The Malaysian insurance market
Insurance market features
- Regulatory authority: Bank Negara Malaysia Insurance Regulation Department
- Premiums (2005): 6.23 billion USD
- Insurance density (2005): 233 USD
- Penetration rate (2005) : 4.8%
Market structure in 2005
Actors | Number |
|---|---|
Insurance companies | 42 |
- life | 7 |
- non life | 26 |
- composite | 9 |
Reinsurance companies | 7 |
Identity
- Area: 329 750 Km2
- Population (2005): 26 700 000 inhabitants
- GDP (2005): 130 billion USD
- GDP per capita (2005):
4 869 USD - GDP growth rate (2005): 5.3 %
- Inflation rate (2005): 2.9 %
- Main economic sectors: rubber, palm oil, light manufacturing industry, tin mining and smelting, petroleum production, cocoa, rice, timber
Main cities
(in number of inhabitants)
- Kuala Lumpur (capital):
4 000 000 - Johor Bahru: 1 100 000
- Labuan: 75 000
Turnover evolution: 2002-2005
in millions USD| Premiums | 2002 | 2003 | 2004 | 2005 | 2004/2005 growth rate |
|---|---|---|---|---|---|
Non life | 1 585.7 | 1 698.7 | 1 822.5 | 1 997.4 | +7.19% |
Life | 2 852.1 | 3 265.0 | 3 990.2 | 4 233.3 | |
Total | 4 437.7 | 4 963.7 | 5 812.7 | 6 230.7 |
Premiums split by class of business: 2004-2005
in millions USD| 2004 | % | 2005 | % | |
|---|---|---|---|---|
| Non life | ||||
Motor | 1 037.8 | 17.9% | 1 173.6 | 18.8% |
Fire | 302.2 | 5.2% | 321.0 | 5.1% |
Accident & health | 215.7 | 3.7% | 229.6 | 3.7% |
Marine | 85.3 | 1.5% | 91.0 | 1.5% |
Miscellaneous | 88.2 | 1.5% | 90.4 | 1.5% |
Engineering | 57.5 | 1.0% | 54.0 | 0.9% |
GTPL | 35.8 | 0.6% | 37.8 | 0.6% |
Non life total | 1 822.5 | 31.4% | 1 997.4 | 32.1% |
| Life | ||||
Life total | 3 990.2 | 68.6% | 4 233.3 | 67.9% |
Grand total | 5 812.7 | 100.0% | 6 230.7 | 100.0% |
Premiums split by class of business in 2005
Non–life loss ratio: 2002-2005
Exchange rate USD/MYR as at 31/12 | 2002 | 2003 | 2004 | 2005 |
3.798 | 3.79 | 3.792 | 3.782 |
Source: Bank Negara Malaysia (2005)
