Malaysia Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Malaysia Motor Insurance Market is segmented by type (Third-Party, Comprehensive) and by distribution channel (Agency, Banks, Direct and Others

Malaysia Motor Insurance Market Snapshot

Malaysia motor insurance market
Study Period: 2016 - 2026
Base Year: 2021
CAGR: <4 %

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Market Overview

  • The Malaysia Motor Insurance Market is estimated to grow at a CAGR of approximately 4% during the forecast period.
  •  The General Insurance Industry registered a growth of 1.5% in 2018 on the back of higher premiums from its two largest classes of insurance, Motor, and Fire. Gross written premiums amounted to RM 17.92 billion. Motor remained the largest class with a market share of 47.3% followed by Fire at 19.6% and Marine Aviation & Transit (MAT) at 7.4%. Motor insurance recorded gross written premiums of RM 8.47 billion with a growth of 1.8% supported by increases in new vehicle sales in both the private motor cars and commercial vehicle segments. Close to 600,000 new vehicles were sold in 2018 compared to 580,000 in 2017 as a result of increased demand during the tax-free months from June to August 2018.
  • The Net Claims Incurred Ratio (NCIR) increased to 58.2% in 2018 from 57.5% in 2017. This was largely the result of higher claims ratios for the Motor and MHI (Medical and Health Insurance) classes which stood at 70.3% and 73.5% respectively. For the Motor class, the general insurance industry paid out claims amounting to RM 5.45 billion in 2018.

Scope of the Report

This report aims to provide a detailed analysis of the Malaysia Motor Insurance Market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Malaysia Motor Insurance Market.

By Product type
Third-Party
Comprehensive
Others
By Distribution channel
Direct
Agency
Banks
Others

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Key Market Trends

Consistency in the growth of Motor Insurance:

The Phased Liberalization of the Motor Tariff gained steady momentum since it took effect in 2016, companies have been continuously introducing new and innovative products to better serve consumers and meet their various protection needs. As at March 2019, the industry has launched 50 new Motor products in the market. The industry eagerly anticipates further liberalization and looks forward to the full opening of the market.

Malaysia Motor Insurance Market

Increase in Motor vehicle registration:

A total new motor vehicle registered in 2019 was 604,287 units against 598,714 units registered in 2018, this was a nearly 1% increase from 2018. Despite such a small growth, it is nonetheless a good achievement for the local automotive industry given the very challenging environment. The monthly total vehicle sales were consistently higher in 2019 compared to 2018 except for the month of June to August. From June to August 2018 to vehicle registration exceptional high due to reduction in prices following a GST (Goods and Service) tax holiday during that period.

Malaysia Motor Insurance Market

Competitive Landscape

The report covers the major players operating in the Malaysia Motor Insurance Market. The market is fragmented, the market is expected to grow during the forecast period due to year on year growth of motor insurance many other factors are driving the market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain / Supply Chain Analysis

    5. 4.5 Porters 5 Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product type

      1. 5.1.1 Third-Party

      2. 5.1.2 Comprehensive

      3. 5.1.3 Others

    2. 5.2 By Distribution channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 GREAT EASTERN LIFE ASSURANCE (MALAYSIA) BERHAD

      2. 6.3.2 ETIQA GENERAL TAKAFUL BERHAD

      3. 6.3.3 ALLIANZ MALAYSIA BERHAD.

      4. 6.3.4 SYARIKAT TAKAFUL MALAYSIA BERHAD

      5. 6.3.5 AMGENERAL INSURANCE BERHAD

      6. 6.3.6 MSIG INSURANCE (MALAYSIA) BHD

      7. 6.3.7 MNRB HOLDINGS BERHAD

      8. 6.3.8 AIA BHD.

      9. 6.3.9 ZURICH LIFE INSURANCE MALAYSIA BERHAD

      10. 6.3.10 RHB INSURANCE BERHAD

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Malaysia Motor Insurance Market market is studied from 2016 - 2026.

The Malaysia Motor Insurance Market is growing at a CAGR of <4% over the next 5 years.

GREAT EASTERN LIFE ASSURANCE (MALAYSIA) BERHAD, ETIQA GENERAL TAKAFUL BERHAD, ALLIANZ MALAYSIA BERHAD., SYARIKAT TAKAFUL MALAYSIA BERHAD, AMGENERAL INSURANCE BERHAD are the major companies operating in Malaysia Motor Insurance Market.

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