Press Release Description

Malaysia Online Insurance Market to Record a CAGR of Around 2.05% During 2024-30

The Malaysia Online Insurance Market is estimated to grow at a CAGR of around 2.05% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. Several factors, including government initiatives, technological advancements, the rise of insurance aggregators, and increased convenience, are expected to drive the online insurance markets. Notably, Bank Negara Malaysia (BNM) has finalized the development of a regulatory framework for digital insurers and digital takaful operators in 2022. This framework aims to attract new digital players offering innovative solutions to address protection gaps. Hence, the growing adoption of Life Insurance and Family Takaful by various government entities in Malaysia is a significant driver propelling the Takaful Insurance Market. Furthermore, the substantial presence of the Muslim population in the country is contributing in enhancing the market size.

The Malaysian market has witnessed substantial growth due to factors such as widespread smartphone and internet usage, a tech-savvy population, the availability of affordable insurance options, and the convenience of online purchasing. The country's young and digitally inclined citizens prefer the ease & cost-effectiveness of acquiring insurance online, bypassing traditional methods involving insurance brokers. This tech-savvy inclination has heightened the demand for online insurance, contributing to the market's upward trajectory.

As more individuals embrace online platforms, driven by a preference for contactless interactions and an increased demand for healthcare coverage, the insurance industry is expected to expand and adapt to the evolving digital landscape. This trend will further enhance the Malaysia Online Insurance Market share in the coming years. Furthermore, in the post-pandemic era, the insurance industry has seen a shift toward automation and personalization via technology.

Moreover, both established and traditional insurers are increasingly embracing digital sales, particularly in auto, travel, and personal accident insurance. The online insurance process, which eliminates intermediaries, has the potential to reduce costs for both insurers and customers, making it the preferred method of conducting insurance transactions, further states the research report, “Malaysia Online Insurance Market Analysis, 2024.”

Malaysia Online Insurance Market

Malaysia Online Insurance Market Segmentation Analysis

Large Enterprises to Lead the Malaysia Online Insurance Industry

Based on enterprise size, the market is bifurcated into Large Enterprises and SMEs. The Malaysia Online Insurance Market is predominantly led by the Large Enterprise segment, attributed to its capacity to enhance claim transparency, nurture human connections, and augment decision-making capabilities. Large enterprises dealing with complex risk management requirements value the comprehensive solutions provided by various insurance products via online platforms. This adoption process optimizes the entire insurance workflow, which includes policy selection, management, and renewal. The benefits of online insurance, which include transparency, efficiency, and cost-effectiveness, make it the preferred solution for meeting the insurance needs of Malaysia's large enterprises.

Furthermore, online insurance platforms serve as a cost-effective remedy for large businesses, yielding savings in both time & resources. Additionally, as part of extensive digital transformation initiatives, major corporations are progressively delving into the realm of online insurance services. This strategic initiative aligns its operational practices with contemporary business standards, resulting in heightened overall efficiency.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Allianz Malaysia Berhad, Prudential Assurance Malaysia Berhad, AIA Bhd., Manulife Insurance Berhad, Zurich Malaysia, Hong Leong Assurance Berhad, Pacific Insurance Berhad, Sun Life Malaysia, Takaful Malaysia, Generali Insurance Malaysia Berhad, Great Eastern Life Insurance (Malaysia) Berhad, and Others (Etiqua Insurance Berhad, AM Assurance, etc.), are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Malaysia Online Insurance Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various countries?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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