Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
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.

-- BERNAMA

 <Back>

RHB Islamic To Provide e-solutions To PBT Pengerang
AIBIM Wants Govt To Channel Incentives For SMEs Via Islamic Banks

 
Maybank Islamic Named Best Global Islamic Financial Institution 2017

Life Insurance Companies Announce Flood Relief Measures
Islamic Finance To Gain By Leveraging On Technology - BNM Assistant Governor

 
AmGeneral Insurance Fast-Tracking Penang Flood Victims' Claims

MIDDAY, THURSDAY NOV 23
US 4.1100/1130
S'pore 3.0496/0525
100 Yen 3.6921/6954
Sterling 5.4786/4835
Euro 4.8621/8673
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?
 

 
  Main | News | Insurance

© 2017 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution