Mar 2015

Read the latest edition of AIR and MEIR as an Interactive e-book

Country Profile

Strength to ride out tough times

With oil prices down by more than 50% since June, Malaysia's commodity-driven economy is facing strong headwinds which has also seen the ringgit depreciating rapidly in recent months. However, despite the uncertain economic outlook and consumer spending, there are several growth drivers that bode well for the local insurance industry.

Non-life: Bracing for change and a competitive environment

Malaysia's non-life sector is facing up to a slower rate of growth in line with lower GDP estimates for 2015. But PIAM Chairman, Mr Chua Seck Guan, remains optimistic and expects the market to still register positive growth, while it prepares for the final phases of de-tariffication. By Ridwan Abbas

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Life: Greater customer protection and enhancing professionalism

Existing life players have to adjust to regulatory changes and re-strategise to succeed in new environment, says Mr Vincent Kwo, President of the Life Insurance Association of Malaysia (LIAM). By Ridwan Abbas

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Company Snapshots

While Malaysia is facing short-term headwinds, its long-term fundamentals remain conducive for the sustainable growth of insurance, said AIG Malaysia CEO Antony Lee.

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Liberalisation of the industry whilst raising the bar - Is this a paradox?

Bank Negara Malaysia, the Malaysian regulator is looking to liberalise both the life and general insurance markets in the near term. At the same time, more requirements are being imposed by the regulator ahead of the anticipated liberalisation. Could liberalisation paradoxically create greater constraints on the industry? In this article, Mr Wan Saifulrizal Wan Ismail of Towers Watson Malaysia, highlights the recent regulatory and market developments as well as anticipated implications in the Malaysian insurance industry.

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GST and its impact on insurance in Malaysia

By Ms Idahani Ismas (Partner) and Ms Lina Addnan (Associate), Zaid Ibrahim & Co (a member of ZICOlaw)

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