The strong performance of the non-motor sector has helped the country’s general insurance industry to record a 3.2% growth in gross direct premium to RM10.5 billion last year, reports The Star, quoting Bank Negara insurance and takaful supervision department director Yap Lai Kuen.
The medical and health, and liabilities classes grew by 16.7% and 10.5% last year as compared with 2007 while the personal accident class posted a 9.2% growth during the same period.
"Even though 2008 has been challenging, the insurance industry has maintained an overall high volume of business," she said when opening the inaugural Sarawak insurance agency seminar in Kuching on Mar 10, the newspaper report.
However, the report said Yap said the life insurance’s new business annual premium equivalent registered RM7.2 billion last year, down from RM7.6 billion in 2007, largely to a decline in sales of investment-linked business.
"It is worthwhile to note that ordinary life recorded a strong growth of 18.6%, thus demonstrating the industry’s ability to adapt to a changing business environment," she added, the report said.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment