Moderate growth for life insurance in 2018

The life insurance industry recorded a moderate growth in coverage among Malaysians last year, rising 9.6% to RM1.51 trillion in sum assured for all policies combined, compared to RM1.38 trillion in 2017.

The Life Insurance Association of Malaysia (LIAM) said the overall life insurance industry registered a total of 12.65 million policies, while the group policies in force grew by 2.9% in 2018.

The total in force premiums grew by 5.7% to reach RM38.8 billion in 2018.

The number of lives covered under group policies registered an encouraging growth of 10.1 million lives in 2018 compared to 9.6 million lives in 2017.

“The per capita sum assured continued to rise to RM46,610 in 2018 from RM43,029 in 2017, but the figure was still below the amount needed to support one family member in the event of the death or disability of the breadwinner,” it said in a statement yesterday.

LIAM president Anusha Thavarajah said the prospects of the life insurance industry remain positive as the percentage of the population with life insurance or takaful plans is still low at 54%. — Bernama