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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 (2014)
Both Insurance & Takaful
Motor Insurance biggest Sector
General Insurance (2014)
Biggest Distribution Channel
Agents (62%) Direct Business Channel (18%)
Life-Insured in Malaysia
The General Insurance Association of Malaysia (PIAM) hopes general insurance premiums can be reduced in three to five years, driven by liberalisation efforts put in place by Bank Negara Malaysia and the adoption of financial technology (fintech). PIAM Chairman Antony Lee said by making insurance premiums more affordable, the industry could increase insurance penetration among the lower income group, which was, currently, a large untapped[…]
Motorists will have more choices for vehicle insurance products when the liberalisation of motor tariffs is put into place later this year. Bank Negara assistant governor Jessica Chew said that come July 1, insurers and takaful operators would no longer be bound by a set of fixed prices for insurance products. She said that they[…]
The Employment Insurance System (EIS), which will affect some 6.5 million local workers in the private sector, will be tabled in parliament in July 2017. Perkeso Chief Executive Officer, Datuk Dr Mohammed Azman Aziz, said the rate of contribution would be announced once the EIS Bill was approved by parliament. Speaking at a briefing here[…]
Malaysia’s banking and insurance sectors have continued to demonstrate sound financial positions, and remained resilient to shocks under a range of stress scenarios, said Bank Negara governor Datuk Muhammad Ibrahim. In his statement accompanying the Financial Stability and Payment Systems Report 2016, Muhammad said volatility in the financial markets was likely to remain elevated in[…]
Bank Negara and Persatuan Insurans Am Malaysia (PIAM) have hit out at the Malaysia Competition Commission’s (MyCC) RM213.45mil penalty on local general insurers for allegedly infringing the Competition Act 2010. In a statement, the central bank said MyCC’s proposed decision was “most unfortunate” and would severely impact consumer interest. “Bank Negara firmly believes that the[…]
Motor insurance claims which amounted to RM5.02 billion in 2016, has raised concerns within the general insurance industry, as it worked out to a staggering daily pay out of RM13.8 million. General Insurance Association of Malaysia (PIAM) Chief Executive Officer Mark Lim said road accidents often resulted in large claims involving death and injuries to[…]
The general insurance industry will likely see better growth this year, compared with the 2.5 to 3.5 per cent growth anticipated for 2016, driven by improving consumer confidence. Malaysian Insurance Institute (MII) Chief Executive Officer Datuk Syed Moheeb Syed Kamarulzaman said the market saw better car sales towards the end of last year and this[…]
Malaysia’s insurance industry wrote itself a new chapter in its transformation journey with the introduction of the first phase of liberalisation of motor and fire insurance tariffs on July 1. The detariffication exercise was finally put into action after discussions between industry players and Bank Negara Malaysia (BNM) was initiated in 2013. With the first[…]
The Malaysian life insurance industry saw new business weighted premium rise 18.3 per cent to RM3.68 billion in the first three quarters of 2016 from RM3.11 billion recorded in the same period last year. Life Insurance Association of Malaysia (LIAM) President Toi See Jong said investment-linked business contributed 54.9 per cent of the new business[…]
BARELY two years since the last price hike, policyholders are again forced to pay more for medical coverage as insurers battle with inflation. A check with agents from several companies reveals that at least five insurers have either increased their charges and premiums or repriced their medical card, by up to a whopping 30% since[…]