Malaysian Personal Accident and Health Segment Valued MYR2.2 Billion (US$0.7 Billion) in 2013

Date: 2015-09-10

“• In terms of gross written premium, the Malaysian personal accident and health segment valued MYR2.2 billion (US$0.7 billion) in 2013. 

• Factors such as rising healthcare costs, an increase in outbound travelers and a rise in life expectancy supported the segment’s growth during the review period.

• Changing lifestyle patterns and a rising number of high-risk diseases such as diabetes, respiratory disorders and other critical illnesses led to a rise in healthcare costs, which is generating demand for health insurance products.

• Through its Economic Transformation Program (ETP), the Malaysian government implemented compulsory private medical insurance for expatriates in July 2014.

• In addition, the government’s healthcare initiatives (including the implementation of compulsory norms for health insurance for the foreigners who are working in Malaysia) encouraged health insurance business in the country.

• The Malaysian aviation industry incurred significant losses due to the disappearance of flight MH370, as well as the plane shot down over Ukraine in July 2014.”

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