Until a vaccine is found, the ongoing crisis does not have a fixed timeline. Besides from the millions of fatalities caused, the outbreak has led to severe economic impacts, causing major challenges to the global supply chain and business sectors such as airlines, tourism, and hospitality.
Our central bank has responded by cutting interest rates and expanding its quantitative easing programme to make more liquidity available to borrowers in retail and small and medium enterprise (SME) segments.
A crisis of this scale affects all business sectors - but it especially puts tremendous pressure on insurers who can expect to be inundated with inquiries and claims across multiple different policies, such as health, life, or non-life coverage.
Insurance companies play a pivotal role during times of economic stress by helping companies and households manage risks and cushion losses. Yet, as one of the biggest groups of investors, they are also vulnerable to volatility in financial markets.
So, how is the insurance industry likely to shape up to the unfolding crisis?
Business Today speaks to Raymond Lew, Chief Executive Officer (CEO) and President of Sun Life Malaysia on the implicating pressures insurance organisations face during Covid-19, as since the outbreak, brokers and insurers alike have felt the impacts on their businesses and the industry at large.
“There is no doubt the pandemic and subsequent Movement Control Order (MCO) significantly impacted all businesses and the economy,” Lew says, adding that it will be a challenging time for all and the insurance sector is no exception to it.
The rate at which the virus had spread was alarming and will continue to have lasting effects on the nation and the rakyat.
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