Value of Malaysian Non-Life Insurance Segment to Grow by 4.7% Annually through 2016, Forecasts Timetric16 Jan 2013 • by Natalie Aster
Non-Life Insurance in Malaysia, Key Trends and Opportunities to 2016. The expansion of the Malaysian non-life insurance segment was strongly influenced by the country’s GDP growth and the increasing penetration rate of the Malaysian insurance industry. Supported by these factors, the value of the segment increased at a CAGR of 7.2% during the review period (2007–2011). However, the value of the segment is expected to record a forecast-period CAGR of 4.7%, supported by the country’s annual GDP growth which is expected to average between 6% and 10% over the forecast period (2012–2016). Moreover, the growth of the industry is also expected to be driven by increased risk awareness and propensity for risk avoidance among the Malaysian population. The growth of the country’s property and automobile industries, rising employment levels and anticipated industrial growth over the forecast period are also expected to drive the growth of the non-life insurance segment.
Personal Accident and Health Insurance in Malaysia, Trends and Opportunities to 2016. The Malaysian personal accident and health insurance segment accounted a 5.4% share of the insurance industry in 2011, the lowest industry share of all the segments. During the review period rising levels of healthcare expenditure, increasing employment rates and industrial growth drove the personal accident and health insurance segment. Consequently, this segment registers a CAGR of 12%. The Malaysian healthcare system comprises public and private healthcare services and Malaysia’s aging population is expected to drive the segment over the forecast period, due to an increase in demand. The Malaysian personal accident and health insurance segment is moderately concentrated, with the 10-leading insurers accounting for a 61.3% market share. The costs associated with the private healthcare system exclude participation from lower income demographics. However, with industrial growth, positive employment opportunities and rising GDP, the nation’s middle class population is expected to increase over the forecast period and drive the personal accident and health insurance segment.
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