Allianz Malaysia Optimistic On Insurance Industry Outlook

Allianz Malaysia Bhd is optimistic on the insurance industry’s outlook this year given the country’s solid fundamentals, said its Chief Executive Officer Zakri Khir.

However, Zakri noted that consumer sentiment has not been encouraging and foresees flat or rather lower growth than last year for the industry.

“Consumers are cautious because there is too much ‘noise’ currently due to some factors including the weakening ringgit, the Goods and Services Tax (GST) implementation and the downtrend in oil prices.

“We are aware of the challenges and are adapting to our customers’ needs by offering affordable products which suit them, and continuously convey the message that they need some level of protection,” Zakri told reporters after officially unveiling the company’s new head office at Menara Allianz Sentral here today.

For Budget 2016, Zakri said he hopes the government would offer some incentives to those who buy insurance for their protection in the future.

“Basically people need protection, in case something happens to them or their family,” he said.

Allianz Malaysia, an investment holding company, has two insurance subsidiaries — Allianz General Insurance Co (M) Bhd and Allianz Life Insurance Malaysia Bhd.

It has 38 branches nationwide, with a workforce of 1,800 and 15,500 agents serving two million customers.