Life Insurance Association of Malaysia has yesterday reported that the life insurance industry has experienced a 5.2% year-on-year (YoY) decline in registered life insurance agents to 77,736 agents as at June 30, 2017. In fact, the number of bank staff who were registered to sell life insurance also dipped by 1.9% to 18,652 staff. Overall, the industry experienced a lower rate of new agents joining the industry from 8,877 agents to 7,683 agents as at June 30, 2017.
However, the industry registered healthy growth in the first half of 2017 with a 4.7% increase in new business weighted premium to RM2.56bil from RM2.44bil in the same period a year ago.
The report stated that the gross sum assured for all new individual policies was RM60.4bil. This is 12.8% higher compared to RM53.5bil achieved in H1FY16.
In the first six months of 2017, the industry registered a 3.2% increase in benefit payments for death, disability, medical, bonuses and others – amounting to RM4.97bil. In comparison, the figure was RM4.82bil for the same period last year.
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