The net premium of Marine, Aviation, and Transit Insurance in Malaysia experienced fluctuations from 2013 to 2023, standing at 466.2 million Malaysian Ringgits in 2023. During the last two years, the market saw a 0.33% year-on-year increase in 2023 and a 5.62% rise in 2022, indicating a recovery period. The last five years showed an average annual growth rate (CAGR) of 0.35%, reflecting stability. Looking towards 2028, the forecasted CAGR is 0.28%, leading to a total growth of 1.43%.
Future trends to watch for:
- Technological advancements in the insurance sector.
- Rising demand for specialized marine and aviation policies due to increased global trade.
- Potential regulatory changes that could impact premiums and market dynamics.
