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MALAYSIAN RE’S ASEAN INSURANCE PULSE EXPLORES THE IMPACT OF COVID-19 PANDEMIC ON THE REGION’S ECONOMIES AND INSURANCE MARKETS

15 Dec 2020

Kuala Lumpur, 15 December 2020 – Malaysian Reinsurance Berhad (Malaysian Re), today launched the fourth edition of its annual regional Thought Leadership publication, ASEAN Insurance Pulse. ASEAN Insurance Pulse 2020 was launched virtually by Mr. Christian Wanandi, Secretary General of the ASEAN Insurance Council and witnessed by Datuk Johar Che Mat, Chairman of MNRB Holdings Berhad (MNRB), George Oommen, Chairman of Malaysian Re, Zaharudin Daud, President & Group Chief Executive Officer of MNRB and Zainudin Ishak, President & Chief Executive Officer of Malaysian Re.

The publication explores the unprecedented impact of COVID-19 pandemic on the region’s economies and its insurance markets. It draws upon the pulse of insurance executives operating in the region on how the pandemic has shaped their markets, mitigative measures undertaken by the regulators during the crisis and how the outbreak has fundamentally changed the regions’ insurance industry. ASEAN Insurance Pulse 2020 is based on in-depth structured interviews with executives representing 30 regional and international insurance and reinsurance companies, intermediaries, policy makers and trade associations.

Commenting on the fourth edition of ASEAN Insurance Pulse, Zainudin Ishak, President and Chief Executive Officer of Malaysian Re said, “The publication of ASEAN Insurance Pulse 2020 demonstrates Malaysian Re’s continuous support and commitment to the ASEAN Economic Community (AEC) and regional insurance stakeholders during a challenging time when the region has to manoeuvre in uncharted territory. We are confident that this year’s publication will indeed benefit the community as we investigate deeper on the implication of COVID-19 pandemic”, said Zainudin.

According to ASEAN Insurance Pulse 2020, ASEAN markets will miss out on GDP growth of roughly US$ 400 billion for 2020 and 2021, as compared to 2019 projections, due to the impact from the COVID-19 pandemic. To balance that loss, governments have thus far supported the region’s economy with investment and policy measures of slightly more than US$ 427 billion.

ASEAN insurers have made extensive efforts to cushion the effect of COVID-19 and various lock-down 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. “In addition to benefitting our industry’s overall perception, ASEAN insurers have also demonstrated their resilience as balance sheets remain strong and insurers continue to serve their clients digitally while operating remotely throughout the crisis,” added Zainudin.

Coming into its fourth publication, ASEAN Insurance Pulse has today become a symbol of collaboration amongst the regional insurance community as well as an established reference for ASEAN insurance leaders in charting their business strategies moving forward.

For more information on ASEAN Insurance Pulse 2020, please visit www.malaysian-re.com.my.