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Only 15pct of bumis have any insurance coverage

KINIBIZ While only a little more than half of Malaysians have any form of insurance coverage, the gap is worse within the bumiputera community, with roughly every five in six uninsured, AIA Bhd says.

According to research conducted by AIA, there exists a large insurance protection gap in Malaysia, where only 54 percent of Malaysians have any form of insurance coverage.

Within the bumiputera community, the gap is even larger, with only 15 percent of the community having any form of insurance, AIA Malaysia CEO Bill Lisle said at a press conference in Kuala Lumpur today.

“There still exists a large protection gap here, with the latest statistics pointing to an average sum assured per person of RM38,500, whereas it should be in the region of RM200,000,” Lisle said.

The gap in coverage presents AIA with opportunities to further grow its business in Malaysia.

“We are on the right track and well positioned to capture the key opportunities in Malaysia’s life insurance industry,” he said.

For the full story go to KiniBiz .