Malaysia Insurance Report Q2 2016
BMI View: In both the non-life and the life segments, world class insurers are leveraging strengths such asbrand, access to capital, multi-channel distribution, ability to innovate and, in some cases, Takafulofferings. The single digit growth rates that we envisage for gross written premiums, both in 2016 andthrough the remainder of the forecast period, obscure the opportunities in a fairly dynamic insurancemarket.
Latest Updates And Forecasts
We look for growth in gross life insurance premiums to slow over the course of the forecast period fromnearly 5% in 2015 to just below 4% in 2020. Other metrics, such as the strong rises in new businesspremiums and value of new business (VONB) for many of the leading companies over the course of2015, provide a better indication of the opportunities. Life insurance is well established as a conduit fororganised savings among those households who understand it and value it: many of them are movingfrom contributing premiums to drawing down benefits. Nevertheless, the world class life insurers whodominate the segment are leveraging their various strengths to reach first time customers.
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