Malaysia’s Insurance and Takaful Industry In Talks with Government to Ease COVID-19 Burden for Policyholders

Malaysia’s insurance industry is in on-going discussions with government authorities to identify financial solutions for patients required to be treated at private hospitals, for COVID-19, by possibly easing some expenses.

A joint statement issued on the 17th of January 2021 by the Life Insurance Association of Malaysia, General Insurance Association of Malaysia and Malaysian Takaful Association, stated that these institutions would adhere to the Government of Malaysia’s decision regarding private and public partnerships to manage the COVID-19 crisis.

According to the statement, pandemic-related risks are not covered under any Takaful or insurance plans, due to the difficulties in pricing for coverage of one-off events that may never take place.

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