The Malaysia Life Insurance Market Report is Segmented by Product Type (Term Life Insurance, Whole Life Insurance, Endowment Insurance, and More), Distribution Channel (Agents, Brokers, Banks, and More), Premium Type (Regular Premium, Single Premium), Customer Age Group (0–24 Years, 25–44 Years, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

According to a survey on financial literacy conducted in Malaysia, as of September 2024, ** percent of the respondents said they owned personal medical insurance. Meanwhile, ** percent of respondents claimed they did not have either personal or company issued medical insurance.

In 2024, the value of net premiums of medical and health insurance in Malaysia was at approximately *********** Malaysian ringgit, an increase from around ****billion Malaysian ringgit in the previous year. Although Malaysia has a public healthcare system, many Malaysians chose to have additional health insurance to access better healthcare service.

Malaysia General Insurance: Premium: Earned data was reported at 14,116.800 MYR mn in 2017. This records an increase from the previous number of 13,999.900 MYR mn for 2016. Malaysia General Insurance: Premium: Earned data is updated yearly, averaging 4,694.650 MYR mn from Dec 1978 (Median) to 2017, with 40 observations. The data reached an all-time high of 14,116.800 MYR mn in 2017 and a record low of 365.500 MYR mn in 1978. Malaysia General Insurance: Premium: Earned data remains active status in CEIC and is reported by Bank Negara Malaysia. The data is categorized under Global Database’s Malaysia – Table MY.Z024: Insurance Statistics: General Insurance.

Life Insurance: Business in Force: P: Ordinary Life: Others data was reported at 3,385.200 MYR mn in 2017. This records a decrease from the previous number of 3,492.400 MYR mn for 2016. Life Insurance: Business in Force: P: Ordinary Life: Others data is updated yearly, averaging 1,583.500 MYR mn from Dec 1989 (Median) to 2017, with 29 observations. The data reached an all-time high of 3,492.400 MYR mn in 2016 and a record low of 120.100 MYR mn in 1990. Life Insurance: Business in Force: P: Ordinary Life: Others data remains active status in CEIC and is reported by Bank Negara Malaysia. The data is categorized under Global Database’s Malaysia – Table MY.Z023: Insurance Statistics: Life Insurance.

In 2024, the total number of policies from new insurance business issued in Malaysia amounted to around **** million units, a decrease compared to the previous year. Since the share of the population with a life insurance is still relatively low, the insurance industry still has a high growth potential.

Malaysia General Insurance: RR: Medical Exp and Personal Accidents data was reported at 96.800 % in 2017. This records a decrease from the previous number of 97.400 % for 2016. Malaysia General Insurance: RR: Medical Exp and Personal Accidents data is updated yearly, averaging 95.500 % from Dec 1997 (Median) to 2017, with 21 observations. The data reached an all-time high of 97.700 % in 2008 and a record low of 91.000 % in 1997. Malaysia General Insurance: RR: Medical Exp and Personal Accidents data remains active status in CEIC and is reported by Bank Negara Malaysia. The data is categorized under Global Database’s Malaysia – Table MY.Z024: Insurance Statistics: General Insurance.

According to a survey on financial literacy conducted in Malaysia, as of September 2024, nearly half of the respondents said they owned a life insurance policy. Meanwhile, another ** percent of respondents said they did not own life insurance.

The incurred claims ratio of the marine, aviation, and transit (MAT) insurance sector in Malaysia in 2024 was at ***** percent, a sharp increase from ***** percent in the previous year. The claims ratio of the MAT insurance in the country has been fluctuating over the years.

Graph and download economic data for Insurance Company Assets to GDP for Malaysia (DDDI11MYA156NWDB) from 1990 to 2020 about Malaysia, companies, insurance, assets, and GDP.

In 2024, the total sums insured of new life insurance business in Malaysia amounted to around *** billion Malaysian ringgit, an increase compared to the previous year. Since the share of the population with a life insurance is still relatively low, the insurance industry in Malaysia still has a high growth potential.

In 2024, the total premium income of life insurance companies in Malaysia amounted to around **** billion Malaysian ringgit, an increase compared to the previous year. Since the share of the population with a life insurance is still relatively low, the insurance industry in Malaysia still has a high growth potential.

In 2024, the gross domestic product (GDP) from the insurance industry in Malaysia amounted to around ** billion Malaysian ringgit, an increase compared to the previous year. In general, the GDP contribution from insurance in the country has been increasing over the years.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Malaysia (DDDI10MYA156NWDB) from 1990 to 2019 about premium, Malaysia, life, insurance, and GDP.

Malaysia: Insurance company assets, percent of GDP: The latest value from 2020 is 22.22 percent, an increase from 19.42 percent in 2019. In comparison, the world average is 26.96 percent, based on data from 85 countries. Historically, the average for Malaysia from 1990 to 2020 is 18.22 percent. The minimum value, 7.43 percent, was reached in 1990 while the maximum of 22.22 percent was recorded in 2020.

Malaysia Insurance Premium Income data was reported at 48,678.200 MYR mn in 2016. This records an increase from the previous number of 46,978.300 MYR mn for 2015. Malaysia Insurance Premium Income data is updated yearly, averaging 11,374.400 MYR mn from Dec 1981 (Median) to 2016, with 36 observations. The data reached an all-time high of 48,678.200 MYR mn in 2016 and a record low of 1,129.700 MYR mn in 1981. Malaysia Insurance Premium Income data remains active status in CEIC and is reported by Bank Negara Malaysia. The data is categorized under Global Database’s Malaysia – Table MY.Z022: Insurance Statistics.

In 2021, the value of direct written premiums in the general insurance industry in Malaysia amounted to ***** billion Malaysian ringgit, an increase compared to ***** billion Malaysian ringgit in the previous year. It was forecast that the value of direct written premiums in the Malaysian general insurance industry will increase to more than ** billion Malaysian ringgit by 2026.

In 2024, the value of net premiums of personal accident insurance in Malaysia amounted to around **** billion Malaysian ringgit, an increase from around **** billion Malaysian ringgit in the previous year. The net premiums of personal accident insurance in the country has been fluctuating over the past decade.

In 2024, the total premiums of new life insurance business in Malaysia amounted to approximately ***** billion Malaysian ringgit, an increase from around ***** billion Malaysian ringgit in 2023. Since the share of the population with a life insurance is still relatively low, the insurance industry in Malaysia still has a high growth potential.

Forecast: Net Claims Paid by General Insurance in Malaysia 2024 - 2028 Discover more data with ReportLinker!