Growing demand for private healthcare insurance in ASEAN - Malaysian Re

In a statement today, the insurance company said the surge is due to rising disposable incomes, improved literacy, increased internet penetration, greater healthcare access, and heightened awareness of insurance.

Malaysian Re said that the eighth edition of its annual flagship publication, "ASEAN Insurance Pulse", highlights this trend, encouraging healthier lifestyle choices and renewed interest in health insurance coverage.

It emphasised that this year's publication addresses the pressing topic of healthcare financing in the ASEAN region.

"It examines diverse healthcare structures, financing mechanisms, and the critical role of insurers in advancing equitable healthcare access. The report also explores strategies for insurers to foster community health and market growth.

"The report highlights significant challenges in healthcare financing across the ASEAN region, underscoring wide disparities in healthcare systems driven by socio-political and economic factors," it said.

Despite its perceived efficiency, the company said private health insurance faces persistent obstacles, including unequal access to healthcare services, escalating healthcare costs, ageing populations, and the growing prevalence of chronic and lifestyle-related diseases.

"The report also observes that rising health insurance premiums, particularly for older age groups, threaten affordability and efforts to expand coverage, especially among lower-income segments.

"To address these issues, insurers are adopting innovative approaches, such as implementing risk-reduction and cost-control measures, strengthening partnerships with stakeholders, and pursuing systemic improvements to enhance accessibility and improve market dynamics," Malaysian Re said.

Its president and chief executive officer, Ahmad Noor Azhari Abdul Manaf said that the publication underscores their commitment to advancing ASEAN insurance markets and making insurance a stronger part of people's lives.

"We believe this year's insights will serve as a vital reference for fostering growth in ASEAN insurance markets while enhancing the health and well-being of the communities they serve," he said, in conjunction with the 14th ASEAN Insurance Congress, which was held in Bandar Seri Begawan, Brunei, today.

The 2024 edition, dedicated to healthcare financing, was launched by Brunei Darussalam Central Bank deputy manager Rashidah Sabtu.

Among the attendees were ASEAN Insurance Council chairman Huy Vatahro and ASEAN Insurance Council secretary general Christian Wanandi.

A copy of the report can be downloaded at www.malaysian-re.com.my.