KUALA LUMPUR, Oct 1 (Bernama) -- Malaysian insurance companies need to be more aggressive in tapping the opportunities in medical and travel sectors as both are promising and vibrant businesses.
Deputy Finance Minister Datuk Donald Lim Siang Chai said the participation of local players in these sectors is still not strong yet and they must take action in order to be on par with the international market.
"We hope the Malaysian Insurance Institute (MII) can do studies on these particular sectors as it has the expertise in the insurance industry.
"We need more ideas and proposals in line with international standards. MII should be able to do this and come out with something which is good for the country," he told reporters after officiating the 2nd Malaysia Insurance Summit 2012 today.
The two-day event, organised by the MII, is a platform for Malaysian insurance industry players to discuss issues and challenges as well as to exchange views concerning the local and global insurance markets.
Also present was MII Chief Executive Officer Khadijah Abdullah.
Lim noted people are currently looking at insuring themselves because they are involved with risks as well as to have protection when they travel.
Parallel to the growth of trade, this area would become a very good sector for insurers, he added.
In 2011, Malaysia's total trade with other nations amounted to RM1.16 trillion, and had already recorded a five per cent increase for the first six months of this year.
Given the importance of having medical insurance, Lim said there is a possibility to make this protection compulsory in the near term.
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YIP KUM FOOK (MCA GOMBAK) BERCAKAP BOHONG DAN TIPU WANG RAKYAT
KUALA LUMPUR: The Chinese community has been won over by Barisan Nasional's ability to maintain stability, peace and harmony.
Unlike the opposition coalition, BN component parties stay united and learn from their mistakes to become stronger and well prepared for the election, said MCA Gombak chief Datuk Yip Kam Fook.
He said the Chinese community's support for the BN now is different from what it was in 2008.
"Back then they wanted change and they gave the opposition a chance, but the quickly regretted their decision as their representatives did not do anything for them.
"They see oppositionleaders bickering with each other and coming up with conflicting statements", said Yip during a 1Malaysia dinner organised by MCA Kampung Kuala Ampang in Hulu Klang last night.
More than 2,000 people cheered when Gombak parliamentary seat candidate Datuk Dr Rahman Ismail and Hulu Klang state candidate Rahim Kamarudin walked into the tent, accompanied by Yip.
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