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Malaysia Insurance Report Q1 2010
Business Monitor International, Jan 2010, Pages: 102
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.
In this report, we provide a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. In Malaysia, for instance, the largest non-life lines in calendar 2008 were Land Vehicles Voluntary Insurance (CASCO), Medical Exp. & Personal Accident, and Marine, Aviation and Transport. These accounted for 39%, 13% and 11%, respectively, of total non-life premiums. Over time, we should be able to use this information to bring greater sophistication to our forecasting process.
Writing in December 2009, we have been able to ensure that the report includes actual data for 2008. We have generally been able to use data that have been published over the course of 2009 to adjust our estimates for the year as a whole. We have also extended the forecasts out to 2014. We are looking for total premiums in 2009 of MYR35,324mn. This includes non-life premiums of MYR10,834mn and life premiums of MYR24,490mn. In 2014, the corresponding figures should be MYR65,833mn, MYR20,349mn and MYR45,484mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 1.58% in 2009 to 2.11% in 2014, and for life density to rise from US$254 to US$521. BMI’s proprietary Insurance Business Environment Rating for Malaysia is 63.5.
This quarter we include a discussion of developments within regional markets on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. Aside from Singapore, most of the markets of South East Asia represent small portions of the regional businesses of cross-border insurers in Asia Pacific. The individual markets of South East Asia, other than Singapore, typically represent a small portion of the regional business of the various multinational insurers who are active across the region. Nevertheless, it is significant that many of the larger cross-border groups commented favourably on the performance of their operations in Malaysia, Philippines, Thailand, Vietnam and Indonesia in the first six or first nine months of 2009. Improving perceptions of risk on the part of domestic investors have boosted demand for longterm savings products. In many cases, it is the large multinationals that have benefited, at the expense of smaller local groups. Thanks to reasonably resilient domestic demand, non-life insurance has continued to develop, in some cases from low bases.
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