Malaysia insurance posts robust growth

Combined premium for life and general business soars over 17% for 2004.

Malaysia’s life insurance has posted impressive 2004 numbers and registered its second year of double-digit growth. With a more favourable investment climate that 2003, further improvements in asset-liability matching and the continual emergence of bancassurance led sales, the combined premium income for the life and general business topped last year’s growth percentage of 11.6% to register 17.2% growth for the year.

In total, the industry’s combined premium income landed at a little over RM22 billion $5.8 billion, rising substantially over 2003 number of RM18.8 billion $4.95 billion, while contributing 5.2% to nominal gross national product. Insurance penetration in the country also went from strength-to-strength in 2004, climbing...

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