Page 5 - LIAM Annual Report 2021

AnnuAl RepoRt 2021 3

President’s Message

On behalf of the Management Committee, I am Malaysian life insurers have been
honoured to present the Life Insurance Association visionary in mitigating the impact
of COVID-19 by tailoring policies
of Malaysia (LIAM) Annual Report for 2021. and offering flexibility to customers.
With the strong support of the LIAM
The past year remained challenging as people Management Committee and its
the world over continued to grapple with the 16-member companies, we showed
solidarity in helping Malaysians cope
devastation caused by the COVID-19 pandemic. with the pandemic.

We in Malaysia have not been spared from the Individual insurers introduced
adverse effects of the pandemic either. The anguish various schemes by way of financial
and anxiety of fellow Malaysians, following the assistance and relief measures to
aid policyholders and ease financial
debilitating impact on livelihoods and healthcare pressures on the rakyat while ensuring
especially, are of great concern to us. they are continuously covered with
insurance protection.
Despite being hit by the unprecedented challenges I am proud to say that LIAM has learnt
of the pandemic, last year has been a fulfilling one a lot from the COVID-19 crisis. With
for the Malaysian insurance industry. In times like the rakyat’s wellbeing in mind, we
this when the environment calls for it, we tread with rose to the challenge by formulating
robust business continuity plans
caution and compassion in making sure we offer the and strategies, as well as innovative
best services for our valued customers. thinking in adapting to the new normal.

The waves of COVID-19 afflictions which started in I am pleased to share the industry’s
significant
developments
and
late 2019 indeed crippled countries globally. activities for the year 2021.
Fortunately, the Malaysian government and our industry PerforMance
Ministry of Health have been unrelenting in their Despite the challenging business
efforts to implement various proactive measures environment due to the pandemic,
and incentives for the rakyat, enabling the latter to for the financial year ending
cope with the financial, mental, and social impact of December 2021, the life insurance
industry recorded an overall stronger
the pandemic. performance with a double-digit growth
of 12.4% as compared to 2020. The
The successful roll-out of the COVID-19 Vaccination industry recorded RM12.8 billion in new
Programme was followed by the subsequent business total premiums from RM11.4
provision of booster shots to increase the immunity billion in 2020, while new business sum
assured grew by 5.4% from RM437.2
levels of the population against new COVID-19 billion in 2020 to RM461.1 billion in
variants. 2021.

The authorities also exercised prudence and New policies issued in 2021 amounted to
1.9 million policies, an increase of 53.5%
foresight in reopening the economic sectors in the from 1.2 million policies in 2020. This
later part of the year, paving the way for the National was contributed by the introduction of
Recovery Plan and transition to an endemic phase. the Perlindungan Tenang Voucher (PTV)
programme in September 2021.