Non-Life Insurance in Malaysia, Key Trends and Opportunities to 2019

Non-Life Insurance in Malaysia, Key Trends and Opportunities to 2019

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Published on Oct 17, 2015 - 112 pages

Timetric's 'Non-Life Insurance in Malaysia, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Malaysian non-life insurance segment, including:
  • The Malaysian non-life insurance segment's detailed outlook by product category
  • A comprehensive overview of the Malaysian economy and demographics
  • A comparison of the Malaysian insurance industry with regional counterparts
  • Detailed analysis of natural hazards and their impact on the Malaysian insurance industry
  • Details of the competitive landscape in the non-life insurance segment in Malaysia
  • Details of regulatory policy applicable to the Malaysian insurance industry
Report Highlights
  • Over the forecast period, the segment is projected to post a CAGR of 8.6%, due in part to tax reforms, the implementation of goods and service tax (GST), an increase in the number of motor vehicles sold, and the risk of natural disasters.
  • Malaysia's non-life insurance segment is still in a nascent stage of development, registering a penetration rate of 1.37% in 2014.
  • Motor insurance was the largest category, and accounted for 54.1% of the segment's gross written premium in 2014.
  • Property insurance accounted for 29.3%, marine, aviation and transit category accounted for 11.1% and liability accounted for the remaining 5.5%.
  • Agencies remained the dominant distribution channel in the Malaysian non-life segment during the review period, accounting for 61.0% of the segment's new business direct written premium in 2014.
  • The non-life segment is concentrated with the 10 leading companies accounting for 61.8% of the segment's gross written premium in 2014.
Report Scope

This report provides a comprehensive analysis of the non-life insurance segment in Malaysia:
  • It provides historical values for the Malaysian non-life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
  • It offers a detailed analysis of the key categories in the Malaysian non-life insurance segment, and market forecasts to 2019.
  • It analyzes the various distribution channels for non-life insurance products in Malaysia.
  • It profiles the top non-life insurance companies in Malaysia, and outlines the key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast market data related to the Malaysian non-life insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Malaysian non-life insurance segment.
  • Assess the competitive dynamics in the non-life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Malaysian insurance industry, and their impact on companies and the industry's future.

Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Agencies
6.1.2 Insurance brokers
6.1.3 Direct marketing
6.1.4 Bancassurance
6.1.5 E-commerce
6.1.6 Other channels
7 Natural Hazards
7.1 Flooding
7.2 Earthquakes
7.3 Heat wave Conditions
7.4 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of the Top Five Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 Allianz General Insurance Company (Malaysia) Bhd
8.3.2 MSIG Insurance (Malaysia) Bhd
8.3.3 Etiqa Insurance Bhd
8.3.4 Lonpac Insurance Bhd
8.3.5 Axa Affin General Insurance Bhd
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Regulations by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.12 Marine, aviation and transit insurance
9.3.13 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Travel insurance
9.4.3 Workmen's compensation insurance
9.4.4 Insurance against liability for pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Central Bank of Malaysia or Bank Negara Malaysia
9.5.3 General Insurance Association of Malaysia
9.5.4 Life Insurance Association of Malaysia (LIAM)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Corporate tax
9.8.3 VAT
9.8.4 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 Appendix
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Malaysian Non-Life Insurance - Key Facts, 2014
Table 2: Malaysian Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Malaysian Government Credit Ratings
Table 4: Malaysian Non-Life Insurance - Gross Written Premium (MYR Billion and US$ Billion), 2010-2014

Companies Mentioned:

Allianz General Insurance Company (Malaysia) Bhd
MSIG Insurance (Malaysia) Bhd
Etiqa Insurance Bhd
Lonpac Insurance Bhd
Axa Affin General Insurance Bhd
Tokio Marine Insurans (Malaysia) Bhd
ACE Jerneh Insurance Bhd
Zurich Insurance Malaysia Bhd
Multi-Purpose Insurans Bhd
Berjaya Sompo Insurance Bhd