Industry Dynamics and
Competitive Landscape in the
Malaysian Personal Accident and
Health Insurance Industry to
2016: Market Profile
Market Profile
Reference code: IN1101MP
Published: October 2012
www.timetric.com
Timetric
John Carpenter House
7 Carmelite Street
London EC4Y 0BS
United Kingdom
Tel: +44 (0)20 7936 6400
Fax: +44 (0)20 7336 6813
www.timetric.com
TABLE OF CONTENTS
TABLE OF CONTENTS
1 Introduction ..................................................................................................................... 8
1.1 What is this Report About? ........................................................................................................ 8
1.2 Definitions ................................................................................................................................. 8
1.3 Methodology ........................................................................................................................... 10
2 Malaysian Insurance Industry Attractiveness............................................................. 12
2.1 Insurance Industry Market Size, 2007–2016 ........................................................................... 14
2.2 Key Industry Trends and Drivers ............................................................................................. 18
2.2.1 Business drivers ............................................................................................................................... 18
2.2.2 Consumer drivers ............................................................................................................................. 19
2.3 Recent Market Developments ................................................................................................. 20
3 Regulatory Policies ....................................................................................................... 21
4 Porter’s Five Forces Analysis – Malaysian Personal Accident and Health Insurance
Market ................................................................................................................................... 22
4.1 Bargaining Power of Supplier: Low.......................................................................................... 22
4.2 Bargaining Power of Buyer: low to medium ............................................................................. 23
4.3 Barriers to Entry: Low .............................................................................................................. 23
4.4 Intensity of Rivalry: Medium to High ........................................................................................ 23
4.5 Threat of Substitutes: Low ....................................................................................................... 23
5 Competitive Landscape and Strategic Insights .......................................................... 24
5.1 Overview ................................................................................................................................. 24
5.2 Leading Companies in the Malaysian Personal Accident and Health Insurance Segment ....... 24
5.3 Comparison of Top-Five Insurers ............................................................................................ 26
5.3.1 Gross written premium ...................................................................................................................... 26
5.3.2 Outwards reinsurance expense ........................................................................................................ 27
5.3.3 Net earned premiums ....................................................................................................................... 28
5.3.4 Gross claims ..................................................................................................................................... 29
5.3.5 Paid claims ....................................................................................................................................... 30
5.4 American International Assurance Bhd. – Company Overview ................................................ 31
5.4.1 American International Assurance Bhd – key facts .......................................................................... 31
5.4.2 American International Assurance Bhd – key financials .................................................................. 31
5.5 MSIG Malaysia – Company Overview ..................................................................................... 32
5.5.1 MSIG Malaysia – key facts ............................................................................................................... 32
5.5.2 MSIG Malaysia – key financials ........................................................................................................ 32
5.6 ACE Group – Company Overview ........................................................................................... 33
5.6.1 ACE Group – key facts ..................................................................................................................... 33
5.6.2 ACE Group – key financials .............................................................................................................. 33
5.7 Hong Leong Assurance Berhad – Company Overview ............................................................ 34
5.7.1 Hong Leong Assurance Berhad – key facts ..................................................................................... 34
Industry Dynamics and Competitive Landscape in the Malaysian Personal Accident and
Page 2
Health Insurance Industry to 2016: Market Profile
© Timetric. This product is licensed and is not to be photocopied Published: October 2012
TABLE OF CONTENTS
5.7.2 Hong Leong Assurance Berhad – key financials .............................................................................. 34
5.8 Berjaya Sompo Insurance Berhad – Company Overview ........................................................ 35
5.8.1 Berjaya Sompo Insurance Berhad – key facts ................................................................................. 35
5.8.2 Berjaya Sompo Insurance Berhad – key financials .......................................................................... 35
5.9 Multi-Purpose Insurans Bhd – Company Overview ................................................................. 36
5.9.1 Multi-Purpose Insurans Bhd – key facts ........................................................................................... 36
5.9.2 Multi-Purpose Insurans Bhd – key financials.................................................................................... 36
5.10 Zurich Insurance Malaysia – Company Overview .................................................................... 37
5.10.1 Zurich Insurance Malaysia – key facts ............................................................................................. 37
5.10.2 Zurich Insurance Malaysia – key financials ...................................................................................... 37
6 Business Environment and Country Risk ................................................................... 38
6.1 Business Confidence .............................................................................................................. 38
6.1.1 Business confidence indicator .......................................................................................................... 38
6.1.2 Market capitalization trend – the Bursa Malaysia stock exchange, Malaysia .................................. 39
6.2 Economic Performance ........................................................................................................... 40
6.2.1 GDP at constant prices (US dollars) ................................................................................................. 40
6.2.2 GDP per capita at constant prices (US dollars) ................................................................................ 41
6.2.3 GDP at current prices (US dollars) ................................................................................................... 42
6.2.4 GDP per capita at current prices (US dollars) .................................................................................. 43
6.2.5 GDP by key segments ...................................................................................................................... 44
6.2.6 Agriculture net output at current prices (Malaysian Ringgit) ............................................................. 45
6.2.7 Agriculture net output at current prices (US dollars) ........................................................................ 46
6.2.8 Agriculture net output at current prices as a percentage of GDP ..................................................... 47
6.2.9 Manufacturing net output at current prices (Malaysian Ringgit) ....................................................... 48
6.2.10 Manufacturing net output at current prices (US dollars) ................................................................... 49
6.2.11 Manufacturing net output at current prices as a percentage of GDP ............................................... 50
6.2.12 Mining, manufacturing and utilities net output at current prices (Malaysian Ringgit) ....................... 51
6.2.13 Mining, manufacturing and utilities at current prices (US dollars) .................................................... 52
6.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP .................................. 53
6.2.15 Construction net output at current prices (Malaysian Ringgit) .......................................................... 54
6.2.16 Construction net output at current prices, (US dollars) .................................................................... 55
6.2.17 Construction net output at current prices as a percentage of GDP .................................................. 56
6.2.18 Inflation rate ...................................................................................................................................... 57
6.2.19 Current account balance as a percentage of GDP ........................................................................... 58
6.2.20 Exports as a percentage of GDP ...................................................................................................... 59
6.2.21 Imports as a percentage of GDP ...................................................................................................... 60
6.2.22 Exports growth .................................................................................................................................. 61
6.2.23 Imports growth .................................................................................................................................. 62
6.2.24 External debt as a percentage of GDP ............................................................................................. 63
6.2.25 Annual average exchange rate US$–MYR....................................................................................... 64
6.2.26 End-of-period exchange rate US$–MYR .......................................................................................... 65
Industry Dynamics and Competitive Landscape in the Malaysian Personal Accident and
Page 3
Health Insurance Industry to 2016: Market Profile