LIAM president Loh Guat Lan said: The Covid-19 pandemic has increased in the awareness among Malaysians on the importance of life insurance protection. The role of life insurance has become even more important as an essential financial tool to reduce uncertainties in life.
KUALA LUMPUR: The life insurance industry recorded a 12.6% decline in total premiums to RM5.24bil in January to June from RM5.99bil a year ago due to a fall in investment-linked products due to the impact of the Movement Control Order on March 18 as the movement curbs prevented face-to-face interaction by agents with potential clients.
The Life Insurance Association of Malaysia (LIAM) said in a statement on Tuesday the decline was mainly due to the drop in investment-linked policies which contracted by 24.5% in terms of total premiums to RM1.72bil.
LIAM said face-to-face selling were restricted for more than three months. Investment-linked insurance is an insurance plan which has more unique features and requires face-to-face interaction by agents to explain these features and ascertain its suitability before an investment-linked plan is recommended.
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