The net claims paid by general insurance in Malaysia in 2023 stood at 8.81 billion Malaysian Ringgits, showing a moderate year-on-year increase of 2.06% from the previous year. Examining the historical data from 2013 to 2023, there's a noticeable volatility with peaks and troughs, including substantial growth of 14.89% in 2016 and a negative variation of -2.78% during 2020. From 2019 to 2022, we observe an average annual growth rate (CAGR) of 1.48%, reflecting relative stability, albeit with slower growth compared to earlier years.
Looking ahead from 2024 to 2028, the forecast indicates a continuation of moderate growth with a 5-year forecasted CAGR of 1.59% and an overall 8.21% growth over the period. This trend suggests a steady but controlled increment in net claims payouts.
Future trends to watch for:
- Technological advancements and digital transformation impacting the claims processing environment.
- Regulatory changes and their potential effects on the insurance landscape.
- The impact of macroeconomic conditions, including inflation and economic growth, on insurance claims.
- Shifts in consumer behavior, particularly post-pandemic, influencing insurance product demand and claims patterns.
