The earned premium for general insurance in Malaysia has shown stable growth from 2013 through 2023, standing at 16.65 billion Malaysian Ringgits in 2023. Observing year-on-year variations, there has been a consistent, although declining, percentage increase each year. The compounded annual growth rate (CAGR) for the past five years leading up to 2023 has been 2.34%. Notably, the year-on-year growth rate saw a peak of 10.86% in 2013 but gradually tapered to 2.14% in 2023.
Forecasts indicate a continuation of this growth trend, with premiums reaching 18.29 billion by 2028, which translates to a forecasted 5-year CAGR of 1.49%. The forecasted 5-year growth rate is 7.67%, suggesting more moderate, yet consistent, increases in the near future.
Future trends to watch for include the impact of technological advancements, regulatory changes, and shifts in consumer behavior towards more digital insurance products. Additionally, economic factors such as inflation and overall economic growth in Malaysia will play a crucial role in shaping the future growth trajectory of the general insurance market.
