1.8 million compared with 1.9 million in 2021.
New Business Total Premium - New business total premium showed a drop of 6.4% last year, which amounted to RM12 billion compared with RM12.8 billion in 2021.
Claims - the industry recorded a 12.7% increase in claims payout amounting to RM13.4 billion versus RM11.9 billion in 2021, mainly due to higher claims in medical and disability that rose by 33.7% and 20.6%, respectively.
Industry Assessment - LIAM claimed that Malaysia’s insurance industry remained resilient, adapting to new market conditions and continuing to meet the needs of customers despite the challenges brought on by the pandemic.
he insurance industry also saw the laying out of a five-year roadmap and strategic plan to achieve desired targets set under the Financial Sector Blueprint (FSBP) 2022-2026 launched by Bank Negara Malaysia (BNM) last year.
Industry Assessment - LIAM claimed that Malaysia’s insurance industry remained resilient, adapting to new market conditions and continuing to meet the needs of customers despite the challenges brought on by the pandemic.
he insurance industry also saw the laying out of a five-year roadmap and strategic plan to achieve desired targets set under the Financial Sector Blueprint (FSBP) 2022-2026 launched by Bank Negara Malaysia (BNM) last year.
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