Malaysia Insurance, Companies & Insurance Quote
Insurance in Malaysia is committed to local incorporated companies dealing with insurance and there is new entry of foreign insurance companies as well.
The year 2004 showed a good growth in the life sector and the Malaysia insurance revealed combined premium revenue for general business and life at a stronger pace reaching 17.2% in comparison to the earlier year that showed 11.6% in 2003.
The year 2004 accomplished RM22, 038.9 million, while in 2003 it was RM18, 812.3 million showed the reports and it proved to be fruitful as there was growth. The underlying profitability fundamentals were stronger and well-disciplined supporting positive results and further improvements were also matching the asset liability in the life sector.
The contribution of efficiency gains also had a big hand in improved results.
Insurance providers in Malaysia continued to grow and expansion was apparent in the economic and social activities. There was enhancement in insurance penetration as well as the density levels.
A combined premium showed 5.2% growth and this was better than 5.1% in 2003 and the market penetration rate was at 37.9% in 2004 and had elevated its position in comparison to the earlier year, 2003 that showed 36.8%. However, 2005 second quarter showed a growth of 4.7% in finance, real estate, insurance and other business services.
The companies dealing with insurance in Malaysia are at present 16 and the top players include Malaysia Insurance companies namely, AIA, Great eastern, ING and Prudential. They make an annual premium of RM17.4 billion and the insurance premiums are expected to grow between years 2010 to 2012 reaching to 12 to 13% per annum.
Insurance is Malaysia is showing growth rate to 3%GDP, yet is relatively low than other countries namely, Singapore with 7.9%, Taiwan with 13.9% and South Korea with 9.1%. Penetrating in Malaysia is possible only when the healthcare cost rises and they use the life insurance policies as saving plan.
In fact, the inhibition of life insurance in Malaysia is believed to hinder as Muslims regard this to be sinful. However, the Family Takaful introduction is sure to have strong potential in regards to life sector growth. Insurance providers in Malaysia have leading companies handling insurance and show good expansion.
Insurance in Malaysia has some more leading life insurance companies namely, MAA Insurance, Asia Life Insurance, Hong Leong Insurance, MCIS Zurich Insurance and Allianz Life Insurance.
The regulatory authority is the Insurance Regulation Department, Bank Negara Malaysia.
The companies dealing with non-life insurance are Kurnia Insurance, Malaysia National Insurance, Commerce Insurance, oriental Capital Insurance American Home Insurance and Allianz General Insurance.