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Malaysia life insurance market: $11.5 billion industry forecast by 2017

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Life Insurance in Malaysia, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-26 10:21:03
In 2012, life insurance was the largest segment in the Malaysian insurance industry, representing an industry share of 61.1%, compared to 58.6% in 2008. The segment grew at a review-period CAGR of 10.6%. It is also one of the fastest-emerging life insurance segments in the Asia-Pacific region. The global financial crisis had a minimal impact on the life segment during the review period.

Driven by factors such as a disciplined attitude among individuals towards savings, rising levels of consumer confidence and government initiatives on tax relief, the relatively underpenetrated Malaysian life insurance segment is expected to register a CAGR of 7.8% over the forecast period, increasing from MYR23.1 billion (US$7.5 billion) in 2012 to MYR33.6 billion (US$11.5 billion) in 2017.

The global financial crisis had a minimal impact on the life segment during the review period. Government initiatives encourage Malaysians to invest, increasing demand for life insurance. Malaysia´s life insurance penetration rate measured 2.46% in 2012, which was lower than that of more economically developed countries in the region.

The insurance industry of Malaysia is supervised and regulated by the Central Bank of Malaysia (BNM), under the supervision of the Ministry of Finance and according to the rules and regulations stipulated in the Insurance Act 1996. Malaysia´s life segment is highly concentrated, with the 10 leading companies collectively accounting for 94.1% of life insurance written premiums in 2012.

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