Manulife survey reveals high insurance penetration in Malaysia

4 in 5 Malaysians own insurance.

Insurance penetration in Malaysia is high with around four in five owning insurance and around 70% of those are planning to buy more in the next 12 months, according to Manulife Malaysia.

The majority of those planning to buy more insurance are millennials, consisting of 78% in total. Most Malaysian respondents who regard insurance (75%) and retirement planning (75%) as important since the start of COVID-19 are millennials.

Most popular policies for Malaysians are hospitalisation and accident insurance (44%) life insurance (42%), health Insurance, and critical illness insurance (35% each). Meanwhile, 26% of new and additional insurance purchases tend to centre on accident and hospitalisation, 25% on critical illness, 24% on life and 23% on health.

Meanwhile, seven out of 10 Malaysians have said that what prevents them from purchasing insurance is lack of affordable insurance products whilst 31% said they find the products too complicated to understand. Manulife Malaysia said that ideally, Malaysians tend to look for simple insurance products that can be quickly purchased online.

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