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Penetration of life insurance in Malaysia will be 75% by 2020

The Malaysian Minister of Finance said at the press conference that the regulator has not studied the penetration of life insurance this year, Malay Mail reports.
Penetration of life insurance in Malaysia will be 75% by 2020

“The index of 75% was the original goal set by the previous government. We need to see the results of the present and next years. We know what the industry shortcomings are, such as high cost of the products, and as a result, inaccessibility,” the Minister of Finance Lim Guan Eng told reporters.

According to the Minister, there are many people in Malaysia who cannot pay insurance, and the national support program is being developed for them.

“Thus, the government is making every effort to implement the national life insurance penetration program. The insurance service providers should continue to develop insurance cover plans for socially vulnerable segments of the population,” the official ordered.

In conclusion, he added that the penetration rate of life insurance in Malaysia has not changed for many years and amounted to 55%.

Source: https://www.malaymail.com/news/malaysia/2019/09/10/guan-eng-malaysia-set-to-miss-goal-of-75pc-life-insurance-penetration-by-20/1789108

Photos are from open sources.

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