Non-Life Insurance in Malaysia, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-26 10:23:02
The expansion of the Malaysian non-life insurance segment was strongly influenced by the country´s GDP growth and the increased insurance industry penetration rate. Supported by these factors, the non-life insurance segment´s value increased from MYR9.5 billion (US$2.9 billion) in 2008 to MYR12.7 billion (US$4.1 billion) in 2012, at a CAGR of 7.4%.
The segment is expected to record a forecast-period CAGR of 6.5% to reach MYR17.3 billion (US$5.9 billion) in 2017, supported by the country´s GDP growth at a forecast-period CAGR of 5.2%. The growth of the industry is also expected to be driven by increased risk awareness among the Malaysian population. The growth of the country´s property and automobile industries, rising employment levels and anticipated industrial growth over the forecast period are also expected to drive the growth of the non-life insurance segment.
Malaysia´s steady GDP growth is expected to have a significant influence on the country´s non-life segment over the forecast period. Insurance against natural disasters anticipated to drive growth of the non-life segment. The distribution networks for insurance products are predominantly composed of agency networks, direct marketing, financial brokers, bancassurance, e-commerce and other distribution channels such as telemarketing and shopping malls.
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. The non-life segment is moderately concentrated with 10 leading companies together accounting for 67.5% of the segment´s written premiums in 2012.
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