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Malaysia Insurance Report Q1 2011
Business Monitor International, Dec 2010, Pages: 92
The Malaysia Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Malaysia's insurance industry.
This report includes final data for 2009 and amended projections for the current year. It is looking for total premiums in 2010 of MYR34,383mn. This includes non-life premiums of MYR13,431mn and life premiums of MYR20,952mn. In 2015, the corresponding figures should be MYR60,772mn, MYR23,441mn and MYR37,331mn. In terms of the key drivers that underpin the forecasts, it is looking for non-life penetration to rise from 1.80% of GDP in 2010 to 2.21% in 2015, and for life density to increase from US$228 per capita to US$383. BMI’s proprietary Insurance Business Environment Rating for Malaysia is 65.8.
Malaysia is one of the leading countries for takaful, premiums for which are significant. In 2009, for instance, general takaful contributions amounted to MYR804mn, or about 7% of non-life premiums (including both takaful and conventional insurance). In the life segment, family takaful contributions in 2009 amounted to MYR2,718mn, or about 14% of total premiums.
As in previous quarters, the major players in each of the two main insurance segments have been ranked as they are seen by the organisation providing the data (which, in practice, is usually the regulator or the trade association). In Malaysia the three largest non-life companies– in terms of gross written premiums written – were Kurnia, Mitsui and Etiqa, with respective market shares of about 12%, 7% and 7%, respectively. Great Eastern continues to dominate the life segment, with a market share of 24%, though Prudential and ING each had market shares of around 14%. Over time, we hope to derive insights from observing how market shares change. It must be emphasised though, that a decline in share of gross written premiums is not automatically a negative indicator and indeed is often the result of a corporate decision to focus on more profitable business lines.
This report provides a breakdown of the insurance sector by line – again, from the point of view of the regulator or the trade association. In Malaysia the largest non-life lines were land vehicles voluntary insurance (CASCO), fire, medical expenses and personal accident, and marine, aviation and transport.
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