The Malaysian insurance market

Photo credit: US Gov / CIA World Factbook

Insurance market features

Regulatory authority: Bank Negara Malaysia Insurance Regulation Department
Premiums (2005): 6.23 billion USD
Insurance density (2005): 233 USD
Penetration rate (2005) : 4.8%

Market structure in 2005

Actors	Number
Insurance companies	42
- life	7
- non life	26
- composite	9
Reinsurance companies	7

Identity

Area: 329 750 Km²
Population (2005): 26 700 000 inhabitants
GDP (2005): 130 billion USD
GDP per capita (2005):
4 869 USD
GDP growth rate (2005): 5.3 %
Inflation rate (2005): 2.9 %
Main economic sectors: rubber, palm oil, light manufacturing industry, tin mining and smelting, petroleum production, cocoa, rice, timber

Main cities

(in number of inhabitants)

Kuala Lumpur (capital):
4 000 000
Johor Bahru: 1 100 000
Labuan: 75 000

Turnover evolution: 2002-2005

in millions USD

Premiums	2002	2003	2004	2005	2004/2005 growth rate
Non life	1 585.7	1 698.7	1 822.5	1 997.4	+7.19%
Life	2 852.1	3 265.0	3 990.2	4 233.3
Total	4 437.7	4 963.7	5 812.7	6 230.7

Premiums split by class of business: 2004-2005

in millions USD

	2004	%	2005	%
Non life
Motor	1 037.8	17.9%	1 173.6	18.8%
Fire	302.2	5.2%	321.0	5.1%
Accident & health	215.7	3.7%	229.6	3.7%
Marine	85.3	1.5%	91.0	1.5%
Miscellaneous	88.2	1.5%	90.4	1.5%
Engineering	57.5	1.0%	54.0	0.9%
GTPL	35.8	0.6%	37.8	0.6%
Non life total	1 822.5	31.4%	1 997.4	32.1%
Life
Life total	3 990.2	68.6%	4 233.3	67.9%
Grand total	5 812.7	100.0%	6 230.7	100.0%

Premiums split by class of business in 2005

Non–life loss ratio: 2002-2005

Exchange rate USD/MYR as at 31/12	2002	2003	2004	2005
Exchange rate USD/MYR as at 31/12	3.798	3.79	3.792	3.782

Source: Bank Negara Malaysia (2005)

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Wed, 15/05/2013 - 11:50

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