Malaysian Insurance Highlights (MIH) 2021 examines the impact of flooding on its economy and insurance markets. Just as 2021 drew to a close Malaysia was hit by one of the worst floods that the country ever experienced. MIH 2021 accentuates the need to address underinsurance as flood risk increases, where the demand for flood cover is influenced by the government’s support of the country’s low-income segment for the loss caused by a disaster.
Flooding is regarded as Malaysia’s most severe and frequent disaster causing the highest amount of annual average losses. This has been painfully evidenced once again in December 2021, when the most severe flood event since 2014 struck the country, killing about 50 people, displacing more than 120,000 and causing an estimated flood related claims exposure of RM 3 billion (US$ 720 million).
The Asian (Re)Insurance Market Report highlights statistics and data from countries across the Asia region. Among the information covered in this Report are gross premiums comprising non-life, life and micro insurance; the number of insurance entities and the market share of total non-life insurance premiums, as well as the insurance industry growth trends.