KUALA LUMPUR (Feb 25): AXA Affin Life Insurance Bhd targets to capture 5,000 policyholders this year for its first-in-the-market cancer insurance plan called AXA Cancer Care, with a total value in excess of RM10 million.

Its chief executive officer Loke Kah Meng said that there is a low market penetration rate of critical illness or cancer insurance plan in Malaysia, with an estimation of only 24% in 2015.

"This reflects a significant protection gap and we hope that by introducing AXA Cancer Care, we can meet the all-rounded cancer care needs of Malaysians and encourage them to take a step to protect themselves," he told reporters at the unveiling of the plan today.

He further noted that while the insurance industry is not spared from the tough economic environment due to market volatility, the group is confident of achieving double-digit growth similar to last year.

"In 2015, we more than doubled the industry growth rate and it is the same target that we have set for ourselves this year," Loke said, although he declined to provide specific figures.

Life Insurance Association of Malaysia (LIAM) recently reported that the industry grew by 4.3% in 2015, as measured by new business annual premium equivalent (APE). Coverage amount increased 6.2% to RM1.24 trillion from RM1.17 trillion in 2014.

He expects the life insurance industry, as a whole, to record a 5% growth for the year, on the back of uncertain market conditions.

LIAM had said that it expects to achieve a "moderate" single-digit growth.

"People will have different emphasis this time because of the tougher economic environment," Loke said.

Penetration rate, meanwhile, is roughly above 50%, according to Loke.

He added that the group will have new product line ups in the second half of 2016.

"For the first half of the year, the theme is protection and hence why we came up with AXA Cancer Care. Second half of 2016 might be savings or retirement," Loke noted.