Life insurance industry see 12.6% dip in premiums due to MCO

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The industry is also expected to achieve single-digit growth for the second half of the year. FMTNews

The Life Insurance Association of Malaysia says for three months, companies will continue providing insurance protection for policyholders affected by the MCO.

The Life Insurance Association of Malaysia in a report attributed the overall dip to the 24.5% contraction of premiums in investment-linked policies. It also reported a rise in direct channel sales for temporary insurance, critical illness insurance and medical and health insurance, with annualised premiums and the total sum seeing growth levels of 63.9% and 71.5% respectively.

“The industry has granted a 90-day deferment period or no-lapse guarantee of three months for policyholders who are impacted by this pandemic.

 

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