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Commercial Non-Life Insurance Brokers in Malaysia

  • April 2015
  • -
  • Finaccord
  • -
  • 18 pages

Commercial Non-Life Insurance Brokers in Malaysia plus the BrokerBASE™ and market data file that accompany it investigate the importance of brokers in the distribution of non-life insurance for businesses in Malaysia. This report first provides unique data for the size, segmentation and growth of the Malaysian commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research of all significant broking entities, it ranks the leading 20 brokers in Malaysia according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.

Table Of Contents

Commercial Non-Life Insurance Brokers in Malaysia
Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

The focus is uniquely on commercial non-life insurance, excluding other types of business...

...and on brokerage, even where intermediaries can act as both agents and brokers.

Rationale

Methodology

Research program

Market data analysis

Definitions

Premiums

Abbreviations

Exchange rate

BrokerBASE

Finaccord

2.0 MARKET ANALYSIS

Introduction

Regulatory information

Insurance intermediaries are regulated by the Bank Negara Malaysia (BNM)

Changes in ownership of brokers require the prior written approval of the BNM

Commercial non-life insurance market

Around 40% of the commercial lines insurance market is composed of commercial motor insurance…

… with MAT the next largest segment…

... although premiums for commercial liability insurance have been growing most rapidly

Commercial non-life insurance brokers

Overview of brokers' presence in the distribution of commercial non-life insurance

In commercial lines, the distribution share of brokers is not far behind that of agents

Competitor trends and specialisms

The top ten brokers account for around 70% of the commercial lines broking market in Malaysia…

… with Aon, JLT and Marsh all having been active in the country for several decades

JLT boosted its presence by purchasing Insfield Insurance Brokers in 2013

Tradewinds International Insurance Brokers is the largest indigenous broker in Malaysia

Both Lockton and Willis operate through brokerages in which they have partial ownership stakes

Howden Broking Group acquired a stake in CIMB Insurance Brokers in January 2015

Commercial non-life insurance is the most important source of revenue for all of the top 20 brokers…

… with one generating upwards of 95% of its total revenues from this activity

Brokers' distribution strategies

A handful of the top 20 brokers have product or client sector specialisations…

… and five belong to international broker networks

Future outlook

Compound annual growth of 3.3% in real terms is predicted for the Malaysian commercial lines market

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1 Key market data for commercial non-life insurance brokers in Malaysia

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Segmentation of the commercial non-life insurance market in Malaysia, 2014

Growth in the commercial non-life insurance market in Malaysia by segment, 2010 to 2014

Size and growth of the commercial non-life insurance market in Malaysia by segment, 2010 to 2014 (table)

Brokers' share of the commercial non-life insurance market and revenues earned from it in Malaysia, 2010 and 2014

Brokers' share of the commercial non-life insurance market and revenues earned from it in the Malaysia, 2010 and 2014 (table)

Market concentration for commercial non-life insurance broking in Malaysia, 2014

Market shares of commercial non-life insurance broking revenues of the top ten brokers in Malaysia, 2014

Importance of different types of insurance broking for the top 15 commercial non-life insurance brokers in Malaysia

Partners of broker networks in Malaysia, 2014

Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Malaysia, 2018

Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Malaysia, 2018 (table)

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