Tough year for insurance companies

Allianz Malaysia Bhd CEO Zakri Khir told StarBiz: “For the next six months at least, the market will be extremely challenging for insurers because this phenomenon is unprecedented and we are in uncharted waters.

PETALING JAYA: Insurers are in for a tough year as the coronavirus disease (Covid-19) pandemic may dampen earnings and premium growth.

To minimise the impact on their businesses, insurance companies, among others, are banking on their digital capabilities in the absence of direct interaction between agents and their clients with the movement control order (MCO) in place.