with the agenda of mainstreaming value - based intermediation. for the consumers, i hope that the financial assistance will not be seen as another handout, but instead, as a leg - up for them to start on their journey to improve their financial resilience. as a final message, i would like to encourage the continued advancement of local insurance solutions that are specifically tailored to the needs of malaysian consumers. it is crucial for insurance companies to underwrite policies that not only support local demands but also address risks unique to our domestic environment, which can 4 / 5 bis - central bankers'speeches minimise the need to source insurance products abroad. this will help provide support to the ringgit by reducing demand for foreign currency. moreover, the industry should prioritize investing in local assets within their portfolios to also support domestic investments. together, through these focused efforts, we can further strengthen the resilience of ringgit and foster resilient economic growth. as expectations of liam will continue to grow with the evolution of the industry, i am confident that liam will continually adapt and innovate to stay relevant. at the same time, i urge the industry to continue its pursuit of narrowing the country's protection gaps. on behalf of bnm, i would also like to thank liam for the leadership roles it has played, and for its support, as we strive to build a more inclusive, competitive and efficient insurance sector. conclusion as we are days away from the nation's 67th independence day, i would like to end with a reminder from the words of our nation's bapa kemerdekaan, yang teramat mulia tunku abdul rahman putra al - haj : " if we pull together and work together with the maximum of goodwill and harmony, there is no limit to what our people can achieve in the years to come. " it is with this spirit and with the words bismillahirrahmanirrahim, i hereby launch the liam's starter pack insurance fund. thank you. 1 insurance premiums divided by the country's gross domestic product 2 source : malaysian reinsurance berhad's malaysian insurance highlights 2024 3 according to data from ernst & young, as the resources required to continue at the current ( pre - disaster ) lifestyle exceed those available in case of disaster. source : malaysian reinsurance berhad's malaysian insurance highlights 2024 5 / 5 bis - central bankers'speeches

product ( gdp ) is also relatively high at 3. 7 %, compared to 2. 1 % for emerging asian countries and 2. 8 % for the global average2. amidst current global uncertainties, malaysia's economy remains resilient, with gdp projected to expand at the upper end of the 4 % - 5 % range in 2024. the ringgit's significant appreciation against the us dollar, making it one of the region's best - performing currencies, further underscores our economic strength. as we anticipate this positive trajectory to continue, it is crucial to build on this momentum by advancing structural reforms that will enhance our resilience, competitiveness, and long - 1 / 5 bis - central bankers'speeches term growth prospects. this development puts the industry in a position to maintain its growth momentum given the good growth prospects of the economy, relatively stable inflation environment and continuous efforts to raise the income levels of malaysians. nevertheless, significant protection gaps still exist in malaysia, particularly among the vulnerable segments. while malaysia has a relatively high insurance penetration rate measured against the gdp but it had hovered between 40 % - 50 % when measured against total population. this means approximately only 2 out of 5 malaysians have life protection. in addition, many malaysians are still deemed to have inadequate level of protection against life shocks, serious illnesses and death3. the impacts from the unanticipated disruptions arising from the pandemic and climate - related disasters have also greatly amplified the need for financial protection, especially for the lower income earners who are more susceptible to external shocks. these developments, coupled with the increased life expectancy of malaysians now at 74. 8 years in 2023 and the trajectory that malaysia will be an aged nation by 2044, further underscores the untapped potential within the malaysian insurance industry to close the protection gaps. we recognise that encouraging insurance uptake is not easy. various factors come into play from both the demand and supply side which are often interlinked. on the demand side, these challenges include consumers'low awareness and understanding of insurance products, the perception of insurance as a costly and unnecessary expense, lack of access for those in geographically remote or underpopulated areas, mistrust in insurance intermediaries and claims processes, as well as innate cognitive mindset of optimism bias. from supply side, as insurance companies rely on the law of large numbers, developing suitable and sustainable products for the target