Life insurance prospects remain good for 2011

The Malaysian life insurance industry is likely to keep up the good performance of the previous years. Life Insurance Association of Malaysia (LIAM)) is expecting the growth of its annual turnover to reach 12%. Premiums growth will be supported by development projections of 5% of the economy and by the economic transformation agenda of the State.

This program envisages the establishment of a social insurance scheme for the employees, a pension insurance plan for the private sector and a health insurance scheme for the foreign workers. The low interest rates available on the financial markets also encourage consumers to turn towards more profitable products. Finally, takaful insurers are expected to contribute to these good figures.