Meanwhile, in a press statement here, Chua quoted a recent Fitch Rating Agency report that the demand for insurance products would grow in the near-term because of steadily rising disposable incomes and private consumption.

He said motor insurance would again be the fastest growing sector, attributed to a rebound in vehicle sales.

He said other key areas of growth would be in medical and health insurance, as well as liability and disaster related insurance.

Chua said because of cases of natural disasters in past years, more people and businesses would take up insurance coverage as a risk management.

“The industry is also looking into educating the public on how to use insurance as an effective risk management tool. Adequate insurance protection could save them from financial ruin,” he said.

In another development, Chua said nett claims paid out for body injuries and property damage due to road accidents in the first nine months of last year rose to RM4.1bil, compared to RM3.68bil in the same period in 2012.