Malaysia’s Non-life Insurance Segment is still in A Nascent Stage of Development

Date: 2015-10-13

“• Over the forecast period, the segment is projected to post a CAGR of 8.6%, due in part to tax reforms, the implementation of goods and service tax (GST), an increase in the number of motor vehicles sold, and the risk of natural disasters. 

• Malaysia’s non-life insurance segment is still in a nascent stage of development, registering a penetration rate of 1.37% in 2014. 

• Motor insurance was the largest category, and accounted for 54.1% of the segment’s gross written premium in 2014. 

• Property insurance accounted for 29.3%, marine, aviation and transit category accounted for 11.1% and liability accounted for the remaining 5.5%.

• Agencies remained the dominant distribution channel in the Malaysian non-life segment during the review period, accounting for 61.0% of the segment’s new business direct written premium in 2014. 

• The non-life segment is concentrated with the 10 leading companies accounting for 61.8% of the segment’s gross written premium in 2014.


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