45 3 2 54 BNM: Motor, fire insurance to be restructured October 8, 2015

The development is critical to remove the current market distortions that undermine the long-term sustainability of motor insurance.

KUALA LUMPUR: The motor and fire insurance sectors will be restructured with more market-driven pricing, Deputy Bank Negara Malaysia (BNM) Governor Muhammad Ibrahim said.

He said this would pave the way for the development of products that are more responsive to consumer and business needs in the two most dominant lines of business in the Malaysian general insurance sector.

“Importantly, this development will be critically dependent on insurance and takaful companies building strong internal underwriting and risk pricing practices to ensure the sustainability of the business, particularly in the highly competitive motor insurance segment,” he said in his keynote address at the 5th Malaysia Insurance Summit here yesterday.

He said the development was critical to remove the current market distortions that undermine the long-term sustainability of motor insurance.

“The industry cannot afford to take a short-term view, it must keep its sights on building the foundations for operating in a more diverse and mature market, with stronger value propositions for consumers,” he said.

Muhammad said the other major development in Malaysia was the introduction of the Life Insurance and Family Takaful Framework.

He said the life insurance and family takaful sector’s focus was to increase the penetration level, as measured by the number of policies in force per population, from 56 per cent currently to 75 per cent by 2020 as envisaged in the Economic Transformation Programme.

“Product innovation remains key to achieving this target, particularly in the micro-insurance and micro-takaful space which would expand the reach to the under-served segments of society,” he added.

Muhammad said both these initiatives would allow the industry greater operational flexibility to innovate, while ensuring that consumers’ interests remain adequately protected.

“Our goal remains unchanged — to ensure Malaysians have the opportunity to avail themselves of efficient and effective means to manage risks with insurance and takaful solutions that are appropriate for their circumstances,” he said.

He said in tandem with these developments, insurers and takaful operators must be fully accountable for the conduct of their intermediaries in ensuring that customers receive proper advice and quality service throughout the duration of the policy.

He added that it was important for adequate training to be provided and the right remuneration and incentive structure implemented to promote a committed and professional agency force.

Muhammad said the Financial Services Act provided the central bank with explicit and expanded enforcement powers, including monetary and non-monetary actions in addition to private and public reprimand as well as direction to make restitution to aggrieved parties.

He said as a result of supervisory interventions by BNM, more than RM30 million in premiums were refunded to affected policyholders due to mis-selling practices in the sale of life insurance products in the past.

“The enforcement measures undertaken signal the Bank’s low level of tolerance for misconduct.

“It also serves to remind the industry of BNM’s expectation for common complaints and grouses against the industry such as delays in claim settlement and mis-selling practices by agents to be completely eliminated or at the very least reduced significantly,” he added.

– BERNAMA

Motor, fire insurance pricing to be market-driven, says Bank Negara Published: 7 October 2015 9:12 PM -

Motor, fire insurance pricing to be market-driven, says Bank Negara Published: 7 October 2015 9:12 PM - See more at: http://www.themalaysianinsider.com/malaysia/article/motor-fire-insurance-pricing-to-be-market-driven-says-bank-negara#sthash.nh4cj8I2.dpuf

The motor and fire insurance sectors will be restructured with more market-driven pricing, Bank Negara Malaysia (BNM) deputy governor Datuk Muhammad Ibrahim said today.

He said this would pave the way for the development of products that are more responsive to consumer and business needs in the two most dominant lines of business in the Malaysian general insurance sector.

"Importantly, this development will be critically dependent on insurance and takaful companies building strong internal underwriting and risk pricing practices to ensure the sustainability of the business, particularly in the highly competitive motor insurance segment," he said in his keynote address at the 5th Malaysia Insurance Summit in Kuala Lumpur.

He said the development is critical to remove the current market distortions that undermine the long-term sustainability of motor insurance.

"The industry cannot afford to take a short-term view, it must keep its sights on building the foundations for operating in a more diverse and mature market, with stronger value propositions for consumers," he said.

Muhammad said the other major development in Malaysia is the introduction of the Life Insurance and Family Takaful Framework.

He said the life insurance and family takaful sector's focus is to increase the penetration level, as measured by the number of policies in force per population, from 56% currently to 75% by 2020 as envisaged in the Economic Transformation Programme.

"Product innovation remains key to achieving this target, particularly in the micro-insurance and micro-takaful space which would expand the reach to the underserved segments of society," he added.

Muhammad said both these initiatives would allow the industry greater operational flexibility to innovate, while ensuring that consumers' interests remain adequately protected.

"Our goal remains unchanged – to ensure Malaysians have the opportunity to avail themselves of efficient and effective means to manage risks with insurance and takaful solutions that are appropriate for their circumstances," he said.

He said in tandem with these developments, insurers and takaful operators must be fully accountable for the conduct of their intermediaries in ensuring that customers receive proper advice and quality service throughout the duration of the policy.

He added that it is important for adequate training to be provided and the right remuneration and incentive structure is implemented to promote a committed and professional agency force.

Muhammad said the Financial Services Act provides the central bank with explicit and expanded enforcement powers, including monetary and non-monetary actions in addition to private and public reprimand as well as direction to make restitution to aggrieved parties.

He said as a result of supervisory interventions by BNM, more than RM30 million in premiums were refunded to the affected policyholders due to mis-selling practices in the sale of life insurance products in the past.

"The enforcement measures undertaken signal the central bank’s low level of tolerance for misconduct.

"It also serves to remind the industry of BNM's expectation for common complaints and grouses against the industry such as delay in claim settlement and mis-selling practices by agents to be completely eliminated or at the very least reduced significantly," he added. – Bernama, October 7, 2015.

- See more at: http://www.themalaysianinsider.com/malaysia/article/motor-fire-insurance-pricing-to-be-market-driven-says-bank-negara#sthash.nh4cj8I2.dpuf

AEC to generate wide range of opportunities for business and investment Posted on 22 May 2015 - 06:56pm

KUALA LUMPUR: The Asean Economic Community (AEC) is expected to generate a wide range of opportunities for business and investment with the removal of trade barriers and tariffs across all member countries.

Zaharudin Daud of the Life Insurance Association of Malaysia (LIAM) said while Asean markets are at different stages of development, Malaysia faces the common challenge of a low protection gap, especially within the rural and sub-urban population.

"Although Asean member states have undergone a high rate of urbanisation in recent years, there is still a huge vacuum in the underserved markets.

"Asean's insurance protection rate of 3.4 per cent in 2013 is only about half that of the global average of 6.3 per cent.

"Closing the gap would require the industry to pool its strength and expertise through raising public awareness on insurance, capacity building and fostering greater regional cooperation," he added.

To give the industry the much needed boost, the Asean Insurance Council (AIC), the General Insurance Association (PIAM) and LIAM, recently organised the AEC Roadshow.

The half-day roadshow was also aimed at identifying priority areas which need to be addressed and have enhance preparation. – Bernama

Life Insurance in Malaysia, Key Trends and Opportunities to 2018

1 Key Facts and Events

http://www.researchmoz.us/life-insurance-in-malaysia-key-trends-and-opportunities-to-2018-report.html

2 Executive Summary

3 Introduction

3.1 What is this Report About?

3.2 Definitions

3.3 Methodology

4 Malaysian Insurance Industry Attractiveness

4.1 Insurance Industry Size, 2009–2018

5 Life Insurance Outlook

5.1 Consumer Segmentation

5.2 Key Drivers

5.3 Key Trends

5.4 Challenges

5.5 Life Insurance Growth Prospects by Category

5.6 Individual Life Insurance

5.6.1 Individual whole life insurance

5.6.2 Individual endowment insurance

5.6.3 Individual term life insurance

5.6.4 Other individual other insurance

5.7 Group Life Insurance

5.7.1 Group whole life insurance

5.7.2 Other group life insurance

5.8 Life Insurance Growth Prospects by Customer Segment

5.8.1 Individual single-premium insurance

5.8.2 Individual non-single-premium insurance

5.8.3 Group single-premium insurance

5.8.4 Group non-single-premium insurance

5.9 Life Insurance Growth Prospects by Product Type

5.9.1 Total linked insurance business

5.9.2 Total non-linked insurance business

6 Analysis by Distribution Channel

6.1 Direct Marketing

6.2 Bancassurance

6.3 Agencies

6.4 E-Commerce

6.5 Brokers

6.6 Other Channels

7 Governance, Risk and Compliance

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulations

7.3 Regulations by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Motor third-party liability insurance

7.4.2 Travel insurance

7.4.3 Workmen’s compensation insurance

7.4.4 Insurance against liability for pollution

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 Central Bank of Malaysia or Bank Negara Malaysia (BNM)

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and penalties

7.7 Company Registration and Operations

7.7.1 Types of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margins

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Corporate tax

7.8.3 VAT

7.8.4 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution (ADR)

8 Competitive Landscape and Strategic Insights

8.1 Overview

8.2 Leading Companies in the Life segment

8.3 Leading Life Insurers – New Product Launches

8.4 Great Eastern Life Assurance (Malaysia) Bhd – Company Overview

8.5 Prudential Assurance Malaysia Bhd – Company Overview

8.6 American International Assurance Bhd – Company Overview

8.7 Hong Leong Assurance Bhd – Company Overview

8.8 Allianz Malaysia Bhd – Company Overview

8.9 Etiqa Insurance Bhd – Company Overview

8.10 Tokio Marine Life Insurance Malaysia Bhd– Company Overview

8.11 Zurich Insurance Malaysia Bhd – Company Overview

8.12 Manulife Holdings Bhd – Company Overview

8.13 MCIS Insurance Bhd – Company Overview

9 Appendix – 1

9.1 Economic Performance

9.1.1 GDP at constant prices (US$)

9.1.2 GDP per capita at constant prices (US$)

9.1.3 GDP at current prices (US$)

9.1.4 GDP per capita at current prices (US$)

9.1.5 GDP by key sector

9.1.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)

9.1.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP

9.1.8 Manufacturing net output at current prices (US$)

9.1.9 Manufacturing net output at current prices as a percentage of GDP

9.1.10 Mining, manufacturing and utilities at current prices (US$)

9.1.11 Mining, manufacturing and utilities at current prices as percentage of GDP

9.1.12 Construction net output at current prices (US$)

9.1.13 Construction net output at current prices as a percentage of GDP

9.1.14 Inflation rate

9.1.15 Exports as a percentage of GDP

9.1.16 Imports as a percentage of GDP

9.1.17 Merchandise exports growth

9.1.18 Merchandise imports growth

9.1.19 Annual average exchange rate MYR–US$

9.2 Infrastructure

9.2.1 Commercial vehicle exports – total value

9.2.2 Commercial vehicle imports – total value

9.2.3 Automotive exports – total value

9.2.4 Automotive imports – total value

9.2.5 Total internet subscribers

9.3 Labor Force

9.3.1 Unemployment rate

9.4 Demographics

9.4.1 National disposable income (US$)

9.4.2 Household consumption expenditure (US$)

9.4.3 Total population

9.4.4 Urban and rural populations

9.4.5 Age distribution of the total population

9.4.6 Life expectancy

10 Appendix – 2

10.1 Methodology

10.2 Contact Timetric

10.3 About Timetric

10.4 Timetric’s Services

10.5 Disclaimer

List of Tables

Table 1: Malaysian Life Insurance – Key Facts, 2013

Table 2: Insurance Industry Definitions

Table 3: Malaysian Insurance Industry – Gross Written Premium by Segment (MYR Billion), 2009–2013

Table 4: Malaysian Insurance Industry – Gross Written Premium by Segment (US$ Billion), 2009–2013

Table 5: Malaysian Insurance Industry – Gross Written Premium by Segment (MYR Billion), 2013–2018

Table 6: Malaysian Insurance Industry – Gross Written Premium by Segment (US$ Billion), 2013–2018

Table 7: Malaysian Insurance Industry – Gross Written Premium by Segment (Percentage Share), 2009–2018

Table 8: Malaysian Insurance Industry – Direct Written Premium by Segment (MYR Billion), 2009–2013

Table 9: Malaysian Insurance Industry – Direct Written Premium by Segment (US$ Billion), 2009–2013

Table 10: Malaysian Insurance Industry – Direct Written Premium by Segment (MYR Billion), 2013–2018

Table 11: Malaysian Insurance Industry – Direct Written Premium by Segment (US$ Billion), 2013–2018

Table 12: Malaysian Insurance Industry – Direct Written Premium by Segment (Percentage Share), 2009–2018

Table 13: Malaysian Life Insurance – Gross Written Premium by Category (MYR Billion), 2009–2013

Table 14: Malaysian Life Insurance – Gross Written Premium by Category (US$ Billion), 2009–2013

Table 15: Malaysian Life Insurance – Gross Written Premium by Category (MYR Billion), 2013–2018

Table 16: Malaysian Life Insurance – Gross Written Premium by Category (US$ Billion), 2013–2018

Table 17: Malaysian Life Insurance – New Business Written Premium (MYR Billion), 2009–2013

Table 18: Malaysian Life Insurance – New Business Written Premium (MYR Billion), 2013–2018

Table 19: Malaysian Life Insurance – Earned Premium (MYR Billion), 2009–2013

Table 20: Malaysian Life Insurance – Earned Premium (MYR Billion), 2013–2018

Table 21: Malaysian Life Insurance – Sum Assured (MYR Trillion), 2009–2013

Table 22: Malaysian Life Insurance – Sum Assured (MYR Trillion), 2013–2018

Table 23: Malaysian Life Insurance – Paid Claims (MYR Billion), 2009–2013

Table 24: Malaysian Life Insurance – Paid Claims (MYR Billion), 2013–2018

Table 25: Malaysian Life Insurance – Incurred Loss (MYR Billion), 2009–2013

Table 26: Malaysian Life Insurance – Incurred Loss (MYR Billion), 2013–2018

Table 27: Malaysian Life Insurance – Loss Ratio (%), 2009–2013

Table 28: Malaysian Life Insurance – Loss Ratio (%), 2013–2018

Table 29: Malaysian Life Insurance – Commissions and Expenses (MYR Billion), 2009–2013

Table 30: Malaysian Life Insurance – Commissions and Expenses (MYR Billion), 2013–2018

Table 31: Malaysian Life Insurance – Combined Ratio (%), 2009–2013

Table 32: Malaysian Life Insurance – Combined Ratio (%), 2013–2018

Table 33: Malaysian Life Insurance – Fraud and Crime (MYR Million), 2009–2013

Table 34: Malaysian Life Insurance – Fraud and Crime (MYR Million), 2013–2018

Table 35: Malaysian Life Insurance – Total Assets (MYR Billion), 2009–2013

Table 36: Malaysian Life Insurance – Total Assets (MYR Billion), 2013–2018

Table 37: Malaysian Life Insurance – Total Investment Income (MYR Billion), 2009–2013

Table 38: Malaysian Life Insurance – Total Investment Income (MYR Billion), 2013–2018

Table 39: Malaysian Life Insurance – Retentions (MYR Billion), 2009–2013

Table 40: Malaysian Life Insurance – Retentions (MYR Billion), 2013–2018

Table 41: Malaysian Individual Life Insurance – Gross Written Premium by Category (MYR Billion), 2009–2013

Table 42: Malaysian Individual Life Insurance – Gross Written Premium by Category (US$ Billion), 2009–2013

Table 43: Malaysian Individual Life Insurance – Gross Written Premium by Category (MYR Billion), 2013–2018

Table 44: Malaysian Individual Life Insurance – Gross Written Premium by Category (US$ Billion), 2013–2018

Table 45: Malaysian Individual Life Insurance – Direct Written Premium by Category (MYR Billion), 2009–2013

Table 46: Malaysian Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2009–2013

Table 47: Malaysian Individual Life Insurance – Direct Written Premium by Category (MYR Billion), 2013–2018

Table 48: Malaysian Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2013–2018

Table 49: Malaysian Individual Life Insurance – Policies by Category (Million), 2009–2013

Table 50: Malaysian Individual Life Insurance – Policies by Category (Million), 2013–2018

Table 51: Malaysian Individual Whole Life Insurance – Number of Active Policies (Million), 2009–2013

Table 52: Malaysian Individual Whole Life Insurance – Number of Active Policies (Million), 2013–2018

Table 53: Malaysian Individual Whole Life Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 54: Malaysian Individual Whole Life Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 55: Malaysian Individual Endowment Insurance – Number of Active Policies (Million), 2009–2013

Table 56: Malaysian Individual Endowment Insurance – Number of Active Policies (Million), 2013–2018

Table 57: Malaysian Individual Endowment Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 58: Malaysian Individual Endowment Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 59: Malaysian Individual Term Life Insurance – Number of Active Policies (Million), 2009–2013

Table 60: Malaysian Individual Term Life Insurance – Number of Active Policies (Million), 2013–2018

Table 61: Malaysian Individual Term Life Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 62: Malaysian Individual Term Life Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 63: Malaysian Other Individual Insurance – Number of Active Policies (Million), 2009–2013

Table 64: Malaysian Other Individual Insurance – Number of Active Policies (Million), 2013–2018

Table 65: Malaysian Other Individual Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 66: Malaysian Other Individual Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 67: Malaysian Group Life Insurance – Gross Written Premium by Category (MYR Billion), 2009–2013

Table 68: Malaysian Group Life Insurance – Gross Written Premium by Category (US$ Billion), 2009–2013

Table 69: Malaysian Group Life Insurance – Gross Written Premium by Category (MYR Billion), 2013–2018

Table 70: Malaysian Group Life Insurance – Gross Written Premium by Category (US$ Billion), 2013–2018

Table 71: Malaysian Group Life Insurance – Direct Written Premium by Category (MYR Billion), 2009–2013

Table 72: Malaysian Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2009–2013

Table 73: Malaysian Group Life Insurance – Direct Written Premium by Category (MYR Billion), 2013–2018

Table 74: Malaysian Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2013–2018

Table 75: Malaysian Group Life Insurance – Policies by Category (Thousand), 2009–2013

Table 76: Malaysian Group Life Insurance – Policies by Category (Thousand), 2013–2018

Table 77: Malaysian Group Whole Life Insurance – Number of Active Policies (Thousand), 2009–2013

Table 78: Malaysian Group Whole Life Insurance – Number of Active Policies (Thousand), 2013–2018

Table 79: Malaysian Group Whole Life Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 80: Malaysian Group Whole Life Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 81: Malaysian Other Group Life Insurance – Number of Active Policies (Thousand), 2009–2013

Table 82: Malaysian Group Life Others Insurance – Number of Active Policies (Thousand), 2013–2018

Table 83: Malaysian Group Life Others Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 84: Malaysian Group Life Others Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 85: Malaysian Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013

Table 86: Malaysian Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018

Table 87: Malaysian Individual Single-Premium Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 88: Malaysian Individual Single-Premium Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 89: Malaysian Individual Single-Premium Insurance – Direct Written Premium (MYR Billion), 2009–2013

Table 90: Malaysian Individual Single-Premium Insurance – Direct Written Premium (MYR Billion), 2013–2018

Table 91: Malaysian Individual Non-Single-Premium Insurance – Number of Active Policies (Million), 2009–2013

Table 92: Malaysian Individual Non-Single-Premium Insurance – Number of Active Policies (Million), 2013–2018

Table 93: Malaysian Individual Non-Single-Premium Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 94: Malaysian Individual Non-Single-Premium Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 95: Malaysian Individual Non-Single-Premium Insurance – Direct Written Premium (MYR Billion), 2009–2013

Table 96: Malaysian Individual Non-Single-Premium Insurance – Direct Written Premium (MYR Billion), 2013–2018

Table 97: Malaysian Group Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013

Table 98: Malaysian Group Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018

Table 99: Malaysian Group Single-Premium Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 100: Malaysian Group Single-Premium Insurance – Gross Written Premium (MYR Billion), 2013–2018

Table 101: Malaysian Group Single-Premium Insurance – Direct Written Premium (MYR Billion), 2009–2013

Table 102: Malaysian Group Single-Premium Insurance – Direct Written Premium (MYR Billion), 2013–2018

Table 103: Malaysian Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013

Table 104: Malaysian Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018

Table 105: Malaysian Group Non-Single-Premium Insurance – Gross Written Premium (MYR Billion), 2009–2013

Table 106: Malaysian Group Non-Single-Premium Insurance – Gross Written Premium (MYR Million), 2013–2018

Table 107: Malaysian Group Non-Single-Premium Insurance – Direct Written Premium (MYR Million), 2009–2013

Table 108: Malaysian Group Non-Single-Premium Insurance – Direct Written Premium (MYR Million), 2013–2018

Table 109: Malaysian Linked Insurance Business – Number of Active Policies (Million), 2009–2013

Table 110: Malaysian Linked Insurance Business – Number of Active Policies (Million), 2013–2018

Table 111: Malaysian Linked Insurance Business – Gross Written Premium (MYR Billion), 2009–2013

Table 112: Malaysian Linked Insurance Business – Gross Written Premium (MYR Billion), 2013–2018

Table 113: Malaysian Linked Insurance Business – Direct Written Premium (MYR Billion), 2009–2013

Table 114: Malaysian Linked Insurance Business – Direct Written Premium (MYR Billion), 2013–2018

Table 115: Malaysian Non-Linked Insurance Business – Number of Active Policies (Million), 2009–2013

Table 116: Malaysian Non-Linked Insurance Business – Number of Active Policies (Million), 2013–2018

Table 117: Malaysian Non-Linked Insurance Business – Gross Written Premium (MYR Billion), 2009–2013

Table 118: Malaysian Non-Linked Insurance Business – Gross Written Premium (MYR Billion), 2013–2018

Table 119: Malaysian Non-Linked Insurance Business – Direct Written Premium (MYR Billion), 2009–2013

Table 120: Malaysian Non-Linked Insurance Business – Direct Written Premium (MYR Billion), 2013–2018

Table 121: Malaysian Life Insurance – Direct Marketing Commission Paid (MYR Million), 2009–2013

Table 122: Malaysian Life Insurance – Direct Marketing Commission Paid (MYR Million), 2013–2018

Table 123: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2009–2013

Table 124: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2013–2018

Table 125: Malaysian Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2009–2013

Table 126: Malaysian Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2013–2018

Table 127: Malaysian Life Insurance – Number of Direct Marketing Distributors, 2009–2013

Table 128: Malaysian Life Insurance – Number of Direct Marketing Distributors, 2013–2018

Table 129: Malaysian Life Insurance – Bancassurance Commission Paid (MYR Billion), 2009–2013

Table 130: Malaysian Life Insurance – Bancassurance Commission Paid (MYR Billion), 2013–2018

Table 131: Malaysian Life Insurance – New Business Gross Written Premium (MYR Billion), 2009–2013

Table 132: Malaysian Life Insurance – New Business Gross Written Premium (MYR Billion), 2013–2018

Table 133: Malaysian Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2009–2013

Table 134: Malaysian Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2013–2018

Table 135: Malaysian Life Insurance – Number of Bancassurance Distributors, 2009–2013

Table 136: Malaysian Life Insurance – Number of Bancassurance Distributors, 2013–2018

Table 137: Malaysian Life Insurance – Commission Paid to Agencies (MYR Billion), 2009–2013

Table 138: Malaysian Life Insurance – Commission Paid to Agencies (MYR Billion), 2013–2018

Table 139: Malaysian Life Insurance – New Business Gross Written Premium (MYR Billion), 2009–2013

Table 140: Malaysian Life Insurance – New Business Gross Written Premium (MYR Billion), 2013–2018

Table 141: Malaysian Life Insurance – New Policies Sold Through Agencies (Thousand), 2009–2013

Table 142: Malaysian Life Insurance – New Policies Sold Through Agencies (Thousand), 2013–2018

Table 143: Malaysian Life Insurance – Number of Agencies, 2009–2013

Table 144: Malaysian Life Insurance – Number of Agencies, 2013–2018

Table 145: Malaysian Life Insurance – E-Commerce Commission Paid (MYR Million), 2009–2013

Table 146: Malaysian Life Insurance – E-Commerce Commission Paid (MYR Million), 2013–2018

Table 147: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2009–2013

Table 148: Malaysian Life Insurance – Gross Written Premium New Business (MYR Million), 2013–2018

Table 149: Malaysian Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2009–2013

Table 150: Malaysian Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2013–2018

Table 151: Malaysian Life Insurance – Number of E-Commerce Distributors, 2009–2013

Table 152: Malaysian Life Insurance – Number of E-Commerce Distributors, 2013–2018

Table 153: Malaysian Life Insurance – Commission Paid to Brokers (MYR Million), 2009–2013

Table 154: Malaysian Life Insurance – Commission Paid to Brokers (MYR Million), 2013–2018

Table 155: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2009–2013

Table 156: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2013–2018

Table 157: Malaysian Life Insurance – New Policies Sold Through Brokers (Thousand), 2009–2013

Table 158: Malaysian Life Insurance – New Policies Sold Through Brokers (Thousand), 2013–2018

Table 159: Malaysian Life Insurance – Number of Brokers, 2009–2013

Table 160: Malaysian Life Insurance – Number of Brokers, 2013–2018

Table 161: Malaysian Life Insurance – Commission Paid to Other Channels (MYR Million), 2009–2013

Table 162: Malaysian Life Insurance – Commission Paid to Other Channels (MYR Million), 2013–2018

Table 163: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2009–2013

Table 164: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2013–2018

Table 165: Malaysian Life Insurance – New Policies Sold Through Other Channels (Thousand), 2009–2013

Table 166: Malaysian Life Insurance – New Policies Sold Through Other Channels (Thousand), 2013–2018

Table 167: Malaysian Life Insurance – Number of Distributors in Other Channels, 2009–2013

Table 168: Malaysian Life Insurance – Number of Distributors in Other Channels, 2013–2018

Table 169: Malaysia – Life Insurance Regulatory Framework

Table 170: Malaysia – Property Insurance Regulatory Framework

Table 171: Malaysia – Motor Insurance Regulatory Framework

Table 172: Malaysia – Liability Insurance Regulatory Framework

Table 173: Malaysia – Licensing Fee Structure for Insurers and Intermediaries

Table 174: Malaysia – Annual Fee Structure for Licensed Insurers

Table 175: Malaysia – Corporate Tax Rates for the Financial Year 2015

Table 176: Shares of Key Insurers in the Life Segment (%), 2013

List of Figures

Figure 1: Malaysian Insurance Industry – Gross Written Premium by Segment (MYR Billion), 2009–2018

Figure 2: Malaysian Insurance Industry – Gross Written Premium Dynamics by Segment (2009–2018)

Figure 3: Malaysian Insurance Industry – Direct Written Premium by Segment (MYR Billion), 2009–2018

Figure 4: Malaysian Insurance Industry – Direct Written Premium Dynamics by Segment (2009–2018)

Figure 5: Malaysian Life Insurance – Number of Active Policies and Gross Written Premium (Percentage Share), 2009 and 2013

Figure 6: Malaysia – Rural and Urban Populations (%), 2009–2013

Figure 7: Malaysian – Population Distribution by Age Group (%), 2009–2013

Figure 8: Malaysian Life Insurance – Gross Written Premium by Category (MYR Billion), 2009–2018

Figure 9: Malaysian Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018

Figure 10: Malaysian Life Insurance – Gross Written Premium Dynamics by Segment (2009–2018)

Figure 11: Malaysian Life Insurance – New Business Written Premium (MYR Billion), 2009–2013

Figure 12: Malaysian Life Insurance – New Business Written Premium (MYR Billion), 2013–2018

Figure 13: Malaysian Life Insurance – Earned Premium (MYR Billion), 2009–2013

Figure 14: Malaysian Life Insurance – Earned Premium (MYR Billion), 2013–2018

Figure 15: Malaysian Life Insurance – Sum Assured (MYR Trillion), 2009–2013

Figure 16: Malaysian Life Insurance – Sum Assured (MYR Trillion), 2013–2018

Figure 17: Malaysian Life Insurance – Paid Claims (MYR Billion), 2009–2013

Figure 18: Malaysian Life Insurance – Paid Claims (MYR Billion), 2013–2018

Figure 19: Malaysian Life Insurance – Incurred Loss (MYR Billion), 2009–2013

Figure 20: Malaysian Life Insurance – Incurred Loss (MYR Billion), 2013–2018

Figure 21: Malaysian Life Insurance – Loss Ratio (%), 2009–2013

Figure 22: Malaysian Life Insurance – Loss Ratio (%), 2013–2018

Figure 23: Malaysian Life Insurance – Commissions and Expenses (MYR Billion), 2009–2013

Figure 24: Malaysian Life Insurance – Commissions and Expenses (MYR Billion), 2013–2018

Figure 25: Malaysian Life Insurance – Combined Ratio (%), 2009–2013

Figure 26: Malaysian Life Insurance – Combined Ratio (%), 2013–2018

Figure 27: Malaysian Life Insurance – Fraud and Crime (MYR Million), 2009–2013

Figure 28: Malaysian Life Insurance – Fraud and Crime (MYR Million), 2013–2018

Figure 29: Malaysian Life Insurance – Total Assets (MYR Billion), 2009–2013

Figure 30: Malaysian Life Insurance – Total Assets (MYR Billion), 2013–2018

Figure 31: Malaysian Life Insurance – Total Investment Income (MYR Billion), 2009–2013

Figure 32: Malaysian Life Insurance – Total Investment Income (MYR Billion), 2013–2018

Figure 33: Malaysian Life Insurance – Retentions (MYR Billion), 2009–2013

Figure 34: Malaysian Life Insurance – Retentions (MYR Billion), 2013–2018

Figure 35: Malaysian Life Insurance – Investment Portfolio (MYR Billion), 2009–2013

Figure 36: Malaysian Life Insurance – Investment Portfolio, 2009 and 2013

Figure 37: Malaysian Life Insurance – Penetration (%), 2009–2013

Figure 38: Malaysian Life Insurance – Density (Number of Policies per Capita), 2009–2013

Figure 39: Malaysian Life Insurance – Number of Active Policies (Million), 2009–2013

Figure 40: Malaysian Life Insurance – Number of Active Policies (Million), 2013–2018

Figure 41: Malaysian Life Insurance – Number of New Policies Sold (Million), 2009–2013

Figure 42: Malaysian Life Insurance – Number of New Policies Sold (Million), 2013–2018

Figure 43: Malaysian Life Insurance – Premium per Capita (MYR), 2009–2013

Figure 44: Malaysian Individual Life Insurance – Gross Written Premium by Category (MYR Billion), 2009–2018

Figure 45: Malaysian Individual Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018

Figure 46: Malaysian Individual Life Insurance – Gross Written Premium Dynamics by Category, 2009–2018

Figure 47: Malaysian Individual Life Insurance – Direct Written Premium by Category (MYR Billion), 2009–2018

Figure 48: Malaysian Individual Life Insurance – Direct Written Premium by Category (Percentage Share), 2013 and 2018

Figure 49: Malaysian Individual Life Insurance – Direct Written Premium Dynamics by Category, 2009–2018

Figure 50: Malaysian Individual Life Insurance – Policies by Category (Million), 2009–2018

Figure 51: Malaysian Individual Life Insurance – Policies by Category (Percentage Share), 2013 and 2018

Figure 52: Malaysian Individual Life Insurance – Policies Dynamics by Category, 2009–2018

Figure 53: Malaysian Individual Whole Life Insurance – Number of Active Policies (Million), 2009–2013

Figure 54: Malaysian Individual Whole Life Insurance – Number of Active Policies (Million), 2013–2018

Figure 55: Malaysian Individual Whole Life Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 56: Malaysian Individual Whole Life Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 57: Malaysian Individual Endowment Insurance – Number of Active Policies (Million), 2009–2013

Figure 58: Malaysian Individual Endowment Insurance – Number of Active Policies (Million), 2013–2018

Figure 59: Malaysian Individual Endowment Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 60: Malaysian Individual Endowment Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 61: Malaysian Individual Term Life Insurance – Number of Active Policies (Million), 2009–2013

Figure 62: Malaysian Individual Term Life Insurance – Number of Active Policies (Million), 2013–2018

Figure 63: Malaysian Individual Term Life Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 64: Malaysian Individual Term Life Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 65: Malaysian Other Individual Insurance – Number of Active Policies (Million), 2009–2013

Figure 66: Malaysian Other Individual Insurance – Number of Active Policies (Million), 2013–2018

Figure 67: Malaysian Other Individual Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 68: Malaysian Other Individual Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 69: Malaysian Group Life Insurance – Gross Written Premium by Category (MYR Billion), 2009–2018

Figure 70: Malaysian Group Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018

Figure 71: Malaysian Group Life Insurance – Gross Written Premium Dynamics by Category, 2009–2018

Figure 72: Malaysian Group Life Insurance – Direct Written Premium by Category (MYR Billion), 2009–2018

Figure 73: Malaysian Group Life Insurance – Direct Written Premium by Category (Percentage Share), 2013 and 2018

Figure 74: Malaysian Group Life Insurance – Direct Written Premium Dynamics by Category, 2009–2018

Figure 75: Malaysian Group Life Insurance – Policies by Category (Thousand), 2009–2018

Figure 76: Malaysian Group Life Insurance – Policies by Category (Percentage Share), 2013 and 2018

Figure 77: Malaysian Group Life Insurance – Policies Dynamics by Category, 2009–2018

Figure 78: Malaysian Group Whole Life Insurance – Number of Active Policies (Thousand), 2009–2013

Figure 79: Malaysian Group Whole Life Insurance – Number of Active Policies (Thousand), 2013–2018

Figure 80: Malaysian Group Whole Life Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 81: Malaysian Group Whole Life Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 82: Malaysian Other Group Life Insurance – Number of Active Policies (Thousand), 2009–2013

Figure 83: Malaysian Group Life Others Insurance – Number of Active Policies (Thousand), 2013–2018

Figure 84: Malaysian Group Life Others Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 85: Malaysian Group Life Others Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 86: Malaysian Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013

Figure 87: Malaysian Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018

Figure 88: Malaysian Individual Single-Premium Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 89: Malaysian Individual Single-Premium Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 90: Malaysian Individual Single-Premium Insurance – Direct Written Premium (MYR Billion), 2009–2013

Figure 91: Malaysian Individual Single-Premium Insurance – Direct Written Premium (MYR Billion), 2013–2018

Figure 92: Malaysian Individual Non-Single-Premium Insurance – Number of Active Policies (Million), 2009–2013

Figure 93: Malaysian Individual Non-Single-Premium Insurance – Number of Active Policies (Million), 2013–2018

Figure 94: Malaysian Individual Non-Single-Premium Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 95: Malaysian Individual Non-Single-Premium Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 96: Malaysian Individual Non-Single-Premium Insurance – Direct Written Premium (MYR Billion), 2009–2013

Figure 97: Malaysian Individual Non-Single-Premium Insurance – Direct Written Premium (MYR Billion), 2013–2018

Figure 98: Malaysian Group Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013

Figure 99: Malaysian Group Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018

Figure 100: Malaysian Group Single-Premium Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 101: Malaysian Group Single-Premium Insurance – Gross Written Premium (MYR Billion), 2013–2018

Figure 102: Malaysian Group Single-Premium Insurance – Direct Written Premium (MYR Billion), 2009–2013

Figure 103: Malaysian Group Single-Premium Insurance – Direct Written Premium (MYR Billion), 2013–2018

Figure 104: Malaysian Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013

Figure 105: Malaysian Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018

Figure 106: Malaysian Group Non-Single-Premium Insurance – Gross Written Premium (MYR Billion), 2009–2013

Figure 107: Malaysian Group Non-Single-Premium Insurance – Gross Written Premium (MYR Million), 2013–2018

Figure 108: Malaysian Group Non-Single-Premium Insurance – Direct Written Premium (MYR Million), 2009–2013

Figure 109: Malaysian Group Non-Single-Premium Insurance – Direct Written Premium (MYR Million), 2013–2018

Figure 110: Malaysian Linked Insurance Business – Number of Active Policies (Million), 2009–2013

Figure 111: Malaysian Linked Insurance Business – Number of Active Policies (Million), 2013–2018

Figure 112: Malaysian Linked Insurance Business – Gross Written Premium (MYR Billion), 2009–2013

Figure 113: Malaysian Linked Insurance Business – Gross Written Premium (MYR Billion), 2013–2018

Figure 114: Malaysian Linked Insurance Business – Direct Written Premium (MYR Billion), 2009–2013

Figure 115: Malaysian Linked Insurance Business – Direct Written Premium (MYR Billion), 2013–2018

Figure 116: Malaysian Non-Linked Insurance Business – Number of Active Policies (Million), 2009–2013

Figure 117: Malaysian Non-Linked Insurance Business – Number of Active Policies (Million), 2013–2018

Figure 118: Malaysian Non-Linked Insurance Business – Gross Written Premium (MYR Billion), 2009–2013

Figure 119: Malaysian Non-Linked Insurance Business – Gross Written Premium (MYR Billion), 2013–2018

Figure 120: Malaysian Non-Linked Insurance Business – Direct Written Premium (MYR Billion), 2009–2013

Figure 121: Malaysian Non-Linked Insurance Business – Direct Written Premium (MYR Billion), 2013–2018

Figure 122: Malaysian Life Insurance – New Business Gross Written Premium by Distribution Channel (Percentage Share), 2013 and 2018

Figure 123: Malaysian Life Insurance – Direct Marketing Commission Paid (MYR Million), 2009–2013

Figure 124: Malaysian Life Insurance – Direct Marketing Commission Paid (MYR Million), 2013–2018

Figure 125: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2009–2013

Figure 126: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2013–2018

Figure 127: Malaysian Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2009–2013

Figure 128: Malaysian Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2013–2018

Figure 129: Malaysian Life Insurance – Number of Direct Marketing Distributors, 2009–2013

Figure 130: Malaysian Life Insurance – Number of Direct Marketing Distributors, 2013–2018

Figure 131: Malaysian Life Insurance – Bancassurance Commission Paid (MYR Billion), 2009–2013

Figure 132: Malaysian Life Insurance – Bancassurance Commission Paid (MYR Billion), 2013–2018

Figure 133: Malaysian Life Insurance – New Business Gross Written Premium (MYR Billion), 2009–2013

Figure 134: Malaysian Life Insurance – New Business Gross Written Premium (MYR Billion), 2013–2018

Figure 135: Malaysian Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2009–2013

Figure 136: Malaysian Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2013–2018

Figure 137: Malaysian Life Insurance – Number of Bancassurance Distributors, 2009–2013

Figure 138: Malaysian Life Insurance – Number of Bancassurance Distributors, 2013–2018

Figure 139: Malaysian Life Insurance – Commission Paid to Agencies (MYR Billion), 2009–2013

Figure 140: Malaysian Life Insurance – Commission Paid to Agencies (MYR Billion), 2013–2018

Figure 141: Malaysian Life Insurance – New Business Gross Written Premium (MYR Billion), 2009–2013

Figure 142: Malaysian Life Insurance – New Business Gross Written Premium (MYR Billion), 2013–2018

Figure 143: Malaysian Life Insurance – New Policies Sold Through Agencies (Thousand), 2009–2013

Figure 144: Malaysian Life Insurance – New Policies Sold Through Agencies (Thousand), 2013–2018

Figure 145: Malaysian Life Insurance – Number of Agencies, 2009–2013

Figure 146: Malaysian Life Insurance – Number of Agencies, 2013–2018

Figure 147: Malaysian Life Insurance – E-Commerce Commission Paid (MYR Million), 2009–2013

Figure 148: Malaysian Life Insurance – E-Commerce Commission Paid (MYR Million), 2013–2018

Figure 149: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2009–2013

Figure 150: Malaysian Life Insurance – Gross Written Premium New Business (MYR Million), 2013–2018

Figure 151: Malaysian Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2009–2013

Figure 152: Malaysian Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2013–2018

Figure 153: Malaysian Life Insurance – Number of E-Commerce Distributors, 2009–2013

Figure 154: Malaysian Life Insurance – Number of E-Commerce Distributors, 2013–2018

Figure 155: Malaysian Life Insurance – Commission Paid to Brokers (MYR Million), 2009–2013

Figure 156: Malaysian Life Insurance – Commission Paid to Brokers (MYR Million), 2013–2018

Figure 157: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2009–2013

Figure 158: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2013–2018

Figure 159: Malaysian Life Insurance – New Policies Sold Through Brokers (Thousand), 2009–2013

Figure 160: Malaysian Life Insurance – New Policies Sold Through Brokers (Thousand), 2013–2018

Figure 161: Malaysian Life Insurance – Number of Brokers, 2009–2013

Figure 162: Malaysian Life Insurance – Number of Brokers, 2013–2018

Figure 163: Malaysian Life Insurance – Commission Paid to Other Channels (MYR Million), 2009–2013

Figure 164: Malaysian Life Insurance – Commission Paid to Other Channels (MYR Million), 2013–2018

Figure 165: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2009–2013

Figure 166: Malaysian Life Insurance – New Business Gross Written Premium (MYR Million), 2013–2018

Figure 167: Malaysian Life Insurance – New Policies Sold Through Other Channels (Thousand), 2009–2013

Figure 168: Malaysian Life Insurance – New Policies Sold Through Other Channels (Thousand), 2013–2018

Figure 169: Malaysian Life Insurance – Number of Distributors in Other Channels, 2009–2013

Figure 170: Malaysian Life Insurance – Number of Distributors in Other Channels, 2013–2018

Figure 171: Malaysia – Insurance Regulatory Framework

Figure 172: Malaysia – Insurance Supervision and Control at Various Levels

Figure 173: Malaysia – Insurance Regulatory Frameworks for Company Registration and Operation

Figure 174: Shares of Key Insurers in the Life Segment (%), 2013

Figure 175: Malaysian GDP at Constant Prices (US$ Billion), 2009–2013

Figure 176: Malaysian GDP Per Capita at Constant Prices (US$), 2009–2013

Figure 177: Malaysian GDP at Current Prices (US$ Billion), 2009–2013

Figure 178: Malaysian GDP Per Capita at Current Prices (US$), 2009–2013

Figure 179: Malaysian GDP by Key Sector (%), 2009 and 2013

Figure 180: Malaysian Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2009–2013

Figure 181: Malaysian Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2009–2013

Figure 182: Malaysian Manufacturing Net Output at Current Prices (US$ Billion), 2009–2013

Figure 183: Malaysian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2009–2013

Figure 184: Malaysian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2009–2013

Figure 185: Malaysian Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2009–2013

Figure 186: Malaysian Construction Net Output at Current Prices (US$ Billion), 2009–2013

Figure 187: Malaysian Construction Output at Current Prices as a Percentage of GDP (%), 2009–2013

Figure 188: Malaysian Inflation Rate (%), 2009–2013

Figure 189: Malaysian Exports as a Percentage of GDP (%), 2009–2013

Figure 190: Malaysian Imports as a Percentage of GDP (%), 2009–2013

Figure 191: Malaysian Merchandise Exports Growth (%), 2010–2013

Figure 192: Malaysian Merchandise Imports Growth (%), 2010–2013

Figure 193: Malaysian Annual Average Exchange Rate US$–MYR, 2009–2013

Figure 194: Malaysian Commercial Vehicle Exports – Total Value (US$ Million), 2009–2013

Figure 195: Malaysian Commercial Vehicle Imports – Total Value (US$ Million), 2009–2013

Figure 196: Malaysian Automotive Exports – Total Value (US$ Million), 2009–2013

Figure 197: Malaysian Automotive Imports – Total Value (US$ Billion), 2009–2013

Figure 198: Malaysian Internet Subscriptions (Millions), 2009–2013

Figure 199: Malaysian Unemployment Rate (%), 2009–2013

Figure 200: Malaysian National Disposable Income (US$ Billion), 2009–2013

Figure 201: Malaysian Household Consumption Expenditure (US$ Billion), 2009–2013

Figure 202: Malaysian Total Population (Million), 2009–2013

Figure 203: Malaysian Urban and Rural Populations (%), 2009–2013

Figure 204: Malaysian Population Distribution by Age (%), 2008–2012

Figure 205: Malaysian Life Expectancy (Number of Years), 2009–2013

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Life Insurance in Malaysia, Key Trends and Opportunities to 2018

Synopsis

http://www.researchmoz.us/life-insurance-in-malaysia-key-trends-and-opportunities-to-2018-report.html

Timetric’s 'Life Insurance in Malaysia, Key Trends and Opportunities to 2018' report provides in-depth market analysis, information and insights into the Malaysian life insurance segment, including:

• The Malaysian life insurance segment’s growth prospects by life insurance category
• Key trends, drivers and challenges for the life insurance segment
• The various distribution channels in the Malaysian life insurance segment
• The detailed competitive landscape in the life insurance segment in Malaysia
• Detailed regulatory policies of the Malaysian insurance industry
• Analysis of various consumer segments in Malaysian life insurance
• New product launches of leading life insurance companies

Executive summary

Timetric’s 'Life Insurance in Malaysia, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the Malaysian life insurance segment. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2009–2013) and forecast period (2013–2018). The report also analyzes distribution channels operating in the segment, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in Malaysia:

• It provides historical values for the Malaysian life insurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
• It offers a detailed analysis of the key categories in the Malaysian life insurance segment, along with market forecasts until 2018.
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
• It analyses the various distribution channels for life insurance products in Malaysia.
• It profiles the top life insurance companies in Malaysia and outlines the key regulations affecting them.

Reasons to buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Malaysian life insurance segment and each category within it.
• Understand the demand-side dynamics, key market trends and growth opportunities in the Malaysian life insurance segment.
• Assess the competitive dynamics in the life insurance segment.
• Identify the 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.

Key highlights

• The Malaysian life insurance segment registered steady growth at a review-period CAGR of 6.0% in terms of gross written premium.
• This was driven by a rising demand for investment-linked products and economic expansion, with these factors expected to support the segment over the forecast period. 
• The popularity of investment-linked products is due to the fact that they offer a combination of life insurance cover and investments with higher returns than normal deposit rates.
• High domestic demand was supported by economic growth in 2014. 
• In October 2014, the Malaysian government set its 2015 Budget, which increased the tax free income limit and also enacted several tax reforms, including the implementation of goods and service tax (GST), with effect from April 1, 2015.

AIA sees good growth in life insurance

KUALA LUMPUR: AIA Bhd expects the life insurance industry to register a high single-digit growth in new insurance premiums this year, from a low single-digit last year, driven by consumer needs for greater protection in view of higher medical costs.

Its incoming CEO Anusha Thavarajah (pix) said the first quarter this year may have been "a bit quieter" because of the implementation of the Goods and Services Tax but the opportunity for growth is there and that the Malaysia life insurance industry is expected to continue to show good growth this year.

"The protection gap in Malaysia is still very big. If you look at the average sum insured, there is still a huge gap between what they need and what they have bought and ultimately life insurance is an industry that is immune from economic movements in the country," she told reporters after an announcement of her appointment as incoming CEO here yesterday.

AIA saw an overall increase of 34% in value of new business (VONB), an important measure of new business profit for insurers for the year ended Nov 30, 2014.
Malaysia is the AIA Group Limited's second largest growth market by VONB terms in Asia Pacific.

Anusha, who is set to take over the helm from current CEO Bill Lisle on June 1, 2015, subject to Bank Negara Malaysia's approval, said the focus moving forward is to enhance AIA's distribution channel, which includes agency, the bancassurance partnership with Public Bank and Citibank as well as the corporate solutions business.

"For agency, recruitment is a big focus for us together with enhancing the professionalism of our agents. Technology is also important and at the end of the day, a big focus for us is improving the customer service experience and being the insurer of choice to the public," she said.

Meanwhile, she said AIA will be separating its life and general businesses over time as composite insurers and takaful players will be required to split their life and general insurance businesses by 2018.

"Yes, we will do that over time. We're still in discussion. It's still in progress."

Anusha's appointment comes as Lisle has been appointed regional chief executive of AIA group. Lisle will be overseeing the markets of Malaysia, Korea, India, Sri Lanka and Cambodia.

Anusha, who is currently the regional business development director, is the first woman to join AIA's rank of CEOs in the insurer's six largest markets in the Asia Pacific region. She will be responsible for steering AIA on its continuing journey of growth and transformation.