Formed in 1974, the Life Insurance Association of Malaysia (LIAM) is a trade association registered under the Societies Act 1966. LIAM has a total of 16 members, of which 14 are life insurance companies and 2 life reinsurance companies.
LIAM’s objectives are to promote a progressive life insurance industry; to enhance public understanding and appreciation for life insurance; to upgrade the image and professionalism of the life insurance industry and to support the regulatory authorities in developing a strong industry.
The Life Insurance Association of Malaysia (LIAM) has re-elected Ms Loh Guat Lan, Chief Executive Officer of Hong Leong Assurance Berhad as LIAM President at its 46th Annual General Meeting held on 24 June 2020. LIAM also re-elected Mr Rangam Bir, Chief Executive Officer of Gibraltar BSN Life Berhad as LIAM Vice-President for the term 2020/2021.
Loh Guat Lan has 30 years of experience in the life insurance industry. She started her career as a Management Trainee with a reputable international life insurance company. She took on various leadership positions and gained extensive experience in agency management, branch management, agency development, and training. Her last role prior to joining Hong Leong Assurance (HLA) was Vice President & Senior Director of Agency (Malaysia) of AIA Bhd, the first lady appointed for such position as in Malaysia and amongst Asia’s six countries.
Loh joined HLA as Chief Operating Officer of the Life Division in August 2007 and was appointed to Group Managing Director/Chief Executive Officer on 1 September 2009. Under her stewardship, the company has grown exponentially and delivered a solid and consistent financial performance. Today, HLA is the largest local life insurance company in Malaysia.
Meanwhile, Rangam Bir, was appointed to helm Gibraltar BSN Life Berhad in December 2016. He is an established international business leader with over 23 years of experience in the insurance and financial services industry.
Throughout his career, he has gained experience in Asia, Europe, the Middle East, and Africa and established a successful track record of building winning businesses in fast growing emerging markets by leading large teams in multicultural and international business environments.
Prior to joining Gibraltar BSN, he was with the Allianz Group where he spent 19 years in various roles. Most recently, he was the CEO of Allianz Life Insurance Malaysia Berhad where he led the company through a digital transformation, establishing it as a leader in innovative digital business models and a top-five player in the Life and Health segment in Malaysia.
For the term 2020/2021, the Association is supported by seven other members namely Mr Ben Ng, CEO of AIA Bhd; Mr Ramzi Toubassy, CEO of AmMetLife Insurance Berhad; Mr Paul Low Hong Ceong, CEO of Etiqa Life Insurance Berhad; YBhg Dato Koh Yaw Hui, CEO of Great Eastern Life Assurance (Malaysia) Berhad; Mr Gan Leong Hin, CEO of Prudential Assurance Malaysia Berhad; Mr Raymond Lew Yung Chow, CEO of Sun Life Malaysia Assurance Berhad; and Mr Toi See Jong, CEO of Tokio Marine Life Insurance Malaysia Bhd.
Under the leadership of Loh Guat Lan and Rangam Bir, supported by seven Management Committee members and 16 member companies, the industry has engaged proactively with Bank Negara Malaysia and the Government to implement various relief measures and initiatives particularly in addressing the COVID-19 pandemic which affecting the rakyat. The industry has set up the RM8 million COVID-19 Test Fund to support the Ministry of Health’s efforts to conduct more COVID-19 tests for Malaysians.
The industry has also granted a no-lapse guarantee for 3 months for policyholders who are impacted by this pandemic (3-month deferment of premium payment). During this period, insurance companies will continue to provide insurance protection to affected policyholders if they are not able to pay for their premiums. To date, this initiative has benefitted over 45,000 policyholders.
The life insurance industry remains committed to undertaking various educational and consumer awareness programs in promoting and educating Malaysians on life insurance protection. We hope more Malaysians will benefit from the various relief measures to ease the financial pressures on the rakyat and at the same time ensure that they are continuously covered with insurance protection.