Malaysia Online Insurance Industry is expected to grow by Increase in Internet Penetration, Government support Along with Low Cost of Infrastructure: Ken Research

Malaysia Online Insurance Industry is expected to grow by Increase in Internet Penetration, Government support Along with Low Cost of Infrastructure: Ken Research

GURUGRAM, In the, December 14, 2022 /PRNewswire/ — Malaysians are embracing digital channels for their insurance needs. The market is currently in growth stage, with increasing adoption driven by a wide network of agents, insurance aggregators, financial advisors and online sites. Malaysia Online Insurance market ecosystem consists of entities such as Insurance Companies (Offline and Online), Online Aggregators and two regulatory bodies.

  • During the Covid pandemic, there was a significant increase in online insurance users due to people’s preference to avoid physical contact and the demand for health insurance.
  • The government has provided support to the online insurance industry by creating various agencies and regulatory bodies that oversee and assist the operations of insurance players.
  • My social media data improves risk assessment for insurers, strengthens fraud detection capabilities and new customer experiences.

Government Participation: Bank Negara Malaysia (BNM) is preparing a regulatory framework for digital insurers and digital takaful operators, to be finalized in 2022. The proposed framework aims to attract new digital players with innovative solutions to tackle protection gaps. Increasing implementation of Life Insurance and Family Takaful by various government bodies across Malaysia mainly drives the market for takaful insurance. Moreover, the wide presence of the Muslim population in the country catalyzes the market growth.

Pandemic growth: Due to COVID-19 lockdown restrictions and global shortage of car chips, the car insurance segment is expected to grow by 1.9% in 2022, driven by an increase in vehicle sales. Accessing telehealth services during pandemic. Restrictive measures amid pandemic motivated insurers to introduce usage-based insurance policies to help customers financially. They have introduced digital solutions to protect customers.

Build product portfolio: Aggregator model is evolving and expected to increase in future due to easy comparisons and discounts. More than 80% of Malaysian consumers are willing to share their financial, health and other personal data to access the additional value-added services. To indicate consumers’ confidence in their insurance providers and thus open the door for these insurers to build a stronger relationship with consumers. The digital distribution channel for insurance solutions in the country has gained momentum due to the restrictive measures imposed in the country during pandemic.

The report entitled Malaysia Online Insurance Market Outlook to 2026F: Driven by a Growth in Demand for Insurance at Greater Convenience and Lower Cost in the Countryby Ken Research has suggested that the Malaysia Online Insurance market is expected to grow significantly due to increased government focus, technological developments, development of Aggregators and increased convenience. The market is expected to register a positive five-year CAGR in terms of gross direct premium during the forecast period 2021-2026F.

Key segments covered in Malaysia Online Insurance Industry:-

Malaysia online insurance market

By Product Type Insurance Basis Gross Premium

  • Life insurance
  • Family Takaful
  • General Takaful
  • General Insurance

By Product Type General Insurance Basis Gross Premium

  • Car Insurance
  • Medical & Health
  • Employer’s liability
  • Personal accident

By entity type base gross premium

  • Captured players
  • Aggregator players
  • Financial Advisors

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Per regional basis gross premium

  • Penang
  • Johar
  • Klang Valley & Selangor

Key Target Audience:-

  • Insurance players
  • Online insurance Captive players
  • Online Insurance Aggregators players
  • Insurance technology provider
  • Insurance users
  • New Entrant in Online Insurance Space
  • Associated or affiliated banks with insurance entities
  • Regulatory bodies for insurance entities

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Period captured in the report:-

  • Historical period: 2016-2021
  • Forecast Period: 2022-2026

Companies covered:-

Online Insurance Aggregators

Online insurance captive players:-

  • Liberty Insurance
  • Axa Affin Insurance
  • eTiQa Insurance
  • AIA Malaysia
  • Takaful Ikhlas
  • Tune Insurance
  • Zurich Insurance
  • Chubb Insurance
  • Allanz Malaysia Berhad
  • FWD Takaful

Key topics covered in the report:-

  • Overview of Malaysia Online Insurance Industry
  • Country Overview of Malaysia Online Insurance Industry
  • Malaysia Online Insurance Market Overview and Genesis
  • Malaysia Online Insurance Market Segmentations
  • Industry Analysis of Malaysia Online Insurance Market
  • Snap shot at Online Aggregators Malaysia
  • Competition Analysis of Malaysia Online Insurance Market
  • Outlook and Future Projections for Malaysia Online Insurance Market
  • Research methodology

For more insights on the market intelligence, refer to the link below:-

Malaysia online insurance market

Related Reports by Ken Research:-

Singapore Online Insurance Market Outlook to 2026 – Driven by Digital Disruption and Rising Technology-Enabled Services in the Country

The Singapore Online Insurance Market is expected to grow at a double-digit CAGR between 2021 and 2026F, due to the implementation of technology-enabled services led by insurance companies. The adoption of new technologies, increasing demand for e-vehicles, lifting of travel restrictions and government initiatives are other factors that will lead to the growth of the industry. Online insurance is much cheaper than offline insurance and together with the high internet penetration in Singaporethese factors contribute to the spread of online insurance especially among the younger population.

Thailand Online Insurance Market Outlook to 2027F- Driven by changing consumer needs and preferences with availability of supplies and reliability of delivery of the products

Enter the online insurance market Thailand has been growing at an increasing growth rate supported by the increase in continuous growth of aging population in the country along with growing internet penetration and increasing use of e-platforms. Thailand consumers have evolved dynamically in their search for convenience, health and value with the pandemic forcing everyone to issue insurance with increasing awareness about financial planning, these trends have further accelerated along with the changing needs and preferences of consumers. Implementation of the insurance development plan 4.0 policy to digitally transform the country is a major growth driver of the market.

Indonesia Online Loan and Insurance Industry Outlook to 2024: Compelling Incumbents to Pursue Growth Through Product Development and International Expansion

With 150+ registered insurers, Indonesia is behind other Asian countries in terms of insurance penetration rate (2.8% versus global average rate of 6.1%). Insurance in Indonesia are usually bought only out of regulatory requirements and those who buy them out of need usually opt for packages that offer extra benefits such as repair covers, coverage for prescription drug costs, etc. Out of the multiple types of insurance provided in the country, life insurance has been observed. to be leading with a market share of >40%, mainly through “Corporate Benefits and” Investment Linked Products.

UAE Online Insurance Industry Outlook to 2024 – Driven by customer survey, ease of new and renewal policy convenience with insurance aggregators

GWP collection stood $12 billion, led primarily by growth in non-life insurance products from Health and Motor. Insurance of Persons and Fund Accumulation contributed 28% to the total GWP collection. While the UAE leads the peer GCC countries in terms of insurance penetration at 2.9%, it still lags behind the average insurance penetration of emerging countries which stands at 3.2% and a global average of 6.1 %. Compulsory insurance requirements of car in the UAE along with health insurance Abu Dhabi and Dubai contributed to raising awareness among people to protect their risks.

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SOURCE Ken Research

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