POS­I­TIVE OUT­LOOK FOR MALAYSIA’S IN­SURANCE SEC­TOR

[ Source: Ber­nama, 20 July 2012 ]

Insurance - - INDUSTRY UPDATES -

The out­look for the fi­nan­cial ser­vices in­dus­try, es­pe­cially the in­surance sec­tor, is pos­i­tive as Malaysia’s pop­u­la­tion is on the rise and dis­pos­able in­comes are in­creas­ing which will re­sult in more peo­ple able to af­ford fi­nan­cial ser­vices. Ac­cord­ing to Sabah Deputy Chief Min­is­ter, Dr Yee Moh Chai, this is ev­i­dent from last year’s fi­nance and in­surance sec­tor growth rate of 5.9% which was higher than the na­tional gross domestic prod­uct of 5.1%. Th­ese fig­ures can be at­trib­uted to the strong per­for­mance in bank lend­ings and the in­crease in pre­mi­ums in the in­surance sec­tor. He said that there is not a doubt that the in­surance in­dus­try is grow­ing steadily and hopefully would in­crease its pen­e­tra­tion rate es­pe­cially in the gen­eral in­surance sec­tor. He added that while the in­surance in­dus­try is very com­pet­i­tive with rel­a­tively low pen­e­tra­tion, there is plenty of room for growth as the Sabah state econ­omy en­tered a vi­tal phase of devel­op­ment.

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