In 2020, Malaysia's general insurance market outperformed the country's overall economy. While the Malaysia's GDP is forecasted to have dropped by 4.5% last year, general insurance premiums remained almost stable. This is one of the key findings of the Malaysian Insurance Highlights, a market survey by Malaysian Re.
The COVID-19 pandemic has presented primarily a threat to insurers' premium volume. Insurance lines closely linked to GDP growth and exports such as Motor or Trade Credit and Marine were directly affected by the pandemic or the decline in exports.
Great Eastern Holdings' total weighted new sales (TWNS) rose 23% y-o-y to S$1,545.3 million (US$1,172.2 million), according to its financial results for year ended 31 December 2020.
Great Eastern Holdings (GEH) has announced that its profit attributable to shareholders declined by 4% decrease to S$960.6m ($727.6m) for the year ended 31 December 2020 (FY2020) amid less favourable financial market conditions for the year, particularly in 1Q2020, compared to last year.
Malaysian Reinsurance (Malaysian Re or the reinsurer) does not expect a substantial increase in claims arising from the COVID-19 pandemic due to limitations on claims for infectious and contagious diseases, notes RAM Ratings.
Malaysian Reinsurance is continuing to adopt selective underwriting and monitoring the underwriting results of the international portfolio to weed out unprofitable accounts, thus sustaining its profitability, notes Fitch Ratings.
Medical and health insurance policies issued by general insurers do not provide coverage for pandemics such as COVID-19, said the General Insurance Association of Malaysia (PIAM).
The General Insurance Association of Malaysia (PIAM) said over the weekend that medical and health insurance policies issued by general insurers do not provide coverage for pandemics such as COVID-19.
With increased traction in online insurance sales owing to COVID-19 and resultant lockdowns, a direct-to-consumer digital insurance platform has seen its revenues surge over the last six months.
Labuan IBFC Inc yesterday signed a Memorandum of Understanding (MoU) with RAM Rating Services, Malaysia's premier rating agency, to collaborate on RAM Ratings' Labuan Entity Corporate Assessment (LECA™) service.