Life insurance penetration in Malaysia experienced slight fluctuations from 2013 to 2023, beginning at 3.2%, dipping slightly, and then stabilizing around 3.25% in 2023. The year-on-year variation over the last two years showed minimal change, from 3.24% in 2022 to 3.25% in 2023. The average annual growth rate (CAGR) over the past five years was modest at 0.12%, with a total forecasted growth of 0.61% by 2028, reaching 3.28%.
Future trends to watch for:
- Potential impact of digitalization and InsurTech on market penetration
- Influence of economic growth on disposable income and insurance consumption
- Regulatory changes facilitating insurance access and affordability
- Shifts in demographic trends and their insurance needs