Malaysia Online Insurance Industry is expected to grow by Increase in Internet Penetration, Government support Along with Low Cost of Infrastructure: Ken Research
GURUGRAM, India, Dec. 14, 2022 /PRNewswire/ -- Malaysians are embracing digital channels for their insurance needs. The market is currently in growth stage, with increasing adoption driven by a wide network of agents, insurance aggregators, financial advisors and online websites. Malaysia Online Insurance market ecosystem constitutes of entities such as Insurance Companies (Offline & Online), Online Aggregators, and two regulatory bodies.
- During Covid pandemic, there has been a significant increase in online insurance users due to peoples' preference for avoiding physical contact and demand for health insurance.
- Government has provided support towards the online insurance industry by creating multiple agencies and regulatory bodies overseeing and assisting the operations of insurance players.
- Mining social media data improves risk assessment for insurers, bolstering fraud detection capabilities, and new customer experiences.
Government Participation: Bank Negara Malaysia (BNM) is preparing a regulatory framework for digital insurers and digital takaful operators, to be finalized in 2022. The proposed framework aims to attract new digital players with innovative solutions to tackle protection gaps. Growing implementation of Life Insurance and Family Takaful by several government bodies across Malaysia is primarily driving the market for takaful insurance. Moreover, the wide presence of the Muslim population in the country is catalyzing the market growth.
Pandemic Growth: Due to COVID-19 lockdown restrictions & global automobile chip shortage, the Motor insurance segment is expected to grow by 1.9% in 2022, driven by an increase in vehicle sales. Telehealth services gained during pandemic. Restrictive measures amid pandemic motivated insurers to launch usage-based insurance policies to financially aid customer. They have launched digital solutions to safeguard customers.
Building Product Portfolio: Aggregator model is developing and is expected to increase in future due to easy comparisons and discounts. More than 80% of Malaysian consumers are willing to share their financial, health and other personal data to gain access to the additional value added services. Signaling consumers' trust in their insurance providers, thereby opening the door for these insurers to build a stronger relationship with consumers. The digital channel of distribution for insurance solutions in the country gained traction due to the restrictive measures imposed in the country during pandemic.
The report titled "Malaysia Online Insurance Market Outlook to 2026F: Driven by a growth in demand for insurance at greater convenience and lesser cost in the country" by Ken Research suggested that the Malaysia Online Insurance market is expected to grow significantly owing to increased government focus, technological developments, development of Aggregators and increased convenience. The market is expected to register a positive five-year CAGR in terms of gross direct premium during the forecast period 2021-2026F.
Key Segments Covered in Malaysia Online Insurance Industry:-
Malaysia Online Insurance Market
By Product type of Insurance basis Gross Premium
- Life Insurance
- Family Takaful
- General Takaful
- General Insurance
By Product type of General Insurance basis Gross Premium
- Motor Insurance
- Medical & Health
- Employer's liability
- Personal accident
By Type of Entity basis Gross Premium
- Captive Players
- Aggregator Players
- Financial Advisors
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By Region basis Gross Premium
- Penang
- Johar
- Klang Valley & Selangor
Key Target Audience:-
- Insurance players
- Online Insurance Captive players
- Online Insurance Aggregators players
- Insurance Technology provider
- Insurance users
- New Entrant in Online Insurance space
- Associated or affiliated Banks with Insurance entities
- Regulatory Bodies for Insurance entities
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Time Period Captured in the Report:-
- Historical Period: 2016-2021
- Forecast Period: 2022-2026
Companies Covered:-
Online Insurance Aggregators
- Policy Street
- Bjak
- Qoala
Online Insurance Captive Players:-
- Liberty Insurance
- Axa Affin Insurance
- eTiQa Insurance
- AIA Malaysia
- Takaful Ikhlas
- Tune Insurance
- Zurich Insurance
- Chubb Insurance
- Allanz Malaysia Berhad
- FWD Takaful
Key Topics Covered in the Report:-
- Overview of Malaysia Online Insurance Industry
- Country Overview of Malaysia Online Insurance Industry
- Malaysia Online Insurance Market Overview and Genesis
- Malaysia Online Insurance Market Segmentations
- Industry Analysis of Malaysia Online Insurance Market
- Snapshot on Online Aggregators in Malaysia
- Competition Analysis of Malaysia Online Insurance Market
- Outlook and Future Projections for Malaysia Online Insurance Market
- Research Methodology
For more insights on the market intelligence, refer to the link below:-
Malaysia Online Insurance Market
Related Reports by Ken Research:-
The Singapore Online Insurance Market is expected to grow with a double digit CAGR between 2021 and 2026F, owing to the implementation of technology enabled services led by insurtech companies. The Adoption of New Technologies, Rising Demand for E-Vehicles, Upliftment of Travel restrictions and Government Initiatives are other factors that will lead to the growth of the industry. Online insurances are way cheaper than offline insurances and coupled with the high internet penetration in Singapore, these factors contribute to the spread of online insurance especially among the younger population.
The Online Insurance market in Thailand has grown at an increasing growth rate supported by the increase in continuous growth of aging population in the country along with growing internet penetration and rising use of e-platforms. Thailand consumers have been evolving dynamically in their quest for convenience, health, and value with the pandemic that forced everyone to issue insurance with rising awareness on financial planning further accelerated these trends along with the changing needs and preferences of consumers. Implementation of Insurance Development Plan 4.0 policy of digitally transforming the country is a major growth driver of the market.
With 150+ registered insurers, Indonesia lags behind other Asian countries in terms of insurance penetration rate (2.8% against global average rate of 6.1%). Insurance in Indonesia is usually purchased only out of regulatory requirements & those purchasing it out of need usually opt for packages providing extra benefits such as Repair Coverages, Covering for Cost of prescription Drugs etc. Out of the multiple insurance types provided in the country, life Insurance was observed to be leading with a market share of >40% primarily gaining traction from "Corporate Benefits & "Investment Linked Products.
GWP collection stood at $12Bn, majorly led by growth in non-life insurance products of Health and Motor. Insurance of Persons and Fund Accumulation contributed 28% to total GWP collection. While UAE is ahead among the peer GCC countries in terms of insurance penetration of 2.9%, it still lags behind the average insurance penetration of emerging countries which stands at 3.2% and Global average of 6.1%. Mandatory insurance requirements of Motor across UAE coupled with Health Insurance in Abu Dhabi and Dubai has contributed to raising awareness among people to protect their risks.
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Ankur Gupta, Director Strategy and Growth
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SOURCE Ken Research
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