Cost of living pressures a drawback for sector

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PETALING JAYA: While maintaining a stable outlook on the local insurance and takaful sector, RAM Rating Services Bhd says the rising cost of living could suppress consumer sentiment and impact the sector.

As for the non-life sector, Lee said RAM anticipates NB premiums to rise by a slower 5% y-o-y in 2024 after exceptional growth the last two years.

Asked on the recent launch of the licensing and regulatory framework for digital insurers and takaful operators (DITOs) by Bank Negara, she said it would help narrow the protection gap and promote greater innovation.

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Article Details

Category: EconomyBusiness

Markets: Malaysia

Topics: Premiums Growth Family Rating Non-life Sales Takaful Life Insurance Sector Medical

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-05 @ 07:00:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 568 words

Reading Time: 4 minutes read

Sentences: 16 lines

Sentence Length: 36 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 21921984

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Main Topics: EconomyBusiness

Official Website: thestar.com.my

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