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Malaysia Insurance Overview
Life Insurance Market
The current level of insurance and takaful penentration, at 54% still remains below the targeted lavel of 75%. It also reflects the enormous untapped potential in the Malaysia insurance sector.
General Insurance Market
The general insurance industry grew at a steady rate in 2014 with gross written premiums increasing by 5.9% to RM17.09 billion as compared to RM16.15 billion in 2013. In terms of market share, Motor Insurance remained status quo to be the largest class with a share of 46.4% of the total business underwritten (2013: 46.6%). This was followed by the Fire insurance class which stood at 17.3% (2013: 17.3%).
Market Penetration Rate (2017)
Both Insurance & Takaful
Motor Insurance biggest Sector
General Insurance (2017)
Biggest Distribution Channel
Agents (62%) Direct Business Channel (18%)
Life-Insured in Malaysia
The General Insurance Association of Malaysia (PIAM) says it will be appealing against the Malaysian Competition Commission’s (MyCC) decision that it infringed the Competition Act 2010 in connection with motor vehicle repairs. The appeal is in relation to MyCC’s final decision against PIAM and general insurers on trade discounts on automotive parts prices and hourly[…]
Over half of the country’s population are still without life insurance coverage, Life Insurance Association of Malaysia (LIAM) president Loh Guat Lan revealed today. He said this could be seen in the life insurance penetration rate in Malaysia, which has been hovering at about 54 per cent for the past five years. “And if one[…]
The General Insurance Industry registered its steepest half year drop in recent years as it bore the full brunt of the COVID-19 pandemic. Gross direct premiums declined 3.6% to RM 8.60 billion for the first six months of 2020 compared to the same period last year. Motor the dominant insurance class was down significantly by[…]
For the first half of 2020 (1H2020), the life insurance industry recorded an overall dip of 12.6% in total premiums. During the Movement Control Order (MCO) and Recovery Movement Control Order (RMCO) which started on 18 March 2020, activities of life insurance selling came to a halt as face-to-face selling were restricted for more than[…]
The life insurance industry reported a 14.9% growth in new business total premiums to RM11.8 billion last year, from RM10.3 billion in 2018, according to the Life Insurance Association of Malaysia (LIAM). In a statement, it said in 2019, traditional business, investment-linked and group business recorded strong growth of 30.12%, 11.05% and 10.79% respectively. However,[…]
The General Insurance Industry registered a decline of 0.8% in 2019 with total gross direct premiums of RM 17.41 billion. Motor remained the largest class with a market share of 48.3% followed by Fire at 19.3%. Motor insurance recorded gross direct premiums of RM 8.42 billion with a drop of 0.4%. This is despite an[…]
The Life Insurance Association of Malaysia (LIAM) is committed to increasing the life insurance penetration rate in the country and is learning from experience. Vice-president Rangam Bir said to further boost the penetration rate especially among the B40 group, it had launched several initiatives in partnership with Bank Negara Malaysia and other stakeholders and it[…]
The government is likely to revise the national target of a 75 per cent life insurance penetration rate in 2020, as it is still some distance away from the present rate of 55 per cent, said Finance Minister Lim Guan Eng said. If the 75 per cent target was not achieved by next year, the[…]
Malaysian consumers are being misled into purchasing products or services incorrectly. At the National Consumers Complaint Centre (NCCC), many people who sought help complained of agents from insurance companies who promised rebates or other benefits that were not valid. Sales agents have to reach targets set by their companies. To do so, the unethical ones[…]
KUALA LUMPUR: The general insurance industry is set to witness challenges ahead after recording a 1.4 per cent drop in gross direct premiums to RM8.915 billion in the first half of 2019 (1H19). General Insurance Association of Malaysia (PIAM) chairman Antony Lee said further liberalisation is needed to boost the industry. “For second half 2019[…]