Guan Eng: Make insurance policies more affordable

Below target: Lim says the 75% national insurance penetration rate target by 2020 is unlikely to be achieved.

KUALA LUMPUR: The insurance policies in Malaysia must be made more affordable in order to boost the country’s insurance penetration rate which is far below its 2020 target, according to Finance Minister Lim Guan Eng.

Speaking to reporters after the opening ceremony of Menara Prudential in Tun Razak Exchange (TRX) yesterday, Lim urged insurers in Malaysia to develop insurance protection plans for the under-served and under-protected who are largely from the low-income group or the B40.