KUALA LUMPUR: New business premiums in the life insurance and general insurance industry recorded double-digit growth in the first half of 2024 to mor...
Abdul Rasheed , Asian Institute of Insurance chairman Antony Lee and CEO Paul Low at the rebranding ceremony. – Bernamapic
“To realise our full economic potential, it is important that we remain resilient to shocks and disruptions and continue to put risk management at the top of our agenda. This is where insurance and takaful protection can play its part – one that will foster greater stability and resilience in our economy,” he said at the rebranding of Malaysian Insurance Institute to Asian Institute of Insurance today.
“Given the dynamic and often unpredictable nature of these emerging threats and their potential to cause widespread impact, conventional risk models that depend on historical data and established patterns for predicting and pricing risks may struggle to address them,” Abdul Rasheed said.“This in turn poses challenges to assess and underwrite such risks effectively. As a result, risk owners may end up facing higher premiums, more stringent underwriting or underinsurance.
Abdul Rasheed said as customers become increasingly accustomed to the responsiveness and convenience offered by technology in many aspects of their lives, their expectations will naturally extend to the insurance sector. “Leveraging on the increased availability of data, this speed and efficiency can have a decisive impact on livelihoods where immediate assistance is critical such as in events of natural disasters,” Abdul Rasheed said.
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