Malaysian insurance market: 8.4% annual growth in 2026

According to GlobalData, the turnover of the Malaysian insurance sector is expected to increase by 8.4% to reach 109.6 billion MYR (26.7 billion USD) in 2026 against 73.1 billion MYR (17.6 billion USD) in 2021.

The market is dominated by life and pension insurance with a 75.8% market share in 2021 against 24.2% for the non-life class of business.

The average annual growth rate for the period 2021-2026 is estimated at 9.5% for the life and pension activity and at 4.8% for the non-life class of business.

The P&C market growth is expected to be mainly driven by the evolution of motor premiums.