Life Insurance in Malaysia, Key Trends and Opportunities to 2016

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Life insurance was the largest segment of the Malaysian insurance industry in 2011 with a market share of 59.3%. It is also considered as one of the most emerging and exciting life insurance markets in the Asia-Pacific region. The global financial crisis had minimal impact on the life insurance market in Malaysia during the review period. Driven by factors such as a disciplined attitude of individuals towards savings, rising consumer confidence and government initiatives on tax relief, the relatively underpenetrated Malaysian life insurance segment is expected to register healthy growth over the forecast period.

  • This report provides a comprehensive analysis of the life insurance market in Malaysia:
  • It provides historical values for the Malaysian life insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
  • It offers a detailed analysis of the key sub-segments in the Malaysian life insurance market, along with market forecasts until 2016
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
  • It analyses the various distribution channels for insurance products in Malaysia
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Malaysia for life insurance business
  • It provides a detailed analysis of the reinsurance market in Malaysia and its growth prospects
  • It profiles the top life insurance companies in Malaysia and outlines the key regulations affecting them

Reasons To Buy
  • Make strategic business decisions using top-level historic and forecast market data related to the Malaysian life insurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Malaysian life insurance market
  • Assess the competitive dynamics in the life insurance market, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Malaysian insurance market and its impact on companies and the market's future
Key Highlights
The Malaysian government increased the limit for income tax deduction for life insurance with retirement benefits from MYR6,000 to MYR7,000 for individuals in 2010. This incentive is expected to support the development schemes of life insurers, with the country’s aging population being a key consideration.
Malaysia’s life insurance penetration rate was 2.54% in 2011. As consumer awareness rises, with government encouragement, the density and penetration rate is expected to increase, fueling growth in the life insurance segment over the forecast period.
Malaysia’s pro-market policies and plans to build new financial centers in the country have attracted many insurers. The Malaysian government has also provided various incentives such as the abolition of sales tax, excise, surtax and export duties, and these initiatives led to the presence of 16 life insurance companies in Malaysia by 2010.
The Malaysian life insurance segment is highly concentrated, with the top ten insurers accounting for 88% of the market in 2010, with the remaining 12% divided among six life insurers.
Bancassurance was the largest distribution channel in Malaysia in terms of distributing life insurance. This category collected 46.9% of the gross written premium for new business in 2011, followed by the agencies network channel with 40.5%. The battle for market share between the two channels lasted throughout the review period; in 2007, bancassurance accounted for a market share of 43%, whereas agencies led with a market share of 45%.

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+ comments + 2 comments

January 13, 2013 at 7:27 PM

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August 2, 2013 at 11:33 AM

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