##4, malaysia will be an aged nation, with over 15 % of our population aged 65 and above. 1 coupled with the increase in life expectancy, the old age dependency ratio is projected to be three times that of 2010, presenting a growing burden for the working population to support the elderly. this is a pressing challenge, requiring urgent and fundamental transformation to deal with the future realities of the malaysian population. addressing this challenge will require a whole - of - nation response, but i trust that the life insurance industry can step up and play its part. for instance, the industry can take proactive steps to develop tailored long - term care and post - retirement income solutions. innovative models, such as wellness - as - a - service where insurers partner with healthcare providers, would also enable insurers to meet the population's health needs. many malaysian adults also currently live with non - communicable diseases – 33 % with high cholesterol, 29 % with hypertension and 16 % with diabetes. 2 as such, many are excluded from insurance cover, especially for medical and health protection. it is therefore critical for insurance companies to ensure that financial protection remains available to the broader segments of society, including the lower - income group. 2 / 5 bis - central bankers'speeches as healthcare costs continue to rise, ensuring affordable and accessible medical and health insurance becomes increasingly important. recent revisions to the policy document on medical and health insurance / takaful ( mhit ) business will require itos to provide lower - cost options for mhit products with copayment features. this is intended to empower policyholders by giving them greater options and to encourage them to make more needs - based use of healthcare services. this will in turn help contain medical claims inflation and escalating premiums. it also sets out the establishment of a central medical claims data platform to pave the way towards improving transparency of medical costs. the industry can also explore advanced medical technology applications, including wearables and telemedicine. this will allow insurers to better support preventive care and offer more comprehensive, adaptable health protection solutions to a broader consumer base. modernising exclusionary clauses in life and health coverage is also an important aspect of transformation, including potentially moving towards communityrated products. there is also a growing need for innovative and inclusive insurance solutions that not only cater to evolving consumer preferences but also ensure affordable and accessible protection, particularly for lower - income groups. for instance, some

, trust has been the bedrock of the insurance industry. in the early days, insurance was a simple promise – a hand - written policy, a firm handshake and a nod of trust. while we have long moved away from informal promises to formal policies, the essence remains unchanged. insurance is, at its core, a business of delivering promises. the industry must therefore continue to uphold that promise, as the trust we nurtured will lay the foundation for growth in the future. as we look ahead, the future for malaysia's life insurance industry is promising, filled with new opportunities to serve and protect. but this future won't come without its challenges. from the rapid technological shifts and emerging risks to rising consumer expectations, there's much to navigate. liam and the industry members must therefore take a whole - of - nation approach, embracing collaboration with ecosystem stakeholders and the government to ensure that we are in a strong position to meet these challenges. within the region, there is also a unique role and potential for liam. as asean economies become more integrated, liam and member companies can also contribute in aligning industry standards and practices, strengthening the industry's underwriting capacity, as well as supporting broader talent development initiatives alongside the asian insurance institute. this will help bolster the industry's capacity to develop innovative products and meet the larger protection needs of the region. against these emerging developments, bnm will review the life insurance and family takaful framework, which was introduced back in 2016, to further facilitate the growth of life insurance and family takaful in the years to come. we thus welcome inputs from the industry as we chart the next stage of development. in closing, i would like to extend my sincere gratitude to liam for its partnership and leadership over the years. your unwavering support, collaborative spirit, and dedication are much appreciated. as we rejoice the progress we have achieved thus far, we also look forward to continuing this journey together. here's to the future of life insurance in malaysia, to the industry leaders and members who drive it forward, and to the people whose lives are made better by it. congratulations to liam for 50 years of dedication to advancing the life insurance industry in malaysia! 4 / 5 bis - central bankers'speeches 1 world bank ( 2020 ), a silver lining : productive and inclusive aging for malaysia. 2 codeblue ( 2024 ), over two million adults in malaysia live with three ncds : nhms 202