Market Size of Malaysia Life & Annuity Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 9.60 Billion |
| Market Size (2029) | USD 11.89 Billion |
| CAGR (2024 - 2029) | 4.37 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Malaysia Life & Annuity Insurance Market Analysis
The Malaysia Life & 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% during the forecast period (2024-2029).
Even though the pandemic made it hard to do business, the life insurance industry as a whole did better in the fiscal year that ended in December 2021, with double-digit growth of 12.4% compared to 2020.
The industry recorded RM 12.8 billion in new business total premiums from RM 11.4 billion in 2020, while new business sum assured grew by 5.4% from RM 437.2 billion in 2020 to RM 461.1 billion in 2021. New policies issued in 2021 amounted to 1.9 million, an increase of 53.5% from 1.2 million policies in 2020. This was made possible by the introduction of the Perlindungan TenangVoucher (PTV) program in September 2021.
The total in-force premiums increased by 8%, from RM 43.4 billion in 2020 to RM 46.8 billion in 2021. The sum assured in force grew by 5.6%, amounting to RM 1,779.5 billion in 2021 compared with RM 1,685.8 billion in 2020, while the total number of policies in force registered a modest increase of 4.1% from 12.8 million policies in 2020 to 13.4 million policies in 2021.
The formation of the Professional Standards Committee (PSC) in August 2021 to take on the functions of the former Financial Services Professional Board (FSPB) (which ceased operations in December 2020) is a significant development in pursuit of the industry's agenda to advocate professional ethical standards among life insurance companies in Malaysia.
