Liberalisation of insurance industry expected to benefit both companies and consumers

PETALING JAYA: Bank Negara’s proposed Life Insurance and Family Takaful Framework is expected to have a positive net impact on both insurance companies’ bottomlines and consumers.

It is envisaged that the eventual implementation of the framework would see a higher insurance and takaful penetration rate among the general populace, as life insurers and family takaful operators would be given greater operational flexibility for innovation and higher productivity.