Benefit payments of life insurance in Malaysia have seen considerable fluctuations between 2013 and 2023. Starting at 16.33 billion MYR in 2013, the value reached 26.37 billion MYR in 2023. Despite a significant dip in 2020, with a -14.32% decline largely attributable to the economic impact of the pandemic, the sector rebounded strongly in 2021 with a 17.97% increase. Over the past five years, growth has been modest with a CAGR of 3.08%.

Future trends to watch:

A forecasted stable growth with a 5-year CAGR of 2.1% leading to a value of 30.02 billion MYR by 2028.
Potential impacts of economic recovery and inflation on benefit payments and policyholder behavior.
Technological advancements and regulatory changes shaping product offerings and market dynamics.