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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 Life Insurance Association of Malaysia (LIAM) has expressed hope that the new government would continue to support insurers and takaful operators to reach out to more Malaysians in line with the aspiration to insure 75 per cent of the population by 2020. President Anusha Thavarajah said despite the recent change in the Malaysian government, she believes the initiative would continue as[…]
The General Insurance industry recorded gross written premiums totaling RM17.65 billion in 2017 with growth remaining stagnant compared to the previous year. Overall, the industry displayed resilience with a positive swing in the second half of the year rebounding from the 1.9% decline over the first six months. While the two largest classes of Motor[…]
The General Insurance Association of Malaysia (PIAM) has set a stretched target to help reduce road accidents nationwide by 20% this year from 521,466 recorded in 2016 and by 50% from 2020 onwards in collaboration with enforcement agencies. Chairman Antony Lee said the current trend of accidents and fatalities caused by heavy and commercial vehicles[…]
The level of public awareness about savings, takaful and insurance protection provided by Perbadanan Insurans Deposit Malaysia (PIDM) under the Takaful and Insurance Benefits Protection Scheme is still low. Its chief executive officer, Rafiz Azuan Abdullah said based on a study conducted last year, only 62 per cent of people in this country were aware of takaful and insurance protection given by PIDM although various information efforts had been made. “Even that[…]
More creative motor insurance products with lower prices are expected to roll out following the liberalisation of the motor tariff which came into effect on July 1, 2017, said General Insurance Association of Malaysia (PIAM). PIAM Deputy Chairman Chua Seck Guan said the detariffication of motor insurance had led to a noticeable increase in product[…]
Insurance and takaful products are still not attractive to large segments of the population of Malaysia as many of them are too complex and unaffordable, said Bank Negara Malaysia’s (BNM) Governor, Tan Sri Muhammad Ibrahim. He said the industry should concentrate on the underserved segment to allow them to be protected by at least one[…]
Malaysia’s life insurance registered a 6.9 per cent growth in new business premiums to RM5.9 billion from January to July 2017, supported by the growth of investment-linked policies. The Ministry of Finance (MoF) said the industry’s new business premiums went up 5.9 per cent to RM5.5 billion in the same period last year. “The life[…]
The general insurance industry declined by 1.9 per cent during the first half of 2017 (1H17) as compared to the same period last year, with gross written premiums slipping to RM9.17 billion from RM9.34 billion year-on-year (y-o-y). General Insurance Association of Malaysia (PIAM) Chief Executive Officer Mark Lim said the industry was weighed down by[…]
With the Employment Insurance System (EIS), some 6.5 million workers in the private sector will be protected, in case another recession sets in. Due to the current challenging times, the Government is doing all it can to help lessen the people’s burden. But resources are scarce due to a drop in crude oil price and[…]
LIAM, PIAM and MTA would like to confirm that none of their member insurance companies and takaful operators have requested for “cuts” from hospitals for the medical expenses incurred by their policyholders. The three Associations view such unfounded allegations made by the hospitals with serious concerns. Insurance companies and takaful operators through LIAM, PIAM and[…]