Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Malaysia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Malaysia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
The Federation of Malaysia is a constitutional monarchy, founded in 1963. The economy suffered significantly in 2020 because of the COVID-19 pandemic, with GDP falling by an estimated 8.6%.
In 2019 total gross written premium income for the conventional non-life insurance market, including personal accident and healthcare, was MYR 17.91bn. Non-life amounted to MYR 15.7bn and personal accident and healthcare was MYR 2.21bn. Motor was the largest class with property second at 19.8%. Gross written general takaful contributions were MYR 3.31bn, an increase of 18% over 2018.
In 2019, 21 conventional insurance companies wrote non-life business. In addition, there were seven general takaful operators and five non-life reinsurers.
Malaysia's non-life market distribution continues to be dominated by agent and broker intermediaries.
Floods are Malaysia's most common natural hazard and losses occur every year. Coastal areas in the states of Kelantan and Johor are regularly inundated from the sea, but the risk of tsunami is considered modest.