3.5% Premium Growth - In its 2022 annual report, total in force premium grew by 3.5% last year to RM44.1 billion from RM42.7 billion in 2021. The 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 Dropped 6.4% - New business total premium showed a drop of 6.4% last year, which amounted to RM12 billion compared with RM12.8 billion in 2021.
Claim Acclerated 12.7% - 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.
Additionally, 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.
The association will be working closely with BNM, the industry’s key stakeholders, and its 16 member companies to seek further guidance and support to ensure smooth implementation of respective initiatives to achieve the FSBP agenda.
Changing Landscape - LIAM will support a vibrant digital financial services landscape, we will review the regulations and proposed measures to enable end-to-end digitalisation of business processes such as the use of digital signature and digital nomination to provide a seamless policyholders’ experience.
Additionally, 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.
The association will be working closely with BNM, the industry’s key stakeholders, and its 16 member companies to seek further guidance and support to ensure smooth implementation of respective initiatives to achieve the FSBP agenda.
Changing Landscape - LIAM will support a vibrant digital financial services landscape, we will review the regulations and proposed measures to enable end-to-end digitalisation of business processes such as the use of digital signature and digital nomination to provide a seamless policyholders’ experience.
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