Market penetration of life insurance, as measured in terms of the total number of policies in force to total population, grew to 39.3% as at end-June 2007 (end-June 2006: 38.7%)
[via The STAR]
I personally own five insurance policies. Most of my clients has 2-4 life insurance policies. According to the method of calculation shown above, there are 4 policies in every 10 Malaysians. In my own statistic, there is an average of 3 policies per clients. If we consider that too, that means among the 4 policies in every 10 Malaysian, 3 of the policies was own by the same person who believe in the importance of protecting wealth with life insurance. That boils down to 1.3 person insured in every 10 Malaysian.
Bad news is that if Petronas Twin Towers collapsed after hijacked MAS airplane crashed into it, only 13% of the family members will receive life insurance payout.
Good news is for those hard working insurance agent: the market is still huge!