Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2020

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Timetric’s 'Personal Accident and Health Insurance in Malaysia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Malaysian personal accident and health insurance segment, and a comparison of the Malaysian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Malaysian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Malaysia:

  • It provides historical values for the Malaysian personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Malaysian personal accident and health insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Malaysian personal accident and health insurance segment with its regional counterparts
  • It provides an overview of the various distribution channels for personal accident and health insurance products in Malaysia.
  • It profiles the top personal accident and health insurance companies in Malaysia, and outlines the key regulations affecting them.

Key Highlights

  • The personal accident and health segment accounted for 4.2% of the industry’s direct written premium in 2015.
  • Changing lifestyle patterns and the prevalence of diseases such as diabetes, respiratory disorders and other critical illnesses led to a rise in healthcare expenditure, which is generating a demand for health insurance.
  • The threat of cancer, diabetes and respiratory disorders has encouraged personal accident and health insurers to expand their product portfolios.
  • The Malaysian personal accident and health insurance segment is highly competitive, and contains both domestic and foreign insurers.

Reasons to buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Malaysian personal accident and health insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Malaysian personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Malaysian insurance industry, and their impact on companies and the industry's future.

Companies mentioned

Allianz General Insurance Company (Malaysia) Berhad

MSIG Insurance (Malaysia) Bhd

Etiqa Insurance Berhad

Lonpac Insurance Berhad

AXA Affin General Insurance Berhad

Tokio Marine Insurans (Malaysia ...

Allianz General Insurance Company (Malaysia) Berhad

MSIG Insurance (Malaysia) Bhd

Etiqa Insurance Berhad

Lonpac Insurance Berhad

AXA Affin General Insurance Berhad

Tokio Marine Insurans (Malaysia) Berhad

ACE Jerneh Insurance Berhad

Zurich Insurance Malaysia Berhad

Multi-Purpose Insurans Berhad

Berjaya Sompo Insurance Berhad

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2 ...

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Claims

5.1.3 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Claims

5.2.3 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Allianz General Insurance Company (Malaysia) Berhad – company overview

7.1.2 MSIG Insurance (Malaysia) Bhd – company overview

7.1.3 Etiqa Insurance Berhad – company overview

7.1.4 Lonpac Insurance Berhad – company overview

7.1.5 Axa Affin General Insurance Bhd – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Travel insurance

8.4.3 Workmen’s compensation insurance

8.4.4 Insurance against liability for oil pollution

8.4.5 Foreign workers’ health insurance

8.4.6 Professional indemnity insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Central Bank of Malaysia or Bank Negara Malaysia

8.5.3 General Insurance Association of Malaysia

8.5.4 Life Insurance Association of Malaysia (LIAM)

8.6 Non-Admitted Insurance Regulation

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure 86

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Databook

9.1 Policies and Premium

9.1.1 Claims and Expenses

9.1.2 Assets and Investments

9.1.3 Personal Accident Insurance

9.1.4 Health Insurance

9.1.5 Health Insurance by Product

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About Timetric

11.1 Contact Timetric

11.2 About Timetric

11.3 Timetric’s Services

11.4 Disclaimer

List of tables

Table 1 Malaysian Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Malaysian Personal Accident and Health Insurance – Top Insurers, 2015

Table 3: Malaysian ...

Table 1 Malaysian Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Malaysian Personal Accident and Health Insurance – Top Insurers, 2015

Table 3: Malaysian Government Credit Ratings

Table 4: Malaysian Personal Accident and Health Insurance – Gross Written Premium (MYR Billion and US$ Million), 2011–2015

Table 5: Malaysian Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 6: Malaysian Personal Accident and Health Insurance – Gross Written Premium (MYR Billion and US$ Million), 2015–2020

Table 7: Malaysian Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 8: Malaysian Personal Accident and Health Insurance – Premium per Capita (MYR and US$), 2011–2015

Table 9: Malaysian Personal Accident and Health Insurance – Premium per Capita (MYR and US$), 2015–2020

Table 10: Malaysian Personal Accident and Health Insurance – Paid Claims (MYR Million and US$ Million), 2011–2015

Table 11: Malaysian Personal Accident and Health Insurance – Paid Claims (MYR Million and US$ Million), 2015–2020

Table 12: Malaysian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 13: Malaysian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 14: Malaysian Personal Accident and Health Insurance – Total Assets (MYR Billion and US$ Billion), 2011–2015

Table 15: Malaysian Personal Accident and Health Insurance – Total Assets (MYR Billion and US$ Billion), 2015–2020

Table 16: Malaysian Personal Accident and Health Insurance – Total Investment Income (MYR Million and US$ Million), 2011–2015

Table 17: Malaysian Personal Accident and Health Insurance – Total Investment Income (MYR Million and US$ Million), 2015–2020

Table 18: Malaysian Personal Accident and Health Insurance – Investment Portfolio (MYR Million), 2011–2015

Table 19: Malaysian Personal Accident and Health Insurance – Investment Portfolio (MYR Million), 2015–2020

Table 20: Malaysian Personal Accident and Health Insurance – Direct Written Premium by Category (MYR Billion), 2011–2015

Table 21: Malaysian Personal Accident and Health Insurance – Direct Written Premium by Category (MYR Billion), 2015–2020

Table 22: Malaysian Personal Accident Insurance – Direct Written Premium (MYR Billion and US$ Million), 2011–2015

Table 23: Malaysian Personal Accident Insurance – Direct Written Premium (MYR Billion and US$ Million), 2015–2020

Table 24: Malaysian Personal Accident Insurance – Paid Claims (MYR Million and US$ Million), 2011–2015

Table 25: Malaysian Personal Accident Insurance – Paid Claims (MYR Million and US$ Million), 2015–2020

Table 26: Malaysian Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 27: Malaysian Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 28: Malaysian Health Insurance – Direct Written Premium by Sub-Category (MYR Million), 2011–2015

Table 29: Malaysian Health Insurance – Direct Written Premium by Sub-Category (MYR Million), 2015–2020

Table 30: Malaysian Health Insurance – Paid Claims (MYR Million and US$ Million), 2011–2015

Table 31: Malaysian Health Insurance – Paid Claims (MYR Million and US$ Million), 2015–2020

Table 32: Malaysian Health Insurance – Loss Ratio (%), 2011–2015

Table 33: Malaysian Health Insurance – Loss Ratio (%), 2015–2020

Table 34: Malaysian Personal Accident and Health Insurance Industry – Top Insurers, 2015

Table 35: Allianz General Insurance Company (Malaysia) Berhad – Key Facts

Table 36: MSIG Insurance (Malaysia) Bhd – Key Facts

Table 37: Etiqa Insurance Berhad – Key Facts

Table 38: Lonpac Insurance Berhad – Key Facts

Table 39: Axa Affin General Insurance Bhd – Key Facts

Table 40: Malaysia – Insurance Regulatory Framework Key Features

Table 41: Malaysia – Life Insurance Regulatory Framework

Table 42: Malaysia – Property Insurance Regulatory Framework

Table 43: Malaysia – Fire Insurance: Perils and Premium Rate

Table 44: Malaysia – Premium Loading on Basic Rate

Table 45: Malaysia – Short Period Insurance Premium Rates

Table 46: Malaysia – Motor Insurance Regulatory Framework

Table 47: Malaysia – Motor Insurance Rating Tariff

Table 48: Malaysia – Liability Insurance Regulatory Framework

Table 49: Malaysia – Corporate Tax Rates for the Financial Year 2016

Table 50: Malaysian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 51: Malaysian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 52: Malaysian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 53: Malaysian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 54: Malaysian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 55: Malaysian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 56: Malaysian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 57: Malaysian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 58: Malaysian Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 59: Malaysian Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 60: Malaysian Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 61: Malaysian Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 62: Insurance Industry Definitions

List of figures

Figure 1: Malaysian Real GDP (MYR Billion), 2011–2020

Figure 2: Malaysian MYR –US$ Exchange Rate, 2011–2020

Figure 3: Malaysian Consumer Price Inflation (%), 2011 ...

Figure 1: Malaysian Real GDP (MYR Billion), 2011–2020

Figure 2: Malaysian MYR –US$ Exchange Rate, 2011–2020

Figure 3: Malaysian Consumer Price Inflation (%), 2011–2020

Figure 4: Malaysian Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 5: Malaysian Unemployment Rate (%), 2011–2020

Figure 6: Malaysian Population by Age Group, 1991–2025

Figure 7: Malaysian Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Malaysian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Malaysian Personal Accident and Health Insurance – Gross Written Premium (MYR Billion), 2011–2020

Figure 10: Malaysian Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 11: Malaysian Personal Accident and Health Insurance – Premium per Capita (MYR), 2011–2020

Figure 12: Malaysian Personal Accident and Health Insurance – Paid Claims (MYR Million), 2011–2020

Figure 13: Malaysian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 14: Malaysian Personal Accident and Health Insurance – Total Assets (MYR Billion), 2011–2020

Figure 15: Malaysian Personal Accident and Health Insurance – Total Investment Income (MYR Million), 2011–2020

Figure 16: Malaysian Personal Accident and Health Insurance – Investment Portfolio (MYR Million), 2011–2020

Figure 17: Malaysian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Malaysian Personal Accident and Health Insurance – Direct Written Premium by Category (MYR Billion), 2011–2020

Figure 19: Malaysian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 20: Malaysian Personal Accident Insurance – Direct Written Premium (MYR Billion), 2011–2020

Figure 21: Malaysian Personal Accident Insurance – Paid Claims (MYR Million), 2011–2020

Figure 22: Malaysian Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (MYR Billion and %), 2011–2020

Figure 23: Malaysian Health Insurance – Direct Written Premium by Sub-Category (MYR Million), 2011–2020

Figure 24: Malaysian Health Insurance – Paid Claims (MYR Million), 2011–2020

Figure 25: Malaysian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (MYR Million and %), 2011–2020

Figure 26: Malaysia – Insurance Supervision and Control at Various Levels

Figure 27: Malaysia – Insurance Regulatory Frameworks for Company Registration and Operation

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