Malaysia’s life insurance industry to be worth $17.2bn

Written by Michael Griffiths

11/09/2024

The Malaysian life insurance industry is forecast to be worth $17.2bn by 2028, according to estimates from GlobalData.

Malaysia’s life insurance market will grow at a compound annual growth rate (CAGR) of 5.2% between 2024 and 2028, the analytics firm stated, from a 2024 level of $13.9bn.

This growth will be driven by an uptick in consumer spending led by robust economic recovery, favourable regulatory reforms aiming to promote digitalisation, as well as the country’s growing demographic trend of an ageing population.

Insurance analyst at GlobalData, Manogna Vangari, said: “The Malaysian economy exhibited a robust growth of 4.2% in the first quarter of 2024 from the 2.9% growth recorded in the fourth quarter of 2023.

“This growth was primarily attributed to heightened private expenditure and enhanced investment activities. As per GlobalData Macroeconomic forecast, the economy is further expected to grow at an annual average rate of 4.4% over 2024 to 26, which will support the growth of life insurance.”

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