Malaysia's insurance sector sees quick recovery until 2030

The sector dodges contraction with a measly 0.9% premium growth this year.

The Malaysian insurance sector is set to quickly recover from the pandemic with a projected growth of 5.8% annually over the next decade, according to an Allianz Global Insurance Report.

The sector grew 4.9% in 2019 with life insurance premiums surging 7.4%. This year, Malaysia is one of the markets appearing to avoid contraction even if premiums are only expected to grow 0.9%.

On the bright side, the sector will recover by 7% in 2021 with expected steady growth until 2030.

Malaysia has one of the most developed insurance markets in the Asia Pacific with premiums per capita standing at $409.62 (EUR363) in 2019 and a 3.5% penetration rate. Asia, in general, will remain gloomy for the rest of 2020 with an expected decline in premium income by 0.7%, but long-term prospects look brighter with an average annual growth rate of 8.1% until 2030.

Photo courtesy of Pexels.com.

Also Read

Nan Shan Life to maintain improved capital and earnings through 2026

Cyberattacks cost Australian businesses $71,600 on average

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit