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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
Kuala Lumpur, 2 October 2018 – Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) are encouraging vehicle owners to ensure their vehicles are in good running condition to reduce accident and fatality rates. Although common causes of accidents include speeding, using of mobile phones while driving, beating the red light, changing lanes without[…]
The General Insurance Industry registered a marginal growth of 0.7% with gross written premiums totaling RM 9.23 billion in the first six months of 2018 compared to the same period in 2017. Motor remained the largest class of insurance with a market share of 45.6% followed by Fire at 19.2% and Marine Aviation Transit (MAT)[…]
The General Insurance Association of Malaysia (PIAM) aims to increase life and non-life insurance penetration in Malaysia to four per cent by 2020. Chairman Antony Lee said the association echoed Bank Negara Malaysia’s target, as life and non-life insurance penetration in the country was now below two per cent, which was half of where it should be. “For[…]
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[…]