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Top-tier Commercial Property Insurance Brokers – Malaysia Life Insurance and Annuity Market Size and Share Analysis – Growth Trends and Forecasts (2024 – 2029)

The report covers the Malaysian life insurance market share and is segmented by product type (conventional, investment-linked and annuity), by user type (individual and group) and by distribution channel (direct, brokers, banks, online and other distribution channels). The market size and forecasts for the Malaysia life insurance and annuity market are provided in terms of volume (number of products) and value (USD million) for all the above segments.

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The Malaysian life and annuity insurance market size in terms of premium value is expected to grow from USD 9.60 billion in 2024 to USD 11.89 billion by 2029, at a CAGR of 4.37% in forecast period (2024-2029).

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Even though the pandemic has made business difficult, the life insurance industry as a whole fared better in the fiscal year that ended in December 2021, with double-digit growth of 12.4% over 2020.

The industry recorded total new business premiums of 12.8 billion lei, up from 11.4 billion lei in 2020, while the amount secured by new business increased by 5.4% from 437.2 billion lei in 2020 to 461.1 billion lei in 2021. New policies issued in 2021.9 million, an increase of 53.5% from 1.2 million policies in 2020. This was made possible by the introduction of the Perlindungan TenangVoucher program ( PTV) in September 2021.

Total premiums in force increased by 8% from RM43.4 billion in 2020 to RM46.8 billion in 2021. Sum assured in force increased by 5.6% to RM1,779.5 billion in 2021, compared to RM 1,685 billion. in 2020, while the total number of policies in force saw a modest increase of 4.1% from 12.8 million policies in 2020 to 13.4 million policies in 2021.

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The formation of the Professional Standards Committee (PSC) in August 2021 to take over the functions of the former Financial Services Professional Board (FSPB) (which ceased operations in December 2020) is a significant development in the pursuit of the industry’s agenda to uphold professional ethics. standards of life insurance companies in Malaysia.

Malaysia Life and Annuity Insurance Market Trends Malaysia’s life insurance segment is dominated by endowment and unit-linked products

The life insurance segment in Malaysia is dominated by endowment and unit-linked products, driven by the better returns of these products compared to bank deposits. To strengthen the popularity of these products and increase sales, many insurers offer attractive add-ons that include guaranteed annual cash payments, higher returns on maturity and a higher sum assured in case of accidental death.

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Total new business premiums recorded a double-digit growth of 12.4% from RM11.4 billion in 2020 to RM12.8 billion in 2021. The increase was driven by the strong recovery in investment-related policies, which grew 31.2% to RM6.6 billion in 2021. Group policies saw a moderate 7.7% increase in total new business premiums to RM4.1 billion in 2021, while which traditional policies saw a decrease of 17.3%.

Companies all over the world have huge investments in this market segment. In Malaysia, the life insurance and annuity market has many companies fragmented into small shares. Allianz Malaysia Berhad, AmMetLife, Axa, Etiqa Life Insurance Berhad, Sun Life Malaysia, Zurich Life Insurance and Prudential Assurance Malaysia are among the cyber insurance companies.

The adoption of technological platforms and upgrading to new technologies lead to an increase in the income of insurance companies. Innovation and technological advancement are taking off as COVID-19 and urbanization hit the general population, leading to the adoption of life insurance to mitigate risk.

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Life and annuity insurance refers to a financial product that presents a predetermined periodic payment amount until the death of the annuity owner or annuitant.

Life and annuity insurance is one of the most in-demand products as people embrace digitization. The Malaysia life insurance and annuity market is segmented by product type (conventional, investment-linked and annuity), by user type (individual and group) and by distribution channel (direct, brokers, banks, online and other distribution channels) . The report provides the market size and forecasts for the Malaysia life insurance and annuity market in terms of volume (number of products) and value (USD million) for all the above segments.

The Malaysia life insurance and annuity market size is expected to reach USD 9.60 billion in 2024 and grow at a CAGR of 4.37% to reach USD 11.89 billion by 2029.

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Allianz life insurance malaysia berhad, Ammetlife insurance berhad, AXA Affin life insurance berhad, Etiqa Life Insurance Berhad and Sun life malaysia assurance berhad are the major companies operating in the life insurance and annuity market in Malaysia.

What years does this Malaysia Life Insurance and Annuity market cover and what was the market size in 2023?

In 2023, the size of the life insurance and annuity market in Malaysia was estimated to be USD 9.20 billion. The report covers the historical market size of the Malaysia Life and Annuity Insurance market for the years: 2020, 2021, 2022 and 2023. The report also forecasts the Malaysia Life and Annuity Insurance market size for the years: 2024, 2025 , 2026, 2027 and 2028, 2029. .

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Malaysia market share, size and revenue growth rate to 2024 statistics created by Mordor Intelligence™ Industry Reports. The Malaysia Life & Annuity Insurance analysis includes a market forecast to 2029 and a historical overview. Get a sample of this industry analysis as a free PDF downloadable report.

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