PETALING JAYA: ALLIANZ MALAYSIA BHD expects the economic environment to be “extremely challenging”, particularly in the first half of this year due to the Covid-19 pandemic.
Nevertheless, the group is confident of overcoming the unprecedented challenges posed by the global health crisis, said the insurer’s CEO Zakri Mohd Khir.
“We are in uncharted waters and we expect it to be extremely challenging, particularly in the first half of the year.
“However, we are resilient and we will survive the crisis, ” he said in the company’s 2019 Annual Report released yesterday.
Zakri said he expects the economic fallout from Covid-19 to become broader and deeper.
This is because many countries have put in place various measures like strict mobility constraints and social distancing to contain the spread of the virus.
Amid a challenging year, Zakri said the group would continue to focus on elevating its agency force by enhancing their digital capabilities and providing training to support growth.
He added that the group would also seek to enhance its product offerings and simplify its processes.
“While the deregulation of the local insurance sector remains slow, we are confident of our ability to compete at a level playing field in a more open market, ” Zakri said.
“We see further potential to balance prevailing protectionism with free enterprise, which we believe will allow the economy to flourish, ” he added.
Zakri noted that both market players and the government had roles to play to improve the country’s economic conditions.
He said the group would work with the government in implementing economic and market reforms to harness Malaysia’s potential for growth.
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