Market Research Report

Malaysia Online Insurance Market Research Report: Forecast (2024-2030)

Malaysia Online Insurance Market Report - By Insurance Type (Life Insurance, Health insurance, Motor Insurance, Home Insurance, Others (Vehicle Insurance, Property Insurance, etc.)...), By End User (Individual Consumers, Business Entities, Transport & Logistics Companies, Financial Institutions, Others (Healthcare Providers, Government Entities, etc.)), By Enterprise Size (Large Enterprises, SMEs), Others Read more

  • ICT & Electronics
  • Jan 2024
  • 116
  • IT77083

Market Definition

Online insurance refers to the purchase & management of insurance policies through digital platforms, typically over the Internet. This approach allows individuals and businesses to browse, compare, purchase, and manage insurance policies using online platforms, websites, or mobile applications provided by insurance companies or intermediaries. The entire process, from quote requests to policy issuance and claims management, can be completed electronically.

Market Insights & Analysis: Malaysia Online Insurance Market (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. The market in Malaysia has experienced significant growth, driven by factors such as widespread smartphone & internet usage, a tech-savvy population, the availability of affordable insurance options, and the convenience of online purchasing. Malaysia, with its young and digitally inclined citizens, shows a preference for the ease and cost-effectiveness of acquiring insurance online, bypassing traditional methods involving insurance brokers.

Anticipated factors, including government initiatives, technological advancements, the rise of insurance aggregators, and enhanced convenience, are poised to further propel the market, covering both motor & non-motor insurance. For instance, Bank Negara Malaysia (BNM) is in the process of developing a regulatory framework for digital insurers and digital takaful operators, which was concluded in 2022.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 2.05%
Region Covered North, South, East, Central, Sarawak, Sabah
Key Companies Profiled 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.)
Unit Denominations USD Million/Billion

 

The intended framework is designed to entice new digital entrants, offering innovative solutions to address protection gaps. Also, the increasing adoption of Life Insurance and Family Takaful by various government entities throughout Malaysia is a key driver propelling the Takaful Insurance Market. Additionally, the substantial presence of the Muslim population in the country is further accelerating market growth.

Moreover, in the post-pandemic landscape, the insurance sector witnessed a shift towards automation & personalization through technology, influencing both established insurers and traditional players to embrace digital sales, particularly in motor, travel, and personal accident insurance. The online insurance process, characterized by the elimination of intermediaries, holds the potential to reduce costs for insurers and customers alike, emerging as the preferred avenue for insurance transactions.

As more individuals turn to online platforms, driven by a preference for contactless interactions and an increased demand for healthcare coverage, the insurance industry would experience expansion & adaptation to the evolving digital landscape, further contributing to enhancing the Malaysia Online Insurance Market share in the forthcoming years.


Malaysia Online Insurance Market Research Report: Forecast (2024-2030)

Malaysia Online Insurance Market Driver:

Widespread Smartphone & Internet Usage and Increasing Tech-Savvy Population to Fuel Market Expansion – The widespread adoption of smartphones and easy access to the internet has been instrumental in shaping the Malaysia Online Insurance Market. The younger demographic, particularly Malaysians, is becoming more connected, turning online platforms into a convenient channel for insurance transactions and driving market growth. Additionally, the country's tech-savvy population, comfortable with digital tools and online transactions, has played a crucial role in the success of online insurance platforms. This inclination towards embracing technology has further heightened the demand for online insurance, contributing to the market's upward trajectory.

Malaysia Online Insurance Market Challenge:

Information Accessibility Barriers to Hinder the Market Growth – While online insurance is becoming more popular, some segments of the population remain unaware. Potential customers may not fully understand the benefits and coverage options provided by online insurance providers, limiting the Malaysia Online Insurance Market growth. Furthermore, the insurance industry relies heavily on building consumer trust. Some clients may be hesitant to purchase insurance online due to concerns about the credibility and reliability of internet providers, especially for more complex products such as life insurance, hence creating a challenge for market expansion.

Malaysia Online Insurance Market (2024-30): Segmentation Analysis

The Malaysia Online Insurance Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Insurance Type

  • Life Insurance
  • Health insurance
  • Motor Insurance
  • Home Insurance
  • Others (Vehicle Insurance, Property Insurance, etc.)

Life Insurance is anticipated to capture the potential share of the Malaysia Online Insurance Market. Life insurance plays a crucial role in the country's insurance sector, with numerous providers offering a diverse array of life insurance products. The Online Insurance Market in Malaysia is on the rise, with many insurance companies providing digital platforms for customers to easily buy and handle their insurance policies online.

Life insurance has been an essential insurance in Malaysia for many years, and there is widespread awareness of its importance among the population. The well-established nature of life insurance is further fueled by the expanding Malaysian middle class, driving increased demand for both financial protection & opportunities for wealth accumulation that life insurance products provide.

Based on Enterprise Size:

  • Large Enterprises
  • SMEs

The Large Enterprise segment dominates the Malaysia Online Insurance Market due to its ability to improve claim transparency, foster human connections, and improve decision-making capabilities. Large enterprises, with their complex risk management requirements, value the comprehensive solutions provided by various insurance products via online platforms. This adoption streamlines the entire insurance process, which includes policy selection, management, and renewal.

Online insurance platforms offer a cost-effective solution for large businesses, resulting in time & resource savings. Automation of processes reduces administrative overhead, making it an appealing option for businesses looking to save money. Furthermore, as part of broader digital transformation initiatives, large corporations are increasingly exploring the use of online insurance services. This strategic move aligns their operations with modern business practices, resulting in increased overall efficiency. The benefits of online insurance, such as transparency, efficiency, and cost-effectiveness, make it the preferred choice for meeting the insurance needs of Malaysia's large enterprises.

Malaysia Online Insurance Industry Recent Development:

  • January 2024: Prudential Assurance Malaysia Berhad has introduced gender-specific critical illness plans, namely "PRUMan" and "PRULady." This marks the launch of the first-ever male- & female-specific insurance plan in Malaysia, aiming to cater to the distinct health and risk variations between men & women.

Gain a Competitive Edge with Our Malaysia Online Insurance Market Report

  • Malaysia Online Insurance Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.

  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.

  • Malaysia Online Insurance Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Malaysia Online Insurance Market is expected to grow at a compound annual growth rate (CAGR) of 2.05% from 2024 to 2030.

   A. The widespread smartphone & internet usage and increasing tech-savvy population is expected to drive the Malaysia Online Insurance Market during 2024-30.

   A. 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 the top companies in the Malaysia Online Insurance Market.

   A. Large Enterprise held the largest share of the Malaysia Online Insurance Market.

  1. Market Segmentation
  2. Introduction
    1. Market Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Malaysia Online Insurance Market PESTLE Analysis
  5. Malaysia Online Insurance Market Trends & Insights
  6. Malaysia Online Insurance Market Dynamics
    1. Growth Drivers
    2. Challenges
  7. Malaysia Online Insurance Market Hotspots & Opportunities
  8. Malaysia Online Insurance Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Insurance Type
        1. Life Insurance- (Market Size & Forecast 2019-2030, (USD Million)
        2. Health insurance- (Market Size & Forecast 2019-2030, (USD Million)
        3. Motor Insurance- (Market Size & Forecast 2019-2030, (USD Million)
        4. Home Insurance- (Market Size & Forecast 2019-2030, (USD Million)
        5. Others (Vehicle Insurance, Property Insurance, etc.)- (Market Size & Forecast 2019-2030, (USD Million)
      2. By End User
        1. Individual Consumers- (Market Size & Forecast 2019-2030, (USD Million)
        2. Business Entities- (Market Size & Forecast 2019-2030, (USD Million)
        3. Transport & Logistics Companies - (Market Size & Forecast 2019-2030, (USD Million)
        4. Financial Institutions- (Market Size & Forecast 2019-2030, (USD Million)
        5. Others (Healthcare Providers, Government Entities, etc.)- (Market Size & Forecast 2019-2030, (USD Million)
      3. By Enterprise Size
        1. Large Enterprises- (Market Size & Forecast 2019-2030, (USD Million)
        2. SMEs- (Market Size & Forecast 2019-2030, (USD Million)
      4. By Region
        1. North
        2. South
        3. East
        4. Central
        5. Sarawak
        6. Sabah          
      5. By Company
        1. Competition Characteristics
        2. Market Share of Leading Companies
  9. Malaysia Online Life Insurance Type Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By End User- (Market Size & Forecast 2019-2030, (USD Million)
      2. By Enterprise Size- (Market Size & Forecast 2019-2030, (USD Million)
  10. Malaysia Online Health Insurance Type Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By End User- (Market Size & Forecast 2019-2030, (USD Million)
      2. By Enterprise Size- (Market Size & Forecast 2019-2030, (USD Million)
  11. Malaysia Online Motor Insurance Type Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By End User- (Market Size & Forecast 2019-2030, (USD Million)
      2. By Enterprise Size- (Market Size & Forecast 2019-2030, (USD Million)
  12. Malaysia Online Home Insurance Type Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By End User- (Market Size & Forecast 2019-2030, (USD Million)
      2. By Enterprise Size- (Market Size & Forecast 2019-2030, (USD Million)
  13. Malaysia Online Insurance Market Key Strategic Imperatives for Growth & Success
  14. Competition Outlook
    1. Company Profiles
      1. Allianz Malaysia Berhad
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Prudential Assurance Malaysia Berhad
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. AIA Bhd.
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. Manulife Insurance Berhad
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Zurich Malaysia
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Hong Leong Assurance Berhad
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Pacific Insurance Berhad
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Sun Life Malaysia
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Takaful Malaysia
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Generali Insurance Malaysia Berhad
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Great Eastern Life Insurance (Malaysia) Berhad  
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      12. Others (Etiqua Insurance Berhad, AM Assurance, etc.)
        1. Business Description
        2. Product Segments
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
  15. Disclaimer


Malaysia Online Insurance Market Segmentation Slide