SINGAPORE, Aug 2 (Bernama-BUSINESS WIRE) — AM Best has assigned a stable market segment outlook to Malaysia’s non-life insurance industry, based on the sector’s underwriting discipline and robust pricing, as well as increased use of digital solutions to enhance data and pricing capabilities, claims automation, product innovation and distribution.
In its Best’s Market Segment Report, “Market Segment Outlook: Malaysia Non-Life Insurance,” AM Best states the economic fallout from COVID-19 is expected to remain a key challenge for the Southeast Asian country’s non-life segment for at least the near term. A slight contraction in non-life insurance premiums was offset partially by growth in health insurance, as the pandemic boosted demand and raised awareness for health and medical products. Looking ahead, AM Best expects the health line of business to remain an important driver of the non-life industry’s growth.
