The premium income of life insurance in Malaysia has experienced a generally upward trend from 2013 to 2023, standing at 36.83 billion Malaysian Ringgits in 2023. Notably, there was a significant dip in 2020 with a 14.99% decrease due to the pandemic but quickly rebounded by 17.11% in 2021. The year-on-year growth in 2023 was 2.13%, showcasing a gradual recovery and stabilization.
Key trends over the past five years include:
- Steady CAGR of 2.33% from 2019 to 2023
- Consistent annual growth rates, barring the 2020 decline
Looking forward, the forecasted 5-year CAGR from 2024 to 2028 is 1.64%, suggesting continued modest growth with an overall 8.5% growth rate across this period.
Future trends to watch for include the impact of digital transformation in the insurance sector, increased emphasis on personalized insurance products, and evolving regulatory frameworks which could influence premium growth dynamics.
