Malaysia: Central bank outlines areas where insurers can do more

The Malaysian insurance and takaful industry can play a bigger role towards alleviating economic hardship caused by the COVID-19 pandemic and support the recovery phase, Mr. Adnan Zaylani Bin Mohamad Zahid, assistant governor of Bank Negara Malaysia, has said.

In a keynote address at the 6th Insurance Leadership Forum 2021 (ILF 2021) organized by Persatuan Insurans Am Malaysia (PIAM) in collaboration with The Malaysian Insurance Institute (MII), he said, “Since the pandemic began, the insurance industry has stepped forward with various relief measures and financial assistance to affected policy/certificate holders to cope with the financial, mental and social impact of the COVID19 pandemic and rallied up together in setting up the COVID Test Fund (CTF).”

Climate risk and digitalization

Mr. Adnan also highlighted that a crucial look into climate action and managing climate risk is necessary to promote sustainable risk management practices to guide industry players in managing and developing institutional capacity of climate risk in their business strategies.

On digitalization, he encouraged the industry to develop a framework in promoting new digital players and institutional transformation in the domestic insurance and takaful industry. The ILF 2021 was held on 28-29 July 2021, with the theme of “Reset.Renewal.Hope.Opportunity”. The virtual event gathered over 300 participants.

Courtesy of: Asia Insurance Review