Globally, various measures have been taken to contain COVID-19. These have led to unexpected consequences worldwide including significant volatilities in the financial markets across many countries, including Malaysia.
Over the last two months, Malaysian insurers and takaful operators have been assessing the impact of the global pandemic on their businesses and developing contingency plans quickly in response to COVID-19. While it may still be early to fully understand the severity of this crisis and its long term implications, modifying and adapting existing plans to handle this outbreak with a strategic focus will help insurers and takaful operators to navigate through the crisis confidently and be more resilient in the aftermath.
Insurers and takaful operators would need to determine how to respond to the implications of the crisis strategically. Some of the strategic questions that need to be addressed include:
How is the recovery of the Malaysian economy likely to look?
What are the mid to long term implications for the insurance and takaful industries?
How will the insurance and takaful industries be affected by regulatory actions and government stimulus plans?
How can insurers and takaful operators refine business strategies and plans to best position themselves to respond to changing market demands?
Regardless of the shape of the recovery of the Malaysian economy or the insurance and takaful industries, we offer some thoughts on what you can prioritise now to manage effectively through the unprecedented crisis.