Malaysia General Insurance Market Size, Trends by Line of Business (Personal, Accident and Health, Liability, Financial Lines, Property, Motor, Marine, Aviation and Transit Insurance, and Miscellaneous), Distribution Channel, Competitive Landscape and Forecast, 2021-2026
Malaysia General Insurance Market Report Overview
The gross written premium of the Malaysia general insurance industry was MYR17.7 billion ($4.3 billion) in 2021. The market is expected to achieve a CAGR of more than 4% during 2021-2026. The Malaysia general insurance industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Malaysia general insurance segment. It also provides values for key performance indicators such as gross written premium, loss ratio, retail, and commercial split, premium by line of business, and premium ceded during the review period and forecast period.
The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Malaysia’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report includes details of insurance regulations and recent changes in the regulatory structure.
Malaysia General Insurance Market Overview
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Key Malaysia General Insurance Market Trends
The growing popularity of the gig economy, rise in demand for pet insurance, and autonomous vehicles gaining traction in Malaysia during the review period are some of the industry trends driving the GI sector in the country.
With over four million freelancers engaged as gig workers, the gig economy is rapidly gaining popularity in Malaysia. According to Zurich Insurance, more than 30% of full-time workers in Malaysia were looking to enter the gig economy in 2021. In September 2022, the Malaysia Digital Economy Corporation announced plans to introduce a gig economy framework or high-value partnerships in the 2023 Budget. It also proposed tax incentives for businesses that hire local freelancers.
Malaysia General Insurance Market Segmentation by Lines of Business
The key lines of business in the Malaysia general insurance industry are property, motor, liability, MAT, non-life PA&H, and miscellaneous. Motor insurance was the largest insurance segment in 2021.
Malaysia General Insurance Market Analysis, by Lines of Business
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Some of the leading general insurance companies in Malaysia are Allianz General Insurance Company (Malaysia) Berhad, AmGeneral Insurance Berhad, MSIG Insurance (Malaysia) BerhadLonpac Insurance Berhad, Etiqa General Insurance Berhad, and AXA Affin General Insurance Berhad among others. Allianz General accounted for the highest share in GWP in 2021 followed by AmGeneral and MSIG.
Malaysia General Insurance Market Analysis, by Companies
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Malaysia General Insurance Market Report Overview
Market Size (2021)
|MYR17.7 billion ($4.3 billion)|
|Key Lines of Business||Property, Motor, Liability, MAT, Non-life PA&H, and Miscellaneous|
|Leading Companies||Allianz General Insurance Company (Malaysia) Berhad, AmGeneral Insurance Berhad, MSIG Insurance (Malaysia) BerhadLonpac Insurance Berhad, Etiqa General Insurance Berhad, and AXA Affin General Insurance Berhad|
Malaysia General Insurance Market LoB Outlook (Value, MSD Billion, 2021-2026)
- Non-life PA&H
This report provides:
- Comprehensive analysis of the general insurance segment in Malaysia.
- Historical values for the Malaysia general insurance segment for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Malaysia general insurance segment and market forecasts to 2026.
- Profiles of the top general insurance companies in Malaysia and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Malaysia general insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Malaysia general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
AmGeneral Insurance Berhad
MSIG Insurance (Malaysia) Berhad
Lonpac Insurance Berhad
Etiqa General Insurance Berhad
Axa Affin General Insurance Berhad
Tokio Marine Insurance (Malaysia) Berhad
Zurich General Insurance Malaysia Berhad
Berjaya Sompo Insurance Berhad
MPI Generali Insurans Berhad
Table of Contents
Table Of Contents
Regulatory and Compliance
Key Market Trends
Summary Trends and KPIs
Key Trends by Line of Business
- Property Insurance
- Motor Insurance
- Liability Insurance
- Marine, Aviation, and Transit Insurance
- Personal Accident and Health Insurance
- Miscellaneous Insurance
- Competitor Profiles
- Regulatory and Compliance
Frequently Asked Questions
The gross written premium of the Malaysia general insurance industry was MYR17.7 billion ($4.3 billion) in 2021.
The Malaysia general insurance industry is expected to achieve a CAGR of more than 4% during 2021-2026.
The key lines of business in the Malaysia general insurance industry are property, motor, liability, MAT, non-life PA&H, and miscellaneous.
Some of the key insurance companies in Malaysia general insurance industry are Allianz General Insurance Company (Malaysia) Berhad, AmGeneral Insurance Berhad, MSIG Insurance (Malaysia) BerhadLonpac Insurance Berhad, Etiqa General Insurance Berhad, and AXA Affin General Insurance Berhad.
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