SINGAPORE, Dec 18 (Bernama) -- AM Best is maintaining a stable outlook on Malaysia’s non-life insurance segment, citing sustained underwriting and pricing discipline, along with expected premium growth backed by regulatory reforms designed to increase insurance penetration.
The Best’s Market Segment Report, “Market Segment Outlook: Malaysia Non-Life Insurance,” states that the non-life sector is poised for significant growth, underpinned by economic recovery, rate hikes due to high inflation and rising claims and growing demand for digital insurance and takaful products. Additionally, Malaysia’s central bank and lead regulator has implemented various initiatives to improve non-life insurance penetration, which remains in the low single digits. Plans for 2026 include achieving an insurance/takaful penetration rate of 4.8-5.0% and doubling the number of individuals covered by microinsurance or microtakaful. The report notes that growth in general takaful contributions has consistently outpaced that of conventional insurance in recent years, a trend expected to continue over the medium term.
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