Market Size of Malaysia Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 1.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Malaysia Motor Insurance Market Analysis
Malaysia's Motor Insurance Market has generated a gross written premium of USD 1.92 Billion in the current year and is poised to achieve a CAGR of 1.5% for the forecast period. Malaysia is one of the leading global Islamic Capital Market (ICM) hubs. Malaysia has the major Islamic banking assets outside of the Middle East during the pandemic. Third-party insurance coverage is the most basic vehicle insurance policy existing in Malaysia. With a phased liberalization of Malaysia motor insurance fixed tariffs are swapped by risk-based pricing changing the way insurers operate.
The Life Insurance Association of Malaysia (LIAM), The General Insurance Association of Malaysia (PIAM), and the Malaysian Takaful Association (MTA), which have power over the insurance sector, reiterated the member insurance companies to run during the COVID-19 pandemic. With pandemic restrictions, most of the insurance renewals were carried out online to ensure the safety of the customers during the pandemic. The new motor insurance premiums declined during the pandemic owing to the low sales of new motor vehicles despite this the amount of gross written premiums in the motor insurance sector of Malaysia amounted to 8.4 billion Malaysian ringgit leading the general insurance market.
The Malaysian motor insurance market is likely to increase after a phased liberalization development, which switched fixed tariffs for risk-based pricing and remains unchanged in the way insurers operate. Rising digital insurance facilities are expected to increase insurance penetration in malaysian market and to drive motor insurance market as well.
