Thursday 28 Mar 2024
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KUALA LUMPUR(Oct 30): Bank Negara Malaysia (BNM) is partnering with the insurance industry to roll out “Perlindungan Tenang”, which is intended to address the issue of insurance penetration among Malaysians.

BNM governor Tan Sri Muhammad Ibrahim said the central bank is partnering with the insurance industry to roll out the platform next month in Kuching.

“Perlindungan Tenang is intended to reach 8 million working-age Malaysians and over 700,000 micro enterprises that currently need insurance and takaful protection against key risks,” Muhammad said in his keynote address at  the 7th Malaysian Insurance Summit.

He added that products that meet the criteria of being affordable, accessible and easy to understand will carry the Perlindungan Tenang logo, and will benefit from regulatory flexibilities and co-branding and promotional initiatives.

“The aim is to address pain points that commonly hold consumers back from purchasing insurance and takaful products. To-date, four insurers and two takaful operators have developed products that will be introduced under this initiative and we should expect many more will come on board,” said Muhammad.

Insurance penetration — the ratio of life insurance policies and family takaful contracts to total population — increased from 25.3% in 1996 to 56% in 2016.

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