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Accident Assist, a new public service provided by the Malaysian insurance and takaful industry to members of the public who are seeking immediate roadside assistance in the event of a road accident
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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
Takaful and insurance operators must focus on talent development, leverage new technologies and improve trust among customers to ensure sustainable growth in the industry, Bank Negara Malaysia (BNM) said. Its Governor, Datuk Muhammad Ibrahim said the insurance and takaful sector, which boasted huge growth potential, were becoming stagnant in recent years. “Total assets for the[…]
The life insurance industry registered a 20.8% growth in new business weighted premium in the first half of 2016. According to the Life Insurance Associations of Malaysia (LIAM), the new business weighted premiums hit RM2.44bil in the first six months compared with RM2.02bil achieved in the same period in 2015. Traditional life insurance business which[…]
The general insurance industry recorded a moderate growth rate of 3% for the first six months of 2016, amidst earlier sentiments that it will be a challenging year for its members. Industry gross written premiums increased to RM9.34 billion compared to RM9.07 billion for the same period last year. Motor insurance grew marginally by 0.7%[…]
Price war and competition between the insurance companies will likely occur following the liberalisation of motor and fire tariffs from July 1, 2017 onwards. The prices for the products will be liberalised and the ‘licensed persons’ will be able to determine the premiums or takaful contribution rates for them. Actuarial Partners Consulting Sdn Bhd’s Partner,[…]
Bank Negara Malaysia wants insurance agents to step up and play their key role in advancing the important benefits of insurance to the economy and the wider society, given that financial technology is gaining traction in Malaysia. Assistant Governor Chew Cheng Lian said the insurance industry had just entered the first phase in the progressive[…]
The national insurance and takaful penetration rate should grow at least 10 per cent next year in order to reach the national target of 75 per cent coverage by 2020, Life Insurance Association of Malaysia (LIAM) said. “If we are going to meet the target, we need to register at a 10 per cent growth[…]
The first phase of de-tariffication of motor and fire insurance tariffs will financially benefit insurance players as new products are allowed to be priced at market rates. According to MIDF Research, which has maintained a “positive” call on the insurance sector, the companies that will benefit from the liberalisation exercise will be those that deploy[…]
Road accidents can happen to us anytime. When an unexpected car accident happen, it can leave us feeling confused which may resulted in us seeking help from unknown parties. PIAM and MTA wish to advise consumers that it is important to be fully informed on the correct procedures to be adopted in an event of[…]
Bank Negara is looking to further review the risk parameters for the regulation of the local insurance industry over the next two to three years, while keeping close tabs globally on the development of international capital standards of the industry. Assistant governor Jessica Chew said since the introduction of the risk-based capital (RBC) framework in[…]
Question 1 Insurance firms starting July 2016 can decide the motor insurance without using their tariff table. What sort of early issues that we can expect from the de-tariffication practice? Answer 1 The liberalisation of the Motor and Fire Tariffs, will be managed through a phased approach to allow time for consumers and industry[…]