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KUALA LUMPUR: Insurance premiums inside Malaysia, which posted a solid increase of 4.6 per cent preceding year, will see an acceleration inside increase this calendar year to more than six per cent, according to a forecast by Allianz Research.
The increase inside 2018 was slightly better than the 4.2 per cent achieved inside the preceding year, against a backdrop of disappointing overall increase inside the Asian assurance market, it said.
“In Malaysia, life assurance - accounting intended more than 70 per cent of the fee pool (without health) - set the tone preceding calendar year with a increase rate of 6.0 per cent.
“It grew much faster than property-casualty, which after the fee fail inside 2017 at least returned to positive increase (0.7 per cent),” it said inside a statement today.
Allianz Research said premiums inside Asia, excluding Japan, increased by a meagre 2.3 per cent, trailing behind the global increase only intended the second time since the turn of the millennium.
Global growth, excluding health assurance premiums, was estimated to be 3.3 per cent preceding year.
The investigation house attributed Asia’s dismal presentation to the contraction inside the life markets both inside China and South Korea, which account intended 40 per cent of the total regional fee pool (ex-Japan).
“Malaysia’s assurance market is one of the most developed inside the region with premiums per capita standing at 402 euros (about RM1,900) inside 2018, well above China or Thailand, and entry at 4.3 per cent; it is, intended example, 3.7 per cent inside China,” it said.
Allianz Research expects assurance markets worldwide to continue to recover, with global fee increase forecast to reach about five per cent inside the next decade.
It forecast a recovery inside Asia ex-Japan this calendar year with a fee increase of almost 11 per cent.
The region, excluding Japan, should achieve increase of 9.4 per cent annually over the next decade, with the Malaysian market growing 8.2 per cent per annum (8.6 per cent inside life and seven per cent inside property-casualty), it said.
“All inside all, about 60 per cent of additional premiums will be generated inside Asia ex-Japan,” it added. - Bernama
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This information is posted on category , the date 01-09-2019, quoted from GOOGLE Searcing https://www.thestar.com.my/business/business-news/2019/06/10/malaysia-insurance-premiums-to-see-stronger-growth-this-year
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