Life Insurance in Malaysia, Key Trends and Opportunities to 2020

Published: Jan, 2017 | Pages: 125 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'Life Insurance in Malaysia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Malaysian life insurance segment, and a comparison of the Malaysian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Malaysian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Synopsis

Timetric’s 'Life Insurance in Malaysia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Malaysian life insurance segment, including:

• An overview of the Malaysian life insurance segment

• The Malaysian life insurance segment’s growth prospects by category

• A comprehensive overview of the Malaysian economy and demographics

• A comparison of the Malaysian life insurance segment with its regional counterparts

• The various distribution channels in the Malaysian life insurance segment

• Details of the competitive landscape in the life insurance segment in Malaysia

• Details of regulatory policy applicable to the Malaysian insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Malaysia:

• It provides historical values for the Malaysian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Malaysian life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Malaysian life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Malaysia.

• It profiles the top life insurance companies in Malaysia and outlines the key regulations affecting them.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Malaysian life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Malaysian life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Malaysian insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The Malaysian life insurance segment registered a review-period CAGR of 6.5%.

• The individual life insurance category dominated the segment during the review period and accounted for 91.1% of the life direct written premium.

• Agencies and bancassurance collectively accounted for 89.6% of the segment’s new business written premium in 2015, while brokers accounted for the remaining 10.4%. 

• The life segment is highly concentrated, with the 10 leading companies collectively accounting for 77.5% of the segment’s gross written premium in 2015.

 Table of Content

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Sum assured
4.2.5 Assets and investments

5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Policies sold
5.2.3 Penetration

6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel

7 Competitive Landscape
7.1 Company Profiles
7.1.1 AIA Bhd – company overview
7.1.2 Great Eastern Life Assurance (Malaysia) Bhd – company overview
7.1.3 Prudential Assurance Malaysia Bhd – company overview
7.1.4 Hong Leong Assurance Bhd – company overview
7.1.5 Allianz Life Insurance Malaysia Bhd – company overview

8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Travel insurance
8.4.3 Workmen’s compensation insurance
8.4.4 Insurance against liability for oil pollution
8.4.5 Foreign workers’ health insurance
8.4.6 Professional indemnity insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Central Bank of Malaysia or Bank Negara Malaysia
8.5.3 General Insurance Association of Malaysia
8.5.4 Life Insurance Association of Malaysia (LIAM)
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)

9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Group Life Insurance by Product
9.11 Individual Life – Single vs. Non-Single Premium
9.12 Group Life – Single vs. Non-Single Premium
9.13 Linked vs. Non-Linked Policies

10 Definitions and Methodology
10.1 Definitions
10.2 Methodology

11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

List of Tables

Table 1: Malaysian Life Insurance – Key Facts, 2015
Table 2: Malaysian Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Malaysian Government Credit Ratings
Table 4: Malaysian Life Insurance – Gross Written Premium (MYR Billion and US$ Billion), 2011–2015
Table 5: Malaysian Life Insurance – Penetration (%), 2011–2015
Table 6: Malaysian Life Insurance – Gross Written Premium (MYR Billion and US$ Billion), 2015–2020
Table 7: Malaysian Life Insurance – Penetration (%), 2015–2020
Table 8: Malaysian Life Insurance – New Business Direct Written Premium (MYR Billion and US$ Billion), 2011–2015
Table 9: Malaysian Life Insurance – New Business Direct Written Premium (MYR Billion and US$ Billion), 2015–2020
Table 10: Malaysian Life Insurance – Premium per Capita (MYR and US$), 2011–2015
Table 11: Malaysian Life Insurance – Premium per Capita (MYR and US$), 2015–2020
Table 12: Malaysian Life Insurance – Number of Policies Sold (Million), 2011–2015
Table 13: Malaysian Life Insurance – Number of Policies Sold (Million), 2015–2020
Table 14: Malaysian Life Insurance – Paid Claims (MYR Billion and US$ Billion), 2011–2015
Table 15: Malaysian Life Insurance – Paid Claims (MYR Billion and US$ Billion), 2015–2020
Table 16: Malaysian Life Insurance – Sum Assured (MYR Trillion and US$ Billion), 2011–2015
Table 17: Malaysian Life Insurance – Sum Assured (MYR Trillion and US$ Billion), 2015–2020
Table 18: Malaysian Life Insurance – Total Assets (MYR Billion and US$ Billion), 2011–2015
Table 19: Malaysian Life Insurance – Total Assets (MYR Billion and US$ Billion), 2015–2020
Table 20: Malaysian Life Insurance – Total Investment Income (MYR Billion and US$ Billion), 2011–2015
Table 21: Malaysian Life Insurance – Total Investment Income (MYR Billion and US$ Billion), 2015–2020
Table 22: Malaysian Life Insurance – Investment Portfolio (MYR Billion), 2011–2015
Table 23: Malaysian Life Insurance – Investment Portfolio (MYR Billion), 2015–2020
Table 24: Malaysian Life Insurance – Direct Written Premium by Sub-Segment (MYR Billion),2011–2015
Table 25: Malaysian Life Insurance – Direct Written Premium by Sub-Segment (MYR Billion), 2015–2020
Table 26: Malaysian Individual Life Insurance – Direct Written Premium by Category (MYR Million), 2011–2015
Table 27: Malaysian Individual Life Insurance – Direct Written Premium by Category (MYR Million), 2015–2020
Table 28: Malaysian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2015
Table 29: Malaysian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2015–2020
Table 30: Malaysian Group Life Insurance – Direct Written Premium by Category (MYR Billion), 2011–2015
Table 31: Malaysian Group Life Insurance – Direct Written Premium by Category (MYR Billion), 2015–2020
Table 32: Malaysian Group Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2015
Table 33: Malaysian Group Life Insurance – Number of Policies Sold by Category (Thousand), 2015–2020
Table 34: Malaysian Life Insurance – New Business Direct Written Premium by Distribution Channel (MYR Billion), 2011–2015
Table 35: Malaysian Life Insurance – New Business Direct Written Premium by Distribution Channel (MYR Billion), 2015–2020
Table 36: Malaysian Life Insurance – Percentage of New Business Direct Written Premium, by Distribution Channel, 2011–2020
Table 37: Malaysian Life Insurance – Segment Shares of the Leading Insurers (%), 2015
Table 38: AIA Bhd – Key Facts
Table 39: AIA Bhd – Key Financials (MYR Million), 2011–2015
Table 40: Great Eastern Life Assurance (Malaysia) Bhd – Key Facts
Table 41: Great Eastern Life Assurance (Malaysia) Bhd – Key Financials (MYR Million), 2011–2015
Table 42: Prudential Assurance Malaysia Bhd – Key Facts
Table 43: Prudential Assurance Malaysia Bhd – Key Financials (MYR Million), 2011–2015
Table 44: Hong Leong Assurance Bhd – Key Facts
Table 45: Hong Leong Assurance Bhd – Key Financials (MYR Million), 2011–2015
Table 46: Allianz Life Insurance Malaysia Bhd – Key Facts
Table 47: Allianz Life Insurance Malaysia Bhd – Key Financials (MYR Million), 2011–2015
Table 48: Malaysia – Insurance Regulatory Framework Key Features
Table 49: Malaysia – Life Insurance Regulatory Framework
Table 50: Malaysia – Property Insurance Regulatory Framework
Table 51: Malaysia – Fire Insurance: Perils and Premium Rate
Table 52: Malaysia – Premium Loading on Basic Rate
Table 53: Malaysia – Short Period Insurance Premium Rates
Table 54: Malaysia – Motor Insurance Regulatory Framework
Table 55: Malaysia – Motor Insurance Rating Tariff
Table 56: Malaysia – Liability Insurance Regulatory Framework
Table 57: Malaysia – Corporate Tax Rates for the Financial Year 2016
Table 58: Malaysian Life Insurance – Policies and Premium, 2011–2015
Table 59: Malaysian Life Insurance – Policies and Premium, 2015–2020
Table 60: Malaysian Life Insurance – Claims and Expenses, 2011–2015
Table 61: Malaysian Life Insurance – Claims and Expenses, 2015–2020
Table 62: Malaysian Life Insurance – Assets and Investments, 2011–2015
Table 63: Malaysian Life Insurance – Assets and Investments, 2015–2020
Table 64: Malaysian Life Insurance – Direct Marketing and E-Commerce, 2011–2015
Table 65: Malaysian Life Insurance – Direct Marketing and E-Commerce, 2015–2020
Table 66: Malaysian Life Insurance – Insurance Brokers and Agencies, 2011–2015
Table 67: Malaysian Life Insurance – Insurance Brokers and Agencies, 2015–2020
Table 68: Malaysian Life Insurance – Bancassurance, 2011–2015
Table 69: Malaysian Life Insurance – Bancassurance, 2015–2020
Table 70: Malaysian Life Insurance – Individual Life Insurance, 2011–2015
Table 71: Malaysian Life Insurance – Individual Life Insurance, 2015–2020
Table 72: Malaysian Life Insurance – Individual Life Insurance by Product, 2011–2015
Table 73: Malaysian Life Insurance – Individual Life Insurance by Product, 2015–2020
Table 74: Malaysian Life Insurance – Group Life Insurance, 2011–2015
Table 75: Malaysian Life Insurance – Group Life Insurance, 2015–2020
Table 76: Malaysian Life Insurance – Group Life Insurance by Product, 2011–2015
Table 77: Malaysian Life Insurance – Group Life Insurance by Product, 2015–2020
Table 78: Malaysian Life Insurance – Individual Life Insurance by Premium, 2011–2015
Table 79: Malaysian Life Insurance – Individual Life Insurance by Premium, 2015–2020
Table 80: Malaysian Life Insurance – Group Life Insurance by Premium, 2011–2015
Table 81: Malaysian Life Insurance – Group Life Insurance by Premium, 2015–2020
Table 82: Malaysian Life Insurance – Linked vs. Non-Linked Policies, 2011–2015
Table 83: Malaysian Life Insurance – Linked vs. Non-Linked Policies, 2015–2020
Table 84: Insurance Industry Definitions

List of Figures

Figure 1: Malaysian Real GDP (MYR Billion), 2011–2020
Figure 2: Malaysian MYR –US$ Exchange Rate, 2011–2020
Figure 3: Malaysian Consumer Price Inflation (%), 2011–2020
Figure 4: Malaysian Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 5: Malaysian Unemployment Rate (%), 2011–2020
Figure 6: Malaysian Population by Age Group, 1991–2025
Figure 7: Malaysian Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Malaysian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: Malaysian Life Insurance – Gross Written Premium (MYR Billion), 2011–2020
Figure 10: Malaysian Life Insurance – Penetration (%), 2011–2020
Figure 11: Malaysian Life Insurance – New Business Direct Written Premium (MYR Billion), 2011–2020
Figure 12: Malaysian Life Insurance – Premium per Capita (MYR), 2011–2020
Figure 13: Malaysian Life Insurance – Number of Policies Sold (Million), 2011–2020
Figure 14: Malaysian Life Insurance – Paid Claims (MYR Billion), 2011–2020
Figure 15: Malaysian Life Insurance – Sum Assured (MYR Trillion), 2011–2020
Figure 16: Malaysian Life Insurance – Total Assets (MYR Billion), 2011–2020
Figure 17: Malaysian Life Insurance – Total Investment Income (MYR Billion), 2011–2020
Figure 18: Malaysian Life Insurance – Investment Portfolio (MYR Billion), 2011–2020
Figure 19: Malaysian Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 20: Malaysian Life Insurance – Direct Written Premium by Sub-Segment (MYR Billion), 2011–2020
Figure 21: Malaysian Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020
Figure 22: Malaysian Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020
Figure 23: Malaysian Individual Life Insurance – Direct Written Premium by Category (MYR Billion), 2011–2020
Figure 24: Malaysian Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020
Figure 25: Malaysian Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 26: Malaysian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2020
Figure 27: Malaysian Individual Life Insurance – Penetration (%), 2011–2015
Figure 28: Malaysian Individual Life Insurance – Penetration (%), 2015–2020
Figure 29: Malaysian Group Life Insurance – Direct Written Premium by Category (MYR Billion), 2011–2020
Figure 30: Malaysian Group Life Insurance – Direct Written Premium Share by Category (MYR Billion), 2011–2020
Figure 31: Malaysian Group Life Insurance – Direct Written Premium Dynamics by Category (MYR Billion), 2011–2020
Figure 32: Malaysian Group Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2020
Figure 33: Malaysian Group Life Insurance – Penetration (%), 2011–2015
Figure 34: Malaysian Group Life Insurance – Penetration (%), 2015–2020
Figure 35: Malaysian Life Insurance – New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 36: Malaysian Life Insurance – Segment Shares of the Leading Insurers (%), 2015
Figure 37: Malaysia – Insurance Supervision and Control at Various Levels
Figure 38: Malaysia – Insurance Regulatory Frameworks for Company Registration and Operation