Malaysian Life Insurance Segment Grabbed the Highest Share (76.4%) of the Total Gross Written Premiums in 2013

Date: 2015-09-10

“• The Malaysian takaful industry’s written premium value has increased in 2013, as compared to the written premiums in 2009 at a review-period (2009–2013) compound annual growth rate (CAGR) of 14.4%.

• The Malaysian life insurance segment grabbed the highest share (76.4%) of the total gross written premiums in 2013 in the country. According to the statistics released by the Bank Negara Malaysia (BNM), the takaful life segment grew at a review period CAGR of 13.9%.

• GDP at current prices increased from US$202.2 billion in 2009 to US$313.2 billion in 2013 and the annual disposable income grew from US$192.7 billion in 2009 to US$296.5 billion in 2013. 

• According to Malaysia’s central bank, BNM, there are 11 takaful operators and four retakaful operators in the country. Of these, two takaful and three retakaful operators are foreign-owned. 

• BNM proposed some key initiatives to develop the country’s insurance and takaful industry in 2013 through the expansion of distribution channels, improvement in products and services, and disclosure and transparency to facilitate consumer protection. Consultation on the points was completed in January 2014.”

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