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.