Life Insurance industry registers a drop of 12.6% in total premiums due to the COVID-19 pandemic

Kuala Lumpur, 18 August 2020 – For the first half of 2020 (1H2020), the life insurance industry recorded an overall dip of 12.6% in total premiums.  During the Movement Control Order (MCO) and Recovery Movement Control Order (RMCO) which started on 18 March 2020, activities of life insurance selling came to a halt as face-to-face selling were restricted for more than three months.   The decline is attributed mainly to the drop in Investment-linked policies which contracted by 24.5% in terms of total premiums.   Investment-linked insurance is an insurance plan which has more unique features and requires face-to-face interaction by agents to explain these features and ascertain its suitability before an investment-linked plan is recommended.

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