In 2023, the benefit payments of general insurance in Malaysia stood at MYR 8.81 billion, showing a steady growth over the past decade. Despite fluctuations, the CAGR over the last five years was 2.24%, showing moderate and consistent growth from MYR 6.26 billion in 2013. Notably, the year-on-year growth for 2023 was 2.06%.
Looking forward, the forecasted data indicates continuous growth, albeit at a slightly slower pace with an expected CAGR of 1.43% from 2024 to 2028. By 2028, it is projected that benefit payments will reach MYR 9.65 billion, reflecting a 7.36% growth over the five-year period.
Future trends to watch for:
- Economic conditions and their impact on insurance market dynamics.
- Regulatory changes that could affect benefit payment structures.
- Advancements in technology that might influence risk assessment and claims processes.
- The potential impact of natural disasters and climate change on insurance claims.
