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Malaysian Insurance Market Expected To Grow 5.8 Pct Annually
Last update: 06/07/2017

KUALA LUMPUR, July 6 (Bernama) --†The Malaysian insurance market is expected to grow by 5.8 per cent annually†over the next decade, in tandem with global growth which is anticipated to climb to almost six per cent over the next ten years.

This recovery mirrored the return of the global economy to normal growth and inflation rates, Alliainz†SE Chief Economist, Michael Heise†said in a statement today.

"Over the next ten years, the total premiums for global insurance penetration,†as a percentage of gross domestic product, should rise to 5.8 per cent in 2027†from 5.6 per cent in 2016.

"This increase is almost entirely due to emerging markets," he said.

Malaysia, however, behaved†rather like a mature market with stable or even slightly declining insurance penetration, he added.

In Malaysia, the lead of the life insurance segment would be much less pronounced (5.8 per cent versus 5.6 per cent), as the rapid expansion of life insurance market reflects the huge pent-up demand, as well as political support for private provisions in the region.

Speaking of the life insurance market in Asia, Heise said it would be extraordinary over the coming years as in 2050, more than half of the global population aged 80 years and above†would be†in Asia.

He†expected new technologies such as digitalisation would unveil†more attractive insurance products for people in the future.



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US 3.9960/4.0000
S'pore 2.9561/9592
100 Yen 3.6393/6440
Sterling 5.3011/3068
Euro 4.6489/6544
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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