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Malaysia Life Insurance – Key Trends and Opportunities to 2025

The gross written premium of Malaysia life insurance market was valued at $12,066.3 million in 2020. The market is expected to grow at a CAGR of more than 8% during the forecast period. The COVID-19 pandemic increased the level of awareness among the Malaysian population pushing the demand for life insurance solutions in the country. Endowment accounted for the largest share of GWP in 2020, followed by other life insurance and whole life insurance.

The Malaysia life insurance market report provides a detailed outlook by product category for the Malaysian life insurance segment. It provides values for key performance indicators such as gross written premium, penetration, and premium accepted and cession rates during the review period and forecast period. The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Malaysian economy and demographics, and provides detailed information on the competitive landscape in the country.

Overview of the Malaysia life insurance market

Overview of the Malaysia life insurance market

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What are the key life insurance market trends in Malaysia?

The COVID-19 pandemic acted as a catalyst for digitalization in the country’s life insurance segment. The restrictive measures imposed in Malaysia provided an opportunity for insurers to switch to a digital mode of operations. Telehealth services also gained traction during the pandemic. Many life insurers in the country introduced telehealth services to safeguard their customers and provide medical assistance.

What are the key lines of business segments in the Malaysia life insurance market?

The key lines of business in the life insurance market in Malaysia are life insurance, whole life insurance, general annuity, endowment, term life insurance, and other life insurance. The life insurance segment had the highest share of GWP in the Malaysian life insurance market followed by endowment insurance in 2020. General annuity had the smallest share in the market.

Whole life insurance market in Malaysia

The whole life sub-segment registered a negative review-period CAGR in 2020. The sub-segment is expected to register a forecast-period CAGR of less than 1%.

General annuity insurance market in Malaysia

The sub-segment registered a negative review-period CAGR in 2020 and is expected to register a negative forecast-period CAGR. All private-sector employees are required to contribute to the EPF. The contributions are accepted until the age of 80 years. Hence, employer-sponsored retirements plans are not prevalent in Malaysia. The public EPF system in Malaysia provides both retirement (including pension, death, and disability benefits) and saving solutions.

Endowment insurance market in Malaysia

Endowment was the largest sub-segment, with more than 75 % of the total life insurance industry’s GWP in 2020. The sub-segment registered a review-period CAGR of more than 9%.

Malaysia life insurance market, by lines of business

Malaysia life insurance market, by lines of business

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What are the key distribution channel segments of Malaysia life insurance market?

The key distribution channel segments of the life insurance market in Malaysia are insurance brokers, direct from insurers, financial advisors, bank, online aggregators, and others. Most of the customers in the country preferred purchasing life insurance from insurance brokers, indicating a strong presence of insurance brokers and agents in the country. The population aged between 18-44 years preferred to purchase life insurance policies from insurers, indicating a preference for personal interaction while purchasing policies. According to the method for purchasing new insurance products, purchasing them face-to-face was the most preferred, followed by online channels using mobile devices or smartphones.

Malaysia life insurance market, by distribution channel

Malaysia life insurance market, by distribution channel

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Which are the key life insurance companies in Malaysia?

Some of the key life insurance companies in Malaysia are Great Eastern Life Assurance (Malaysia) Bhd., Prudential Assurance Malaysia Berhad, AIA Bhd., Allianz Life Insurance Malaysia Bhd., Hong Leong Assurance Bhd., Etiqa Insurance Bhd., Tokio Marine Life Insurance Malaysia Berhad, Manulife Insurance Bhd., Zurich Insurance Malaysia Berhad, and Sun Life Malaysia Assurance Berhad.

Malaysia life insurance market, by company

Malaysia life insurance market, by company

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Market Report Scope

Market size (2020) $12,066.3 million (GWP)
CAGR >8%
Forecast period 2020-2025
Key lines of business Life Insurance, Whole Life Insurance, General Annuity, Endowment, Term Life Insurance, and Other Life Insurance
Key distribution channels Insurance Brokers, Direct from Insurers, Financial Advisors, Bank, Online Aggregators, and Others
Key companies Great Eastern Life Assurance (Malaysia) Bhd., Prudential Assurance Malaysia Berhad, AIA Bhd., Allianz Life Insurance Malaysia Bhd., Hong Leong Assurance Bhd., Etiqa Insurance Bhd., Tokio Marine Life Insurance Malaysia Berhad, Manulife Insurance Bhd., Zurich Insurance Malaysia Berhad, and Sun Life Malaysia Assurance Berhad

 Scope

This report provides:

  • Comprehensive analysis of the life insurance segment in Malaysia.
  • Historical values for the Malaysian life insurance segment for the report’s 2016-2020 review period, and projected figures for the 2020-2025 forecast period.
  • Profiles of the top life 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 Malaysian life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Malaysian life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

Great Eastern Life Assurance (Malaysia) Bhd.

Prudential Assurance Malaysia Berhad

AIA Bhd.

Allianz Life Insurance Malaysia Bhd.

Hong Leong Assurance Bhd.

Etiqa Insurance Bhd.

Tokio Marine Life Insurance Malaysia Berhad

Manulife Insurance Bhd.

Zurich Insurance Malaysia Berhad

Sun Life Malaysia Assurance Berhad

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Key Trends by Line of Business

Whole Life

General Annuity

Endowment

Term Life

Other Life Insurance

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Regulatory and Compliance

Insurtech

Appendix

Frequently Asked Questions

The gross written premium of Malaysia life insurance market was valued at $12,066.3 million in 2020.

 

 

 

The life insurance market in Malaysia is expected to grow at a CAGR of more than 8% during the forecast period.

The key lines of business in the life insurance market in Malaysia are life insurance, whole life insurance, general annuity, endowment, term life insurance, and other life insurance.

The key distribution channel segments of the life insurance market in Malaysia are insurance brokers, direct from insurers, financial advisors, bank, online aggregators, and others.

Some of the key life insurance companies in Malaysia are Great Eastern Life Assurance (Malaysia) Bhd., Prudential Assurance Malaysia Berhad, AIA Bhd., Allianz Life Insurance Malaysia Bhd., Hong Leong Assurance Bhd., Etiqa Insurance Bhd., Tokio Marine Life Insurance Malaysia Berhad, Manulife Insurance Bhd., Zurich Insurance Malaysia Berhad, and Sun Life Malaysia Assurance Berhad.

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