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

GURUGRAM, India, Dec. 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 websites. Malaysia Online Insurance market ecosystem constitutes of entities such as Insurance Companies (Offline & Online), Online Aggregators, and two regulatory bodies.

During Covid pandemic, there has been a significant increase in online insurance users due to peoples' preference for avoiding physical contact and demand for health insurance.
Government has provided support towards the online insurance industry by creating multiple agencies and regulatory bodies overseeing and assisting the operations of insurance players.
Mining social media data improves risk assessment for insurers, bolstering 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. Growing implementation of Life Insurance and Family Takaful by several government bodies across Malaysia is primarily driving the market for takaful insurance. Moreover, the wide presence of the Muslim population in the country is catalyzing the market growth.

Pandemic Growth: Due to COVID-19 lockdown restrictions & global automobile chip shortage, the Motor insurance segment is expected to grow by 1.9% in 2022, driven by an increase in vehicle sales. Telehealth services gained during pandemic. Restrictive measures amid pandemic motivated insurers to launch usage-based insurance policies to financially aid customer. They have launched digital solutions to safeguard customers.

Building Product Portfolio: Aggregator model is developing and is 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 gain access to the additional value added services. Signaling consumers' trust in their insurance providers, thereby opening the door for these insurers to build a stronger relationship with consumers. The digital channel of distribution for insurance solutions in the country gained traction due to the restrictive measures imposed in the country during pandemic.

The report titled "Malaysia Online Insurance Market Outlook to 2026F: Driven by a growth in demand for insurance at greater convenience and lesser cost in the country" by Ken Research suggested that the Malaysia Online Insurance market is expected to grow significantly owing 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 of Insurance basis Gross Premium

Life Insurance
Family Takaful
General Takaful
General Insurance

By Product type of General Insurance basis Gross Premium

Motor Insurance
Medical & Health
Employer's liability
Personal accident

By Type of Entity basis Gross Premium

Captive Players
Aggregator Players
Financial Advisors

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By Region 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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Time Period Captured in the Report:-

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

Companies Covered:-

Online Insurance Aggregators

Policy Street
Bjak
Qoala

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
Snapshot on Online Aggregators in 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

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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 with a double digit CAGR between 2021 and 2026F, owing to the implementation of technology enabled services led by insurtech companies. The Adoption of New Technologies, Rising Demand for E-Vehicles, Upliftment of Travel restrictions and Government Initiatives are other factors that will lead to the growth of the industry. Online insurances are way cheaper than offline insurances and coupled with the high internet penetration in Singapore, these 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

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Indonesia Online Loan and Insurance Industry Outlook to 2024 : Compelling Incumbents to pursue growth via Product Development & International Expansion

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UAE Online Insurance Industry Outlook to 2024 – Driven by Customer Uptake, Ease for New and Renewal Policy Convenience with Insurance Aggregators

GWP collection stood at $12Bn, majorly led by growth in non-life insurance products of Health and Motor. Insurance of Persons and Fund Accumulation contributed 28% to total GWP collection. While UAE is ahead among the peer GCC countries in terms of insurance penetration of 2.9%, it still lags behind the average insurance penetration of emerging countries which stands at 3.2% and Global average of 6.1%. Mandatory insurance requirements of Motor across UAE coupled with Health Insurance in Abu Dhabi and Dubai has contributed to raising awareness among people to protect their risks.

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