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AM Best maintains stable outlook call on Malaysia's non-life insurance segment

04/08/2022 01:44 PM

KUALA LUMPUR, Aug 4 (Bernama) -- Global credit rating agency AM Best has maintained a stable outlook rating on the Malaysian non-life insurance industry segment due to its underwriting discipline and the market’s recovery following the economic fallout from COVID-19.

The agency’s “Market Segment Outlook: Malaysia Non-Life Insurance” report states that non-life gross written premiums rose by 4.0 per cent to RM21.97 billion (US$ 4.95 billion) in 2021, 44 per cent of which was driven by the general takaful segment.

According to a statement, the increase follows a contraction in non-life premiums in 2020 and was driven by a recovery in most lines of business, especially fire, engineering and the growing motor takaful segment.

Over the near to medium term, AM Best expects the segment’s growth to be supported by the country’s economic recovery and increased insurance penetration.

Whilst economic growth has rebounded with the lifting of prolonged COVID-19-related social and business restrictions, the increased adoption of digitalisation has improved the ease of policy subscriptions and is helping to raise insurance penetration.

Key lines of business, in particular motor and fire insurance, are expected to drive the growth of the non-life insurance segment. 

Following the end of movement restrictions and lockdowns, the motor insurance business is likely to expand over the near term, supported by growing new vehicle sales.

In response to capital market volatility conditions, AM Best expects non-life insurers to continue monitoring their underlying risk exposure to various investment classes, as well as actively adjust and refine their portfolio allocations as part of their risk management.

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