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Malaysian Insurance Highlights 2020

 

Launch of the Malaysian Insurance Highlights 2020

On 26 February 2021, Malaysian Reinsurance Berhad (Malaysian Re) and Faber Consulting launched the second edition of the Malaysian Insurance Highlights.

In 2020 Malaysia’s general insurance market outperformed the country’s overall economy. Although Malaysia’s GDP is forecasted to have dropped by 4.5% in 2020, general insurance premiums remained almost stable. While the industry had to digest the impact of recurrent Movement Control Orders (MCO) that the national government installed to contain the spread of the coronavirus, Malaysia’s general insurers maintained a solid capitalization. The country’s insurers also cushioned the effects of the crisis on policyholders’ strained budgets by deferring premium payments or allowing for additional instalments. Finally, Malaysia’s life and general insurers as well as the Takaful companies contributed to enhance the COVID-19 test capacity by setting up a fund that reimbursed policyholders if they had to take a test.

Please click here to access the Malaysian Insurance Highlights 2020 and learn more about the impact of the COVID-19 pandemic on Malaysia's economy and its insurance markets.