SINGAPORE, Aug 4 (Bernama-BUSINESS WIRE) — AM Best is maintaining a stable market segment outlook on the Malaysian non-life insurance industry due to its underwriting discipline and the market’s recovery following the economic fallout from COVID-19.
The Best’s Market Segment Report, “Market Segment Outlook: Malaysia Non-Life Insurance,” states that non-life gross written premium rose by 4.0% to MYR 21.97 billion (USD 4.95 billion) in 2021, 44% of which was driven by the general takaful segment. The increase follows a contraction in non-life premiums in 2020 and was driven by a recovery in most lines of business, especially fire, engineering and the growing motor takaful segment. Over the near to medium term, AM Best expects the segment’s growth to be supported by the country’s economic recovery and increased insurance penetration. Whilst economic growth has rebounded with the lifting of prolonged COVID-19-related social and business restrictions, the increased adoption of digitalisation has improved the ease of policy subscriptions and is helping to raise insurance penetration.
