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Malaysia reinsurance market: $0.46 billion industry estimated during 2012

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PR-Inside.com: 2014-03-26 10:27:02
The written premium value of the Malaysia reinsurance segment increased from MYR1.03 billion (US$0.31 billion) in 2008 to MYR1.41 billion (US$0.46 billion) in 2012, at a review-period compound annual growth rate (CAGR) of 8.1%. The segment is expected to continue to record strong growth over the forecast period (2013–2017), supported by national economic development, the growth of the country´s real estate market, a rise in banking penetration and improved access to credit.

The expansion of direct insurance segments is also expected to support reinsurance growth, with the written premium value of the country´s life segment expected to record a forecast-period CAGR of 7.8%, the non-life segment anticipated to post a forecast-period CAGR of 6.5%, and the personal accident and health segment expected to increase at a CAGR of 8.3%.

Risk of natural disasters expected to drive expansion of reinsurance. During the review period, the government liberalized the country´s reinsurance segment, which opened the market to foreign companies and offered various incentives and benefits – such as the removal of sales tax, excise, and import duties – to attract them.

The reinsurance segment is highly consolidated with the presence of both domestic and foreign reinsurers. As of 2012, there were seven companies authorized to offer reinsurance services in the country.

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