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PETALING JAYA: Insurance companies are setting aside more funds to expand special plans related to the Covid-19 pandemic, including covering any adverse reaction from vaccination.
While health experts have said that any side effect from Covid-19 vaccines is rare, the coverage is a precautionary measure.
Most insurance firms have extended their coverage of cash aid for hospitalisation and death from Covid-19, which was supposed to end in December 2020, until this year.
The benefits are for existing and new policyholders at no additional cost for an allocated period of time or until the fund limit is reached.
National Association of Malaysian Life Insurance and Family Takaful Advisors (Namlifa) president A.M. Naidu said insurers had been very supportive of the government’s aspirations to include private healthcare providers in treating Covid-19 patients.
The insurance industry is currently in talks with the Ministry of Health and Bank Negara Malaysia to explore ways insurers and takaful operators can help ease some expenses of patients amid the current pandemic.
KUALA LUMPUR (Dec 23): Insurance and Takaful providers have broadened the eligibility criteria of the Covid-19 Test Fund (CTF) to include all asymptomatic individual and group medical health insurance policy and takaful certificate holders (MHIT) in the country.
In a joint statement, the Life Insurance Association of Malaysia (LIAM), Malaysian Takaful Association (MTA) and General Insurance Association of Malaysia (PIAM) said the move was done in view of the spike in Covid-19 cases in the country.
They said all individual and group policy and certificate holders who are asymptomatic are now eligible to claim from the CTF for Covid-19 tests done at any authorised labs or medical facilities registered with the Ministry of Health (MoH).
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Source: Asia Insurance Review | Nov 2020
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Mr Jeffrey Liew believes believes the prompt response by most insurance regulators across the APAC region will help insurers weather some of their key business risks during the coronavirus crisis. Capitalisation, earnings and liquidity positions of some insurers could come under pressure from the financial-market disruption and economic strain caused by the pandemic.
Insurance regulators in most APAC countries have introduced measures to safeguard policyholder interests while ensuring industry resiliency. Most relate to policyholder protection, capital preservation and business continuity, supervisory relief to reduce the administrative burden on insurers and improvements to risk management, among other areas.