Malaysia Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Malaysia Life Insurance Market Overview
The gross written premium of the Malaysia life insurance market was MYR56.1 billion ($12.8 million) in 2022 and is expected to achieve a CAGR of more than 5% during 2023-2027. The Malaysia life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Malaysia’s life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
Malaysia Life Insurance Market Outlook, 2022-2027 (MYR Billion)
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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. It also gives insurers access to information on segment dynamics competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | MYR56.1 billion ($12.8 million) |
CAGR (2023-2027) | >5% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Endowment
· Whole life · Term life · Other Life Insurance |
Key Distribution Channels | · Direct from Insurer
· Insurance Broker · Financial Advisor · Bank · Online Aggregator |
Leading Companies | · Great Eastern Life
· Prudential Assurance · AIA · Allianz Life · Hong Leong Assurance |
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Malaysia Life Insurance Market Trends
Focus on ESG, mental health, and well-being, and inclusive insurance are some of the recurring trends in the Malaysia life insurance market. For instance, the Malaysian Government plans to launch a framework for ESG by the end of 2023. The framework will support funding, transition, and capacity building of small- and medium-sized enterprises (SMEs) and exporters towards renewable energy. In addition, Various insurers, such as Great Eastern Holdings, Prudential, and Allianz have net-zero emission targets at the group level, and having an ESG framework will enable them to incorporate it into their businesses in Malaysia too.
Malaysia Life Insurance Market Segmentation by Lines of Business
The key lines of business in the Malaysia life insurance industry are endowment, whole life, term life, and other life insurance. Endowment was the leading life insurance line of business in 2022. The popularity of endowment insurance is driven by investment-linked policies (ILP) for better returns compared to savings products offered by banks and are used as a tool for wealth planning.
Malaysia Life Insurance Market Analysis by Lines of Business, 2022 (%)
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Malaysia Life Insurance Market Segmentation by Distribution Channels
The key distribution channels in the Malaysia life insurance industry are direct from insurer, insurance broker, financial advisor, bank, and online aggregator, among others. The purchase of life insurance policies directly from insurers was most preferred among customers in 2022.
Malaysia Life Insurance Market Analysis by Distribution Channels, 2022 (%)
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Malaysia Life Insurance Market - Competitive Landscape
Some of the leading life insurance companies in Malaysia are Great Eastern Life, Prudential Assurance, AIA, Allianz Life, and Hong Leong Assurance among others. The Great Eastern Life was the largest life insurer in 2022.
Malaysia Life Insurance Market Analysis by Companies, 2022 (%)
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Segments Covered in the Report
Malaysia Life Insurance Lines of Business Outlook (Value, MYR Billion, 2018-2027)
- Endowment
- Whole life
- Term life
- Other Life Insurance
Malaysia Life Insurance Distribution Channel Outlook (Value, MYR Billion, 2018-2027)
- Direct from Insurer
- Insurance Broker
- Financial Advisor
- Bank
- Online Aggregator
Scope
This report provides:
- A comprehensive analysis of the life insurance segment in Malaysia
- Historical values for the Malaysia life insurance segment for the report’s review period and projected figures for the forecast period
- Profiles of the top life insurance companies in Malaysia and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Malaysia’s life insurance segment.
- A comprehensive overview of Malaysia’s economy, government initiatives and investment opportunities.
- Malaysia’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.
- Malaysia’s life insurance segment’s market structure giving details of lines of business.
- Malaysia’s life reinsurance business’ market structure giving details of premium ceded along with cession rates.
- Distribution channels deployed by Malaysia’s life insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Malaysia life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Malaysia life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Allianz Life Insurance
AXA AFFIN Life
Etiqa Life
Great Eastern Life Assurance
Hong Leong Assurance
Manulife Insurance
Tokio Marine Life
Table of Contents
Frequently asked questions
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What was the Malaysia life insurance market gross written premium in 2022?
The gross written premium of the Malaysia life insurance market is MYR56.1 billion ($12.8 million) in 2022.
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What is the growth rate of the Malaysian life insurance market?
The life insurance market in Malaysia is expected to achieve a CAGR of more than 5% during 2023-2027.
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Which line of business held the largest share of the Malaysia life insurance market?
The endowment was the leading life insurance line of business in 2022.
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Which distribution channel held the highest share in the Malaysia life insurance market?
Direct from insurers was the leading channel in 2022 in the Malaysia life insurance market.
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Who are the key companies operating in the Malaysia life insurance market?
Some of the leading life insurance companies in Malaysia are Great Eastern Life, Prudential Assurance, AIA, Allianz Life, and Hong Leong Assurance among others.
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