Allianz Malaysia Bhd, which has recorded double-digit growth in gross written premiums (GWP) last year, is cautiously optimistic for the current year, despite a challenging market environment.
“We grew by double digits last year. This year is going to be a challenging year, but we are still be able to grow,” Allianz Malaysia and Allianz General Insurance Company (Malaysia) CEO Zakri Mohd Khir told a press conference after launching its three new insurance products, which cater to Persons with Disabilities (PWD) yesterday.
“We are cautiously optimistic on the outlook for this year in terms of the general and life insurance segment. We will finish this year in line with our expectations,” he added, without elaborating further.
Zakri noted that 2015 would be more challenging on the back of a global economic slowdown and implementation of the Goods and Services Tax last April. However, he said both of its business segments, namely general insurance and life insurance are performing well this year.
Allianz Malaysia’s GWP for 2014 stood at a solid RM3.97 billion compared with RM3.58 billion in 2013, an increase of 10.9 %.
Its total assets also grew to RM12.17 billion last year from RM10.76 billion in 2013, recording a jump of 13.1%.
Meanwhile, Zakri said the group is eyeing to sign up 500,000 registered PWDs in the country with its newly-aunched insurance products.
“There are 500,000 registered PWDs in Malaysia. Of course there could be many others that are not registered.”
“We will try to reach out to them through our 17,000 network agents, as well as through other alternative distributions, such as via various non-governmental organisations,” he said.
The first product, namely Allianz Ability Life is underwritten by Allianz Life, with its premium rates starting from RM50 for a sum assured worth RM25,000 and RM70 for sum assured worth RM50,000. The plan is open to PWDs aged between 16 and 70 years old.
Meanwhile, its other two products, namely Allianz Care Individual and Allianz Individual PA, which are underwritten by Allianz General, are its existing products that are now extended to PWDs.
Allianz Care Individual is a hospitalisation coverage that helps to fund healthcare costs in case of hospitalisation for any non-existing conditions.
On the other hand, Allianz Individual PA provides coverage in case of accident at premium rates of RM10 per year for RM10,000 coverage.
“Allianz came out with such products because there are very few policies out there for the disabled to buy, thus the group had decided to develop insurance solutions for this community,” he added.