From 2013 to 2023, the number of life insurance licensees in Malaysia has shown a range-bound pattern with a slight increase, moving from 9 units in 2013 to 11 units in 2023. This represents a relatively stable market with minimal annual fluctuations. Notable increases occur in 2015 and 2021, where year-on-year variations were 11.11% and 10%, respectively. However, other periods showed zero or marginal growth.
The Compound Annual Growth Rate (CAGR) from 2015 to 2023 indicates a low, but positive average growth per year. Between 2024 to 2028, the market is expected to see modest growth with a forecasted CAGR of 1.76% and an overall growth rate of 9.09%.
Future trends to watch for:
- Potential market consolidation or new entrants could alter the stable pattern observed in the past decade.
- Regulatory changes and evolving customer preferences might influence the number of licensees.
- Advancements in digital insurance models could drive market dynamics further.
