ASEAN markets will miss out on gross domestic product (GDP) growth of roughly US$400 bil in 2020 and 2021, according to the latest publication by Malaysian Reinsurance Bhd (Malaysian Re) entitled ASEAN Insurance Pulse 2020.
Malaysian Re said to balance that loss, governments have thus far supported the region’s economy with investment and policy measures of slightly more than US$427 bil.
Its president and CEO Zainudin Ishak said ASEAN insurers had 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 establish a voluntary COVID-19 test fund, allow for premium instalments or continue 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. – Dec 16, 2020
