Source: Munich Re, 4 December 2020
Malaysian Reinsurance Berhad (Malaysian Re), today, launched the inaugural issue of its latest Thought Leadership publication, Malaysian Insurance Highlights (MIH) 2019, a research publication which aims to identify and analyse the key trends in the marketsplace and to provide some guidance as to their direction.
MIH 2019 offers a comprehensive overview of the current opportunities and challenges facing Malaysia’s general insurance and takaful markets. This publication is also part of Malaysian Re’s initiative in elevating the industry knowledge and insights into the country’s insurance and takaful marketplace.
The publication, MIH 2019, was launched by Adnan Zaylani Mohamad Zahid, Assistant Governor of Bank Negara Malaysia (BNM), witnessed by YBhg. Datuk Johar Che Mat, Chairman of MNRB Holdings Berhad (MNRB), Zainudin Ishak, President and Chief Executive Officer of Malaysian Re and Antony Lee Fook Weng, Chairman of Persatuan Insurans Am Malaysia (PIAM). The event was attended by more than 120 industry key players from both insurance and takaful industries.
“MIH is an authoritative publication on our nation’s insurance and takaful markets, combining a rigorous analysis of the hard data with in-depth executive and senior professional interviews,” said Zainudin. MIH 2019, which includes input from over 30 senior insurance executives and experts operating in the market, focuses on five major trends, namely de-tariffication, market consolidation, B40 strategies, takaful prospects and InsurTech.
“The domestic insurance industry is facing convergence of transformative challenges and opportunities, such as digitalisation, regulatory reform and changing consumer expectations. Our inaugural edition of the MIH, analyses these trends while putting forward an authoritative view on our marketplace. We envisage MIH to be the foremost reference point for the industry’s key professionals and policy makers,” added Zainudin.
MIH 2019 accentuates the impact of de-tariffication and how it is expected to benefit consumers, insurers and ultimately the society at large. The publication also states that a significant rate reduction is expected in fire insurance over the medium term. Besides that, MIH 2019 also underlines the greater potential for takaful growth in Malaysia especially in delivering the B40 initiatives and the long-term effects of digitisation in reshaping Malaysia’s insurance and takaful industry.
MIH 2019 is available from Malaysian Re’s website, www.malaysian-re.com.my.