KUALA LUMPUR – Asean markets will miss out on gross domestic product (GDP) growth of roughly US$400 billion (RM1.6 trillion) in 2020 and 2021 as compared with 2019 due to impacts from the Covid-19 pandemic, according to Malaysian Reinsurance Bhd (Malaysian Re).
Its Asean Insurance Pulse 2020, which was launched virtually today, is the fourth edition of Malaysian Re's annual regional Thought Leadership Publication.
In a statement, Malaysian Re said to balance that loss, governments have thus far supported the region’s economy with investment and policy measures involving slightly more than US$427 billion.
President and CEO Zainudin Ishak said Asean insurers also demonstrated their resilience as balance sheets remained strong, and the insurers continued to serve their clients digitally while operating remotely throughout the crisis.
“Asean insurers have made extensive efforts to cushion the effects of Covid-19 and various lockdown measures implemented throughout the region.
“Jointly with other regulatory authorities, insurers and associations have established a voluntary Covid-19 test fund, allowed for premium instalments or continued to provide protection while policyholders had to delay their premium payments,” he said.
Meanwhile, Zainudin said Asean Insurance Pulse 2020 was developed based on in-depth structured interviews with executives representing 30 regional and international insurance and reinsurance companies, intermediaries, policymakers and trade associations.
“It draws upon the pulse of insurance executives operating in the region on how the pandemic has shaped their markets, mitigate measures undertaken by the regulators during the crisis and how the outbreak has fundamentally changed the region’s insurance industry,” he said.
He added that the publication became a symbol of collaboration among the regional insurance community as well as an established reference for the regional insurance leaders in charting their business strategies moving forward. – Bernama, December 15, 2020
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