Market Report, "Malaysia Insurance Report Q2 2016", published
New Financial Services market report from Business Monitor International: "Malaysia Insurance Report Q2 2016"
[ClickPress, Fri Mar 04 2016] In both the non-life and the life segments, world class insurers are leveraging strengths such as brand, access to capital, multi-channel distribution, ability to innovate and, in some cases, Takaful offerings. The single digit growth rates that we envisage for gross written premiums, both in 2016 and through the remainder of the forecast period, obscure the opportunities in a fairly dynamic insurance market.
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We look for growth in gross life insurance premiums to slow over the course of the forecast period from nearly 5% in 2015 to just below 4% in 2020. Other metrics, such as the strong rises in new business premiums and value of new business (VONB) for many of the leading companies over the course of 2015, provide a better indication of the opportunities. Life insurance is well established as a conduit for organised savings among those households who understand it and value it: many of them are moving from contributing premiums to drawing down benefits. Nevertheless, the world class life insurers who dominate the segment are leveraging their various strengths to reach first time customers.
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Even by the standards of South East and East Asia, Malaysia remains one of the most dynamic life insurance markets globally. Unsurprisingly, the majors all see the country as a key part of their global/regional footprint. Family Takaful remains a relatively fast growing part of the market.
Premium growth in the non-life segment is also set to decelerate. In the short term, the sluggishness of the economy remains a challenge. Over the medium term, the main constraint on the expansion of premiums will likely remain price competition in the important motor vehicle insurance sub-sector, which accounts for around 46% of non-life premiums. Transport insurance premiums should benefit from the growth in regional trade. Health insurance premiums will likely rise because of the continuing increase in healthcare costs. Personal accident insurance is expanding thanks to sales to new users. General Takaful is, and will likely remain, something of a growth hotspot.
The Malaysia Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Malaysia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Malaysian insurance industry.
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