PTV programme boosts insurance penetration in 2022

The general insurance industry registered an increase in gross direct premiums of 10.3 per cent to RM9.8 billion in 1H22 but underwriting profit contracted by 21.2 per cent to RM810 million, largely due to losses in the motor, medical and health Insurance business.

KUALA LUMPUR: Malaysia’s insurance industry had a lackluster year if not for the Perlindungan Tenang Voucher (PTV) programme saving the grace and helping to drive both general and life insurance companies.

The PTV programme was introduced to provide better social protection for the B40 group, whereby, both general and life insurance companies were able to partner with organisations or businesses to serve the low-income group.