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).
In this edition, we explore the impacts of COVID-19 on the motor insurance market in Malaysia. Our domestic treaties team also share a unique insight from our position as the domestic market leader on the latest market trends from the recent January 2021 renewal.
Malaysia General Insurance and Takaful industry recorded a stable growth with GWP & GWC rising by 1.8% in 2019. Whilst Motor has been showing steady growth over the years, Fire growth is slowing down, potentially due to the challenging phased liberalisation environment.