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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
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[…]
The general takaful industry is on track of reaching 20 per cent market share in the insurance sector by 2020 from 12.6 per cent now, said Hong Leong MSIG Takaful Bhd. Head, General Takaful Operations, Suparno Ahmad, said although it was still new in the market, the industry was having an interesting moment among the[…]
The Malaysian insurance market is expected to grow by 5.8 per cent annually over the next decade, in tandem with global growth which is anticipated to climb to almost six per cent over the next ten years. This recovery mirrored the return of the global economy to normal growth and inflation rates, Alliainz SE Chief[…]
Vehicle owners should not be unduly worried with the liberalisation of motor tariff, implemented since last July 1, as the method benefits consumers more because the charge or premium payment is based on individual risk profile. Minister of Domestic Trade, Cooperatives and Consumerism (MDTCC) Datuk Seri Hamzah Zainuddin said under the previous system, vehicle insurance was based[…]
The money is from policies that had matured but remain unclaimed, according to the Life Insurance Association of Malaysia (LIAM). Last year alone, about RM64mil was submitted by its member companies to the Registrar of Unclaimed Money which is under the Accountant-General’s Department, it said. In a statement to The Star recently, LIAM said this[…]