Top-tier Commercial Property Insurance Brokers – Malaysia Life Insurance and Annuity Market Size and Stock Analysis – Growth Trends and Forecasts (2024 – 2029)
The report covers Malaysia’s life insurance market share and is segmented by product type (conventional, investment-linked and annuities), by user type (individual and group) and by distribution channel (direct, brokers, banks , online and other distribution channels). The market size and forecasts for the Malaysian life insurance and annuity market are provided in terms of volume (number of products) and value (millions of dollars) for all the above segments.
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Malaysia’s life insurance and annuity market size in terms of premium value is expected to grow from US$9.60 billion in 2024 to US$11.89 billion by 2029, at a CAGR of 4.37% during the forecast period (2024-2029).
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Although the pandemic made it difficult to do business, the life insurance industry as a whole performed better in the fiscal year ending December 2021, with double-digit growth of 12.4% compared to 2020.
The industry recorded RM12.8 billion in total new business premiums, from RM11.4 billion in 2020, while the new business sum assured grew 5.4%, from RM437.2 billion in 2020 to RM461.1 billion in 2021. New policies issued in 2021 totaled 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.
Total premiums in force increased by 8% from RM43.4 billion in 2020 to RM46.8 billion in 2021. Insured value in force grew by 5.6% to RM1,779.5 billion in 2021 compared to RM 1,685.8 billion in 2020, while the total number of policies in force saw a modest increase of 4.1%, from 12.8 million policies in 2020 to 13.4 million policies in 2021.
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The formation of the Professional Standards Committee (PSC) in August 2021 to take over the functions of the former Financial Services Professional Board (FSPB) (which ceased operations in December 2020) is a significant development in pursuing the industry’s agenda to uphold professional ethics standards among life insurance companies in Malaysia.
Life Insurance and Annuity Market Trends in Malaysia The life insurance segment in Malaysia is dominated by endowments and unit-linked products
The life insurance segment in Malaysia is dominated by endowment and unit-linked products, driven by the better returns from these products compared to bank deposits. To capitalize on the popularity of these products and increase sales, many insurers offer attractive add-ons that include guaranteed annual cash payments, higher returns at maturity, and a higher guaranteed sum in the event of accidental death.
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Total new business premiums recorded double-digit growth of 12.4% from RM11.4 billion in 2020 to RM12.8 billion in 2021. The growth was driven by the strong recovery in investment-linked policies, which increased 31.2% to reach RM6.6 billion in 2021. The group’s policies recorded a moderate growth of 7.7% in total new business premiums to RM4.1 billion in 2021, while traditional policies recorded a decline of 17.3%.
Companies around the world have huge investments in this segment of the market. In Malaysia, the life insurance and pension market has many companies fragmented into smaller holdings. Allianz Malaysia Berhad, AmMetLife, Axa, Etiqa Life Insurance Berhad, Sun Life Malaysia, Zurich Life Insurance and Prudential Assurance Malaysia are among the cyber insurers.
Adopting technology platforms and upgrading to new technologies leads to an increase in insurance company revenues. Innovation and technological advancement are taking off as COVID-19 and urbanization hit the general population, leading to the adoption of life insurance to mitigate risk.
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Life insurance and annuity refers to a financial product that features a predetermined periodic payment amount until the death of the annuity owner or beneficiary.
Life and annuity insurance is one of the most sought-after products as people embrace digitalization. The Malaysian life insurance and annuities market is segmented by product type (conventional, investment-linked and annuities), by user type (individual and group) and by distribution channel (direct, brokers, banks, online and other distribution channels). The report offers market size and forecasts for the Malaysian life insurance and annuities market in terms of volume (number of products) and value (millions of dollars) for all the above segments.
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Malaysia’s life insurance and annuity market size is expected to reach US$9.60 billion in 2024 and grow at a CAGR of 4.37% to reach US$11.89 billion by 2029.
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Allianz life insurance malaysia berhad, Ammetlife insurance berhad, AXA Affin life insurance berhad, Etiqa Life Insurance Berhad and Sun life malaysia insurance berhad are the main companies operating in the Malaysian life insurance and annuity market.
What years does this Malaysian life insurance and annuity market cover and what is the market size in 2023?
In 2023, the size of Malaysia’s life insurance and annuity market was estimated at US$9.20 billion. The report covers the historical size of the Malaysian life insurance and annuity market for the years: 2020, 2021, 2022 and 2023. The report also forecasts the size of the Malaysian life insurance and annuity market for the years: 2024, 2025, 2026, 2027, 2028 and 2029.
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Statistics for Malaysia 2024 Life Insurance and Annuity Market Share, Size and Revenue Growth Rate created by Mordor Intelligence™ Industry Reports. Malaysia Life Insurance and Annuity analysis includes a market forecast outlook to 2029 and a historical overview. Get a sample of this industry analysis as a free PDF download of the report.
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Additionally, by using the embedded code, you reduce the load on your web server because the image will be hosted on the same worldwide content delivery network that Mordor Intelligence uses instead of its web server. Breaking down M&A deals, our annual ranking of the top 10 reinsurance brokers – based on 2022 revenue estimates – presents a steadier line, with Gallagher Re and Howden Tiger consolidating their positions as the third and fourth largest reinsurance brokers. reinsurance.
But as the group of smaller challenger brokers continues to ramp up their operations, a group of challengers to challenger brokers is now emerging, with a number of start-ups launched in recent months that could, over time, begin impacting lower-ranking players in the market. the top 10.
It also comes against a backdrop of organic growth tailwinds for reinsurance intermediaries, which are only expected to strengthen in 2023 due to a generationally difficult market in real estate, a resurgent cathode bond market and continued strong demand from of buyers.
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After years of a very predictable picture, Marsh McLennan’s $5.6 billion acquisition of JLT, announced in 2018 and completed in spring 2019, was the starting point for a period of M&A activity that would have a significant impact on the composition of the global reinsurance market. brokerage sector.
Aon’s subsequent pursuit of Willis Towers Watson, which began in 2020 and continued into 2021, looked set to create a new undisputed leader in the reinsurance segment, opening a big gap to Guy Carpenter, who was in second place.
But competition regulators forced the divestment of Willis Re as part of the proposed transaction, opening the door to Arthur J Gallagher’s positioning as the third-largest reinsurance broker through Gallagher Re.
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Despite the Aon-WTW deal being rejected by US antitrust regulators, Gallagher’s $3.25 billion acquisition of Willis Re went ahead.
Completed in January this year, the new entity Howden Tiger entered the rankings as the fourth largest global reinsurance intermediary in the sector.
As the 2022 revenue numbers compiled in our latest survey show, activity among the next tier of intermediaries continues, with all companies showing double-digit growth as they see the benefits of rampant hiring through the recent consolidation of sector.
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However, our Top 10 Reinsurance Brokers Ranking now adopts a more defined character, with companies at the top of the pyramid cementing their positions, suggesting a break – at least temporarily – from the significant movements of recent years.
Our research shows that both the “new” big three brokers and challenger firms are well positioned for further growth, helped by the tailwinds of an increasingly hardened reinsurance market and the resulting increase in broker commissions.
So what does the final lineup look like for 2022 and what does it tell us about the direction of the industry in 2023?
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For the purposes of our updated ranking of the Top 10 Reinsurance Brokers – now in its fifth year – we have chosen to present all of Willis Re and Gallagher Re’s pre-2020 pro forma revenues separately in order to provide a clearer representation of the relative importance of both companies before their merger in 2021.
We applied the same criteria to the new Howden Tiger entity, splitting revenues separately between TigerRisk and Howden RE – which previously ranked fourth and fifth respectively.
While the
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