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Malaysia Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 24
The Malaysian insurance market continues to be one of the fastest growing markets for insurance products across the Asian continent. The country’s insurance market has been exhibiting growth on account of increased awareness, preparation for risk avoidance and demand for savings among the Malay consumers. Like many other countries, the Malaysian insurance industry can be segmented into two different segments: life and non-life. Life is the dominant segment in the Malaysian insurance industry.
The insurance density is very low in Malaysia, despite the growth witnessed by the insurance industry in the past few years. In addition, insurance penetration has also showed signs of decline in the past few years due to the falling insurance premiums as a percentage of GDP. In the forthcoming years, this market is expected to offer strong growth opportunities on account of increasing number of middle-class people and the need for retirement savings products.
The present report gives an overview of the Malaysian insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of Malaysia insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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