KUALA LUMPUR: Malaysian Reinsurance Bhd (Malaysian Re) has unveiled the fifth edition of its annual research publication, Malaysian Insurance Highlights 2024 (MIH 2024), exploring the impacts of a drastically changed risk landscape on Malaysia’s insurance market, focusing on personal insurance lines.
President and chief executive officer Ahmad Noor Azhari Abdul Manaf said Malaysian Re is committed to showcasing the insurance industry’s grasp of market evolutions and its dedication to societal and economic responsibilities.
"We are keen to demonstrate how our industry captures new developments in the market and fulfils its responsibility towards society and the economy.
"Through MIH 2024, we explored the dynamic landscape of risks that transcend borders and industries, shaping the fabric of insurance practice in Malaysia and the findings show how much our industry changes, embraces new opportunities and lives up to its promise in providing protection to the people and enabling the progress of our economy,” he said in a statement.
The key topics addressed in MIH 2024 include the insurability of climate-related risks and catastrophe modelling developments, solutions to increase insurance uptake in low-income groups, and opportunities for growth in health insurance, each presenting its challenges and opportunities.
Ahmad Noor Azhari also said that while public awareness of insurance benefits has surged, affordability and availability remain major issues.
"Although policymakers and regulators acknowledge subsidies as a means to boost insurance adoption, tight public budgets remain an obstacle.
"Our industry thus strives to find the right responses to the intertwined technological, climatic, and socio-economic risks that we currently confront”, he added.
Additionally, Malaysian Re said the findings of MIH 2024 are based on structured interviews and insights from industry experts who share their insights on natural catastrophe risks and climate change modelling, providing Shariah-compliant protection to the lower-income groups and forging partnerships with public institutions to extend the uptake of life and health insurance.
The reinsurer said MIH 2024 will be a valuable resource for the industry, navigating today’s market complexities and guiding future development in Malaysian insurance.
MIH 2024 is a collaborative effort with Faber Consulting AG, a renowned Zurich-based firm specialising in research, communication, and business development consultancy.
Malaysian Re, a wholly-owned subsidiary of MNRB Holdings Bhd
(MNRB), underwrites all classes of general reinsurance business as well as general and family retakaful businesses through its retakaful division.
For more information and to download a copy of MIH 2024, please visit www.malaysian-re.com.my. - Bernama
