Protecting our Consumers
We live in a world where technology is advancing with the bat of an eyelid and so to is our beloved insurance industry. From digitalization to evolving Bank Negara regulations, Insurance magazine would like to keep our readers abreast on the latest from within the industry. The theme of this issue is Consumer Education and Protection. With market penetration rates still below the goal set by Bank Negara, we find that it is pivotal for awareness to be raised across the general public. Insurance magazine is taking the lead by bringing a wide range of topics forward in this informative packed issue. We’ve asked our peers at Towers Watson for an in-depth look into a hot topic, Detariffication. Widely debated and thoroughly discussed, we find that Detariffication is hot only within the industry but not with the general public. Here, we have broken down everything one may need to know in an easy to understand Q&A format. Another important milestone for Takaful in Malaysia has taken place with the Honourable Deputy Minister of Finance, Dato’ Hj. Ahmad Maslan launching a research publication on Takaful and its growth in Malaysia. Turn to page 26 for an in-depth look on the current situation. Our friends over at the Private Pension Administrator Malaysia have also contributed an article calling on the younger generation to map out a retirement plan as early as they can. The informative guide is packed on alarming statistics on generations may have to keep pushing retirement from a lack of early planning. Then we have an interesting outlook on a young CEO, Marcus Heinreich, from Munich RE Insurance and how he has successfully managed to assimilate and adapt to the local market whilst bringing select European traits to the mix. We’ve also brought forward an interesting article on Takaful by Roslinah Daud. She speaks from the heart on the importance of Takaful and brings some very interesting points to ponder during this Ramadhan period. I’d also like to take this opportunity to wish all our Muslim readers a very peaceful Ramadhan and blessed Aidilfitri. For members who missed attending the MII 36th Annual General Meeting in June, highlights are showcased in this issue for you.
Enjoy this issue!
Dato' Haji Syed Moheeb Syed Kamarulzaman