The retention ratio of general insurance in Malaysia has seen a steady trend. Standing at 93.07 in 2023, it has demonstrated a gradual increase with an annual percentage growth of around 0.07% from 2022 to 2023. Compared to 2021, the growth is approximately 0.14%. Over the last five years, the compound annual growth rate (CAGR) is 0.05%, reflecting a very modest upward trend.

Looking ahead, the retention ratio is forecasted to reach 93.38 by 2028, marking a five-year growth rate of 0.27%. This indicates a continuation of the gradual upward trajectory seen in previous years.

Future trends to watch for may include the impact of digital transformation in insurance, regulatory changes, and shifting consumer preferences which could potentially affect the retention ratio trends in the coming years.