Life insurance sector has growth potential, says MII

Malaysia's dynamic life insurance sector has the potential to grow with the still large insurance protection gap, says the Malaysian Insurance Institute (MII).

Chairman Hashim Harun said only 56 per cent of Malaysians are reportedly insured, compared to the target of 75 per cent by 2020 under the Economic Transformation Programme, noting rural areas could drive the life insurance sector's growth.

"Agents should play their role in addressing the insurance protection gap by forming better relationships with customers and being proactive in approaching them and by better understanding their needs.

"Agents should challenge themselves with higher productivity targets and improve their selling techniques and services," he said in his opening speech at the 2016 Bumiputera Life Insurance Agents Convention.

The convention, now in its 10th year, is themed 'Transformation Towards Excellence'. Life Insurance Association of Malaysia (LIAM) Deputy President Gan Leong Hin said of the total 150,000 agents in Malaysia, only 57,287 or 38 per cent are Bumiputeras.