Sun Life Malaysia, a life insurance and family takaful provider, is optimistic about the growth of the insurance sector in Malaysia, driven by the expanding economy, regulatory framework and a growing middle class.
The “Insure or Unsure: Sun Life Insurance Literacy Survey” found that only 28% out of 1,107 Malaysians surveyed are confident in their knowledge of insurance and takaful products, while almost one-third have no insurance protection. Women represented 63% of the respondents who reported poor self-perceived level of understanding on insurance topics, 1.7 times the proportion of male respondents. This suggests that women are more likely to be underinsured compared to men, making them more vulnerable to financial shocks. Furthermore, women are found to be twice more likely to not recall any key information about their insurance or takaful plans without referring to their policies/contract.