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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
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[…]
The country’s insurance and takaful industry offers stable career prospects with ample job opportunities as it currently employs over 30,000 people and hires over 190,000 agents. The General Insurance Association of Malaysia (PIAM), Life Insurance Association Malaysia (LIAM) and Malaysian Takaful Association (MTA), in a joint statement, said in inculcating employment vibrancy, insurance and takaful[…]
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[…]