The General Insurance Association of Malaysia (PIAM) expects to see flat growth in GWP this year because of a challenging business climate amid uncertainties in the country's economic growth.
PIAM chairman Anthony Lee Foo Weng said last week at a briefing on the sector's 2017 performance that the non-life industry would see "a little bit of growth in GWP but not a lot".
"We would be happy if we get the lowest side of single-digit growth in the range of 0% to 3%. If we get up to 3% growth in GWP, it means we are doing very well,” he said, adding that growth would depend too on the upcoming general election and economic performance.
The Malaysian general insurance industry posted a 0.1% decrease in GWP to MYR17.65 billion (US$4.5 billion) for 2017, helped by positive growth in the second half of the year.