Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2017

Timetric
October 17, 2013
229 Pages - SKU: TMTR5140694
Countries covered: Malaysia



Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2017

Synopsis

The report provides in depth market analysis, information and insights into the Malaysian personal accident and health insurance segment, including:
  • The Malaysian personal accident and health insurance segment’s growth prospects by insurance categories
  • Key trends and drivers for the personal accident and health insurance segment
  • The various distribution channels in the Malaysian personal accident and health insurance segment
  • The detailed competitive landscape in the personal accident and health insurance segment in Malaysia
  • The detailed regulatory framework of the Malaysian insurance industry
  • A description of the personal accident and health reinsurance segment in Malaysia
  • Porter's Five Forces Analysis of the personal accident and health insurance segment
Summary

The Malaysian personal accident and health insurance segment accounted for a 5.4% share of the insurance industry’s written premiums in 2012, the lowest share of all the segments. Rising levels of healthcare expenditure, increasing employment rates and industrial growth drove growth in the segment during the review period (2008–2012). The value of the segment increased from MYR1.4 billion (US$0.41 billion) in 2008 to MYR2.0 billion (US$0.66 billion) in 2012, at a compound annual growth rate (CAGR) of 10.1%. The Malaysian healthcare system comprises public and private healthcare services and the aging population is expected to drive the segment over the forecast period, due to an increase in demand for cover.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Malaysia:
  • It provides historical values for Malaysia's personal accident and health insurance segment for the report’s 2008–2012 review period, and forecast figures for the 2012–2017 forecast period
  • It offers a detailed analysis of the key categories in Malaysia's personal accident and health insurance segment, along with market forecasts until 2017
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
  • It analyses the various distribution channels for personal accident and health insurance products in Malaysia
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Malaysia for the personal accident and health insurance segment
  • It provides a detailed analysis of the reinsurance segment in Malaysia and its growth prospects
  • It profiles the top personal accident and health 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 personal accident and health insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Malaysian personal accident and health insurance segment
  • Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Malaysian insurance segment and its impact on companies and the market's future
Key Highlights
  • The personal accident and health segment accounted for 5.4% of the industry’s written premium in 2012, and recorded a review-period CAGR of 10.1%
  • Rising consumer healthcare expenditure and limitations of public healthcare system will provide new areas of growth
  • Malaysia’s stable macroeconomic environment is expected to drive growth in the personal accident and health segment over the forecast period
  • The insurance industry of Malaysia is supervised and regulated by the Central Bank of Malaysia (BNM), under the supervision of the Ministry of Finance and according to the rules and regulations stipulated in the Insurance Act 1996
  • The personal accident and health segment is moderately concentrated, with the 10 leading insurers collectively accounting for 66.3% of premiums in 2012


Additional Information

Executive Summary

The Malaysian personal accident and health insurance segment accounted for a 5.4% share of the insurance industry’s written premiums in 2012, the lowest share of all the segments. Rising levels of healthcare expenditure, increasing employment rates and industrial growth drove growth in the segment during the review period (2008–2012). The value of the segment increased from MYR1.4 billion (US$0.41 billion) in 2008 to MYR2.0 billion (US$0.66 billion) in 2012, at a compound annual growth rate (CAGR) of 10.1%. The Malaysian healthcare system comprises public and private healthcare services and the aging population is expected to drive the segment over the forecast period, due to an increase in demand for cover.

The personal accident and health segment is moderately concentrated, with the 10 leading insurers collectively accounting for 66.3% of premiums in 2012. The costs associated with private healthcare exclude participation from lower income demographics. However, with industrial growth, positive employment opportunities and rising GDP, the nation’s middle class population is expected to increase over the forecast period and drive growth in the personal accident and health segment.

Rising consumer healthcare expenditure and limitations of public healthcare system will provide new areas of growth

Changing lifestyle patterns and an increase in the prevalence of a number of common diseases led to a rise in consumer expenditure on private health insurance during the review period, with an increasing proportion of the country’s population opting for voluntary medical policies, some of which are provided by employers. The main reason behind the rise in healthcare expenditure can be attributed to the fact that consumers are inclined to avail private healthcare in order to receive a better quality service. Private healthcare is therefore gaining in popularity, despite the guarantee of care under the government’s public healthcare system.

The government’s healthcare initiatives ensure health insurance for the foreign working population. However, the insufficient number of public healthcare centers and technological limitations encourage foreign workers to purchase private health insurance. Overall, healthcare expenditure per capita increased from US$306.4 in 2008 to US$346.0 in 2011, at a CAGR of 4.1%

Rising life expectancy and aging population will drive growth

Increasing life expectancy was a key driver of growth in the personal accident and health segment during the review period. Life expectancy is used to calculate the premium to be paid by policyholders when purchasing a life and personal accident and health insurance policy. According to World Bank data, in 1960, the average life expectancy of a Malaysian male was 59.4 years, and for females it was 60.3 years. In 2011, this figure reached 72.1 years for men and 76.5 years for women. Life expectancy is expected to increase further by the end of the forecast period. This trend indicates a need for insurers to provide medical plans to cover policyholders beyond the current life expectancy, which will contribute towards the growth of the personal accident and health segment.

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