Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Sep 2021

Market Profile


Malaysia

Insurance regulation shaped by strategic priorities

Malaysia has not let the pandemic get in the way of updating its comprehensive insurance regulatory regime. We spoke to Bank Negara Malaysia’s Mr Adnan Zaylani to find out more. Malaysia has not let the pandemic get in the way of updating its comprehensive insurance regulatory regime. We spoke to Bank Negara Malaysia’s Mr Adnan Zaylani to find out more.

 

 

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Slowdown in the life sector

The Malaysian life insurance sector recorded moderate single-digit growth of 4% in total business in 2020, but the industry is optimistic of a turnaround.
 

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Powering forward through the pandemic

Malaysia has recovered from its struggles with the COVID-19 pandemic and this has had a positive impact on reinsurance as well.
 


Malaysia's takaful landscape

The development of Malaysia’s takaful market has featured in the government’s plans and, as a result, the growth of the market and the rise in adoption of Islamic finance products over the last decade has been pronounced.
 

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Takaful recovers strongly

Malaysia’s takaful segment showed resilience by coming back strongly in the first half of this year, recovering from the COVID-19 woes that held back growth during the same period last year.
 

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Stable outlook for Malaysia's non-life market

Malaysia’s non-life insurance market, including general takaful, has exhibited generally modest expansion, with a five-year average compound annual growth rate of 1.3% in terms of gross direct premium/takaful contributions.
 

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Tough times as new opportunities emerge

Despite a period of positive performance in the second half of last year, Malaysia’s general insurance industry faces more challenges ahead as new waves of COVID-19 infections and threaten to undo the recovery that had been made.
 

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Growth of captives

Labuan IBFC is a long-established captive and alternative risk transfer centre that has been used by Asian insurance and reinsurance companies and corporates for their captive needs for decades.
 

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