Between 2013 and 2023, the claims ratio of general insurance in Malaysia decreased from 56.2 to 50.64. The year-on-year decreases over the past two years were approximately -1.15% and -1.19%. The CAGR from 2019 to 2023 is approximately -1.07%. Forecasted data from 2024 to 2028 projects a continued decrease, with a forecast 5-year CAGR of -0.99% and an overall forecast growth rate of -4.85%, bringing the claims ratio to 47.57 in 2028.
Future trends to watch for:
- Technological advancements in risk assessment and claim processing.
- Market competition leading to refined underwriting practices.
- Shifts in regulatory policies impacting insurance operations.
- Economic factors that may influence the frequency and severity of claims.
