Insurance
From The Report: Malaysia 2014
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Despite being well established in the country, insurance remains a fairly small part of Malaysia’s financial industry. According to IMF calculations the insurance sector accounts for 6% of total financial assets, and insurance assets are equal to around 15% of GDP. Insurance penetration, though improving, remains low. More foreign investment and consolidation may help, as critical mass and technology could improve products and marketing and result in a wider range of Malaysians buying insurance. More mergers can be expected, and as that happens insurance firms are likely to improve their operations and management. The insurance sector should become more like the banking sector, with a few solid and profitable players. This chapter contains an interview with Kamaludin Ahmad, CEO, Etiqa Insurace & Takaful.

Articles from this Chapter

Interview

OBG talks to Kamaludin Ahmad, CEO, Etiqa Insurance & Takaful
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Interview:Kamaludin Ahmad In what way has the evolving regulatory framework affected the insurance industry? KAMALUDIN AHMAD: The regulatory agenda is becoming focused on the conduct of business, including early intervention and preventative actions before customers feel any detriment. The approach of the authorities builds upon the Organisation for Economic Cooperation and Development’s concepts of treating customers fairly and enhancing their outcomes. The evolving regulatory framework…

Analysis

The third pillar: Private pension funds offer more options for saving for retirement
OBG
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Malaysia has long lacked a formal third pillar to its pension system. While the Employee Provident Fund (EPF) is well established and has operated successfully even under the most trying of circumstances, it is seen as inadequate in terms of providing replacement income for the country’s ageing population, and for a population that is living longer. At the core of the initiative to move away from state-funded pension schemes and a traditional reliance by the elderly on family support is the Private…