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Malaysia’s general insurance industry to reach $6.8bn by 2028

Written by Adam Cadle
13/05/2024

The Malaysian general insurance industry is set to grow at a compound annual growth rate (CAGR) of 7.8% from MYR22.6bn ($5bn) in 2024 to MYR30.5bn ($6.8bn) in 2028, in terms of direct written premiums, GlobalData has said.

The firm’s insurance database revealed that the general insurance industry in Malaysia is expected to grow by 8.3% in 2024, supported by motor and property insurance lines that are expected to account for 73% of the general insurance direct written premiums in 2024.

Sneha Verma, insurance analyst at GlobalData, commented: “The Malaysian general insurance industry witnessed slower growth of 7.5% in 2023 as compared to 10.0% growth in 2022, due to slower economic growth and tight monetary policy. The growth momentum is expected to rebound in 2024, supported by an increase in premium rates across general insurance lines driven by rising claims and high inflation, as well as heightened demand for natural catastrophe (nat-cat) insurance policies due to an increase in the frequency of extreme weather events.”


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