Boston, MA -- (ReleaseWire) -- 03/12/2014 -- As of early 2014, Malaysia remains an insurance market that stands out for the innovation of the major insurance companies that are present. This has ensured continued growth in face of frequently challenging competitive conditions. Consolidation in the non-life segment will likely continue.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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As of early 2014, the insurance sector of Malaysia continues to appear unexciting relative to others in South East Asia. By most metrics, it is growing at single-digit rates. In the non-life segment, a fragmented competitive landscape has, in the past, resulted in brutal price competition which, in turn, has served to constrain the development of non-life penetration. In the life segment, a fairly large number of multinational players that are quite evenly matched in terms of their overall strengths have also contained pricing power. There has been significant deal-making in the non-life segment and - with AIA's October 2012 purchase of the Malaysian operations of ING - in the life segment also. However, further consolidation is likely.
Nevertheless, there are many causes for optimism. Takaful is well developed, and accounts for around 15% of overall premiums. There has been a wave of launches of innovative products, which are carefully designed to meet the needs of Malaysian households and businesses. The insurers have been investing heavily to boost the productivity of (often enlarged) agency networks. Bancassurance relationships are being leveraged. The government's Private Retirement Scheme (PRS) will provide new opportunities.
Key BMI Forecasts:
- In 2014, total premiums should grow by 8.8% to US$17.7bn.
- Life premiums should rise by 8.8% to US$12.1bn.
- Non-life premiums are likely to increase by 8.9% to US$5.6bn.
- Within this sub-total, motor vehicle insurance premiums should grow by 9.5% to US$2.7bn.
- Property insurance premiums should increase by 6.4% to US$0.9bn in 2014.
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