Magazine Table of Contents
The Malaysian general insurance sector has seen declining growth over the past few years. Gross written premiums for 2018 registered a 1.5% increase over 2017, to stand at MYR17.198bn, whilst the general takaful sector registered growth of 8.9%.
National reinsurer Malaysian Re discusses how the market is holding its own amid a challenging business environment.
As in a few other Asian countries, the life insurance industry in Malaysia is facing the issues of low penetration rates, digital disruption and changing demographics.
Malaysia’s takaful industry has continued to grow at a slow and steady pace, and efforts are being made to increase takaful penetration within the community.
The past 12 months represent another year of modest growth for the takaful industry. The lack of hard and current data on the sector also continues to be a frustration for all concerned.
Malaysia’s InsurTech scene is currently dominated by insurance aggregators and digital distribution channels, pushed by financial regulator Bank Negara Malaysia’s goal of hitting 75% insurance penetration by 2020.