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

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

Key Highlights

• 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.

Key Market TrendsConsistency 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.

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.

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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Münchener Rückversicherungs
Gesellschaft Aktiengesellschaft in München
Allianz Beratungs
und Vertriebs
AG
Debeka Lebensversicherungsverein auf Gegenseitigkeit Sitz Koblenz am Rhein
R+V VERSICHERUNG AG
SIGNAL IDUNA Lebensversicherung a. G.
Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts
VHV Vereinigte Hannoversche Versicherung a.G.
Axa konzern ag
CHECK24 GmbH
GOTHAER Versicherungsbank VVaG

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