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For Insurance and Takaful Industry 1 8 10 11 14 22 77 84 88 ANNUAL REPORT 2019 1 2019 LIFE INSURANCE INDUSTRy’s HigHLIGHTS INCREASED BY INCREASED BY INCREASED BY 14.19% 6.22% 6.91% NEW BUsiness – NEW BUsiness – NEW BUsiness - TotAL PREMIUMS NUMBER OF POLICIES SUM ASSURED RM11.8 billion 1.31 million RM483.3 billion 2019 2019 2019 RM10.3 billion 1.24 million RM452.1 billion 2018 2018 2018 INCREASED BY INCREASED BY INCREASED BY 7.39% 0.60% 7.83% NUMBER OF POLICIES IN IN FORCE PREMIUMS FORCE SUM ASSURED IN FORCE RM36.9 billion 12.74 million RM1.63 trillion 2019 2019 2019 RM34.4 billion 12.67 million RM1.51 trillion 2018 2018 2018 CLAIMS PAYOUT INCREASED BY NUMBER OF NUMBER OF BANK StAFF AGENTS SELLING LIFE INSURANCE RM11.9 billion 2019 10.19% 75,999 17,809 2019 2019 RM10.8 billion 2018 75,707 17,002 2018 2018 NUMBER OF NUMBER OF AGENTS BY EDUCATION LEVEL 2019 AGENTS BY GENDER 2019 Primary LCE/SRP MCE/SPM 37,863 Male 164 1,178 39,520 HSC/STPM College/University 38,136 Visit our website for Female 2,281 32,316 more information http://www.liam.org.my/ 2 LIFE INSURANCE ASSOCIATION OF MALAYSIA Loh Guat Lan President ANNUAL REPORT 2019 3 PRESIDENT’S MESSAGE On behalf of the LIAM New business sum assured expanded by 6.91% to RM483.4 billion in 2019 Management Committee, The total in force compared to RM452.1 billion in 2018. it gives me great pleasure premiums rose by to present the Annual 7.39% to reach RM37 The total in force premiums rose by Report for Life Insurance billion from RM34.4 7.39% to reach RM37 billion from Association of Malaysia billion in 2018. The RM34.4 billion in 2018. The growth (LIAM) for 2019. growth was mainly was mainly contributed by Investment- Linked Business and Employee Benefit contributed by The past 12 months have Scheme under Group business. Investment-Linked been a fulfilling and Business and Employee The total number of policies registered interesting year for LIAM Benefit Scheme under for the whole industry rose marginally as we continue to engage at 0.60% from 12.67 million policies in proactively with our 16 Group business. 2018 to 12.74 million policies in 2019. member companies and key stakeholders to serve the needs of The total sum assured in force the society. increased to over RM 1.63 trillion, an increase of 7.83% as compared to RM1.51 trillion in 2018. Many achievements, initiatives and The total claims payout in 2019 increased by 10.19% to positive developments took place during RM11.9 billion as compared with RM10.8 billion in 2018. the year and we hope it will bring a lasting This was mainly due to the rise in medical claims which and positive impact to the industry, as recorded an increase of 20.8%. well as fulfil our aspirations to develop a progressive industry for the nation. StREAMLINING OF AGENTs’ rOLE THROUGH THE LIFE FRAMEWORK I am pleased to share the key industry highlights and developments that had Since the implementation of the Life Insurance and Family Takaful Framework (LIFE Framework) by Bank Negara taken place during the year. Malaysia in November 2015, various key initiatives have been implemented to support the long-term growth and INDUSTRy’s PerFORMANCE development of the life insurance and family takaful industry. The Life Insurance Association of Malaysia (LIAM) continued to record an encouraging growth in 2019, To provide greater operational flexibility for insurers registering New Business Total Premiums of RM11.8 and takaful operators and to promote a competitive billion, an increase of 14.19% compared to RM10.3 billion in 2018. Traditional business, investment-linked and Group environment for product innovation, the limits on business recorded strong growth at 30.12%, 11.05% and management expenses have been lifted. Commission 10.79% respectively. limits for pure protection products offered through direct distribution channels have also been removed. The healthy performance of the life insurance industry Furthermore, limits on commission and Agency Related reflects the increase in awareness among consumers on Expenses for Investment-linked (IL) products have the importance of life insurance protection. also been removed with the introduction of Minimum Allocation Rate. With this liberalisation, companies are New policies issued in 2019 recorded an increase of now able to set their own commission level for their 6.22% from 1,238,249 policies in 2018 to 1,315,233 policies agency force. in 2019. Investment-linked policies continued to be a popular product in 2019. 4 LIFE INSURANCE ASSOCIATION OF MALAYSIA PRESIDENT’S MESSAGE Direct distribution channels have been introduced since Among the main requirements include: 2017 to make it easier and hassle-free for consumers to i. the introduction of minimum standards on sustainability purchase life insurance. Consumers can now purchase tests and communication to policyholders to ensure basic pure protection Term, Critical Illness and Medical proper management of long term sustainability of IL and Health products via online platform or walk-in to policies with effect from 1 January 2020; branches of life insurance companies. ii. the introduction of Minimum Allocation Rate (MAR) to protect the account value of policy owners with effect To further strengthen market practice and enhance from July 2019 in tandem with the liberalisation of consumers’ protection, the Balanced Scorecard (BSC) commission; for agents has been implemented in January 2018. This iii. enhancements to the formatting of sales illustrations will promote greater professionalism among the agency to make them clearer and therefore facilitate more force. During the year, the industry has been actively informed decision making by consumers. involved in various discussions and consultations with the National Association of Malaysian As an industry, LIAM is supportive Life Insurance and Family Takaful of the new regulatory requirements Advisors (NAMLIFA) to strengthen which place greater focus on the effectiveness of BSC for sustainability of the customers’ policies. It also provides them with agents. better clarity so that policy owners understand the process as well as BNM has issued an update to the their IL policies and thus are able Policy Document on Operating to make more informed choices. Cost Controls for Life Insurance and Family Takaful Business in All in all, we are positive about December 2019. The BSC Key the changes as these are Performance Indicators (KPIs) for important steps in regulating agents have been revised for the industry. These steps will implementation in 2020. Moving also promote and maintain high forward, the KPIs to measure corporate governance and agents’ BSC performance will be enhance professionalism in the based on the quality of customer administration of IL business. rd fact-finding and needs analysis. Loh Guat Lan speaking at the 23 National Together, they will be a key driver Chinese Life Insurance Congress held on 14th Agents will also be assessed by of growth for the industry. their persistency and competency. April 2019 With the implementation of the new BSC KPIs, the REACHING OUT to CONSUMERS industry is set to work very closely with the agency force THROUGH ONGOING CONSUMER and step up efforts to improve the quality of advice. EDUCATION This close collaboration will also ensure good customer relationship and outcomes. One of the key strategies we employed to raise the levels of financial literacy among Malaysians was to reach out INTRODUCTION OF NEW to our consumers via the ongoing Consumer Education REQUIREMENTS FOR INVESTMENT- Programme. LINKED BUSINESS In line with the industry’s financial inclusion agenda, LIAM is committed to fulfilling the nation’s aspiration of One of the key guidelines introduced by Bank Negara increasing the life insurance penetration rate from 54% Malaysia (BNM) during the year was on Investment- to 75%. We aim to achieve this through various key linked (IL) business which outlines a comprehensive initiatives and educational efforts. set of requirements to ensure that the rapid growth of IL business is supported by a clear and transparent framework to protect policyholders. ANNUAL REPORT 2019 5 PRESIDENT’S MESSAGE In July 2019, the then Prime Minister This has brought a tremendous challenge of Malaysia Y.A.B Tun Dr Mahathir LIAM is to the industry, which has an important Mohammad launched the National role to play in ensuring more sustainable Strategy for Financial Literacy 2019 - committed to medical products are made available to 2023, a five - year plan to elevate the level fulfilling the Malaysians at affordable rates. The rising of financial literacy among Malaysians. nation’s aspiration medical costs, if left unchecked, will This strategy maps out the priorities of increasing the impact consumers’ affordability to obtain and action plans to help individuals life insurance Medical and Health Insurance (MHI) manage their finances wisely, invest for coverage. their future and protect themselves from penetration rate financial frauds. from 54% to 75% To address this issue, LIAM, PIAM and MTA have formed a Medical Cost As a stakeholder, the life insurance Containment Task Force together with industry has also outlined various public education and BNM. One of the initiatives carried out is an independent awareness initiatives in an effort to improve financial Study on the Key Drivers of Increasing Medical Insurance literacy and financial well-being of Malaysians. Premiums in Malaysia. In June 2019, following the implementation of the Together with BNM, the industry will deliberate the key Policy Document on Investment-Linked Plans issued by findings of the healthcare study to chart a plan moving BNM in January 2019, LIAM and the Malaysian Takaful forward. Association (MTA) embarked on a campaign to educate and generate greater awareness on IL Insurance and UNDERSTANDING THE NEEDS OF Takaful plans among consumers.
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