Trends in and outlook for the Malaysian assurance industry

What is the current insurance penetration rate in Malaysia? Gan(pic) says: Thirty years ago, only one in 10 Malaysians had a life insurance policy. Fast forward to today and that number stands at 3.5 for 10 Malaysians. This is worrying, as the life insurance penetration rate has not risen by much in 30 years. Furthermore, many of the insured are underinsured.

GAN Leong Hin (pic) assumed the position of Prudential Assurance Malaysia Bhd (PAMB) chief executive officer (CEO) in November 2015. He joined PAMB in 2013 as chief financial officer and had led initiatives including the formulation and execution of PAMB’s strategic vision to drive growth and strengthen its capabilities as a leading life insurer.

Gan is an actuary who has more than 26 years of experience in the life insurance and investment businesses in Asia, Australia and the UK. He shares with StarBiz the trends and outlook for the industry in Malaysia.