Medical Insurance Potential

There is a need for a comprehensive research in the area of medical insurance to ensure consumers are adequately covered with reasonable charges.

With a population of 28 to 29 million, more Malaysians were looking for sufficient insurance coverage for themselves and their loved ones, adding that medical insurance was an area that needed to be looked into in the coming years in terms of cover and charges.

According to recent statistics, medical costs had risen between 20% and 30% for the last three years. Another area that he felt was equally important and in which insurers should participate was in travel insurance.

Significant changes must be made to raise performance standards in the Malaysian insurance industry to narrow the gap between the standards and performance of local insurers with the established international best practices and performance standards.

With a 17-million Muslim population in this country, there was high potential to explore in the Islamic finance market. Therefore, the insurance industry had to positively look at how it could compliment this new growing industry and not to be taken aback by its strong influence to the market.