//Malaysian RE’s Second Issue Of Malaysian Insurance Highlights Provides Insights On The Implication Of Covid-19 Pandemic On The Domestic Insurance Markets

Malaysian RE’s Second Issue Of Malaysian Insurance Highlights Provides Insights On The Implication Of Covid-19 Pandemic On The Domestic Insurance Markets

Source: Malaysian Re, 26 February 2021

Malaysian Reinsurance Berhad (Malaysian Re) today launched the second issue of its Thought Leadership publication, Malaysian Insurance Highlights (MIH) 2020. The virtual event was attended by almost 300 individuals from the domestic insurance industry.
The 2020 issue examines the impact of the COVID-19 pandemic on Malaysia’s economy and its insurance markets. Commenting on MIH 2020, Encik Zainudin Ishak, President and Chief Executive Officer of Malaysian Re said, “Since the first case was detected in Malaysia in January 2020, COVID-19 has brought unprecedented impacts on the country’s economy and insurance market. We took the initiative to delve deeper on the implications of this pandemic towards the domestic insurance industry and compiled relevant data and analysis for the benefits of our colleagues in the industry. We hope that MIH 2020 will spur further discussions within the industry on the rebuilding efforts post COVID-19”.

The virtual launch of MIH 2020 incorporated a virtual live round table discussion on the topic “Malaysian Insurance Outlook and Challenges: Present and Beyond COVID-19”. The formidable lineup of panelists for this virtual round table discussion comprised of prominent industry figures, namely Mr. Antony Lee, Chairman of General Insurance Association of Malaysia (PIAM), Ms. Loh Guat Lan, President of Life Insurance Association Malaysia (LIAM), Mr. Marcel Omar Papp, Management Committee Member of Malaysian Takaful Association (MTA) and Encik Zainudin Ishak himself as the moderator.
“We hope that MIH 2020 and the virtual round table session will serve as a reference and important guide for the industry to forge ahead while operating in the new norms. In alignment with the introduction of approved vaccines, we also hope that the findings from this as well as outcome from our discussions would contribute in mitigating the impact of the pandemic to our domestic insurance markets,” added Encik Zainudin.

Among the key findings of MIH 2020 highlights that travel-related sectors as well as manufacturing and consumption-based motor and retails have been hit hardest while rubber industry and e-commerce have been the biggest beneficiaries. According to MIH 2020, the COVID-19 pandemic significantly accelerated the digitalisation of the industry and that technology had helped the industry to stay connected with its customers, agents and employees.

Insurers benefited from digital transformation, particularly in the personal line segments, as consumers became more accustomed to purchase and manage their affairs through online channels, platforms, or ecosystems. Apart from that, the publication also accentuates that the insurance industry’s robust response to COVID-19 has enhanced the industry’s reputation although it has come at the expense of declining demand for insurance products particularly motor, travel and PA.

MIH 2020 was published in partnership with Faber Consulting AG, a Zurich-based research, communication and business development consultancy. The findings of MIH 2020 are based on structured interviews with more than 30 executives representing 19 Malaysian insurers, reinsurers, intermediaries and trade associations. Partners from Faber Consulting AG, Mr. Andreas Bollmann and Mr. Henner Alms, also joined our panelists during the virtual round table discussion to share insights on MIH 2020 with all the participants.

For more information and to download a copy of MIH 2020, please visit www.malaysian-re.com.my