Based on the data, the Sums Insured of Life Insurance in Malaysia stood at 1.5422 Trillion Malaysian Ringgits in 2023. Looking at the year-on-year growth rates, there has been a noticeable decline in growth over the years, decreasing steadily from 6.66% in 2013 to 2.27% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years also exhibited a downward trend from 7.16% in 2013 to 2.49% in 2023.
Forecasting future trends from 2024 onwards indicates an expected CAGR of 1.57% over the next five years, projecting the Sums Insured to reach 1.7034 Trillion Malaysian Ringgits by 2028.
Future trends to watch for:
- Potential impact of economic factors on life insurance premiums
- Insurer strategies in response to slower growth rates
- Technological advancements influencing customer acquisition and retention
- Regulatory changes affecting the life insurance market
