The Impact of Covid-19 on Life Insurance

By Nicholas Ng Chia Wei, Yap Jo-yee

January 2022 PENANG ECONOMIC INDICATOR
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THE LIFE INSURANCE industry has changed considerably since the Covid pandemic. Over the past five years, the life insurance penetration rate, a common indicator used to observe changes in insurance coverage acceptance, has hovered around 54% among Malaysians. But how exactly has demand for insurance shifted? Several key financial indicators, such as surrender rate and new business premium, are analysed here, in examining the pandemic’s impact on the industry.One interesting observation is how the surrender rate, which usually hovers at...

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Nicholas Ng Chia Wei

is a central banker who deals with the insurance industry. You may find him exercising, chill-driving and reading during his leisure time.

Yap Jo-yee

is a research analyst at Penang Institute whose interests range from development issues to behavioural economics. Her latest goal is to use ggplot2 without Google’s help.

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