Malaysia’s life insurance business is expected to grow by 9% to 10% next year on strong demand from the middle class coupled with brisk economic growth.
A spokesman for the Life Insurance Association of Malaysia (Liam) said the growth would be helped by fresh graduates buying insurance for saving and protection purposes.
“While the policies are for the long term, they will be cheaper if one were to buy them at a young age,” he told Bernama after a blood donation campaign here yesterday.
He said the association would meet Bank Negara and the Finance Ministry on the 2013 Budget proposal to remove investment income tax on deferred annuity and the introduction of new group insurance schemes.
“We believe the 15 life insurance companies, which have strong distribution channels, will take this opportunity to help the public,” he said.
The spokesman said LIAM would also organise awareness campaigns on the importance of life insurance.
“With greater awareness of insurance coverage, the current percentage of population with life insurance will increase to 75% as targeted in the Economic Transformation Programme (ETP) from 43% now,” he said.
He said LIAM also hailed the Government’s efforts in having life insurance for the Armed Forces personnel, students as well as farmers, as they formed a key part of society
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