Top Insurance Companies in Malaysia

The insurance industry in Malaysia is a key player in the country's financial services sector. It plays an important role in protecting individuals and businesses from financial losses due to unforeseen events such as accidents, natural disasters, and illness. As of 2022, the industry has generated an estimated RM 50 billion in revenue. Employment in the industry has also been on the rise, with over 45,000 individuals employed in the sector in 2022. In this article, we will examine the key statistics, factors contributing to growth, industry trends, challenges, and future outlook of the insurance industry in Malaysia.

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CompanyHeadcountContactDescriptionDecision Maker
ALLIANZ TRADE4,345 +65 6589 3794

Allianz Trade is the trademark used to designate a range of services provided by Euler Hermes.We are the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. For over a century, we have been helping businesses like yours anticipate risks, act with speed, make informed decisions and grow securely.Headquartered in Paris, we are present in more than 50 countries with 5,500 employees. In 2021, our global business transactions represented 931 billion Euro in exposure. As a member of the Allianz Group, we are a strong global community committed to a culture where both people and performance matter.We truly care for our employees and their individual needs and aspirations. We all shape an environment in which everyone has the confidence to dream, to explore and to grow.  Let’s take control of tomorrow, together. For more information, please visit allianz-trade.com or follow us on Twitter and Instagram @AllianzTrade.

EML2,120 +61 2 8251 9229

At EML we take great pride in helping people get their lives back after a workplace injury. Since our foundation in 1910 we’ve maintained a singular vision; to dedicate our services to improving work health and safety for the benefit of our members, workers and the broader community which we support.Today, we have over 3,000 specialists working in partnership with businesses, injured workers and government schemes across Australia, helping to make a difference.As Australia’s only mutual personal injury manager, we focus exclusively on providing tailored injury prevention and return to work support. Since we have been in operation, we have helped over 350,000 injured workers get their lives back.

CHARLES TAYLOR1,541 +61 456 658 666

Charles Taylor provides an unrivalled and growing range of insurance services, claims and technology solutions across the globe, with a specialism in complex situations requiring distinctive technical expertise and technology. We aim to build long-term client relationships spanning multiple value-creating solutions, and to consistently delight our clients with the quality and responsiveness of our people and delivery.We have 3,000+ experts based around the globe in more than 120 locations spread across 30 countries in the UK & Europe, the Americas, Asia Pacific, the Middle East and Africa.Visit our website for more information.

DOCDOC PTE. LTD.64 +65 6602 8035

DocDoc is the world’s first patient intelligence company. Our vision is to empower patients to make data-driven healthcare decisions which are safe, transparent, and fair. We use technology in conjunction with medically trained professionals to optimise healthcare outcomes and cost, and enhance the patient’s end-to-end healthcare journey. DocDoc combines AI-powered doctor discovery, telemedicine, and digital Third Party Administrator services onto a single platform. With this platform, DocDoc enables insurance companies to offer a differentiated product in a crowded market, employers to attract and retain world-class employees, and governments to improve accessibility and affordability of healthcare services for their citizens.DocDoc is an independent company with deep expertise in healthcare quality. We seek physicians, clinics, and hospitals with excellent outcomes who believe they are the best at what they do. We then spend hours with each doctor, investigating quality of care and documenting procedures and conditions where the physician excels. We review national records to confirm credentials and discover any legal action. Then, we enter information from multiple sources into a sophisticated system that finds a best match between a unique patient need and unique physician experience.Our model is that everyone wins. The patient finds a highly qualified doctor to treat their condition. The physician, who excels in specific treatments and procedures, has a company validate their expertise and send select patients to them so they can focus on clinical care. The insurance firms, knowing that happy policyholders maintain memberships and employers knowing that healthy employees are more productive, pay us a modest fee to assure their patients make informed medical decisions. The service is free of charge to providers to ensure transparency and avoid conflict of interest.

FWD INSURANCE7,946 +65 6820 8888

FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.

IGLOO179 +65 6920 5134

Igloo is a full stack insurtech startup founded in 2016. It leverages big data, real-time risk assessment and end-to-end automated claims management to create innovative B2B2C insurance solutions for platform partners and insurers. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams and optimise and enhance existing products.

INCOME2,379 +65 6789 5000

Income Insurance Limited (Income Insurance) is one of the leading composite insurers in Singapore, offering life, health and general insurance. Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today. Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empowers the people it serves with better financial well-being. Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting financial inclusion, education for youth-in-need and seniors’ well-being. For more information, please visit www.income.com.sg

PRUDENTIAL ASSURANCE MALAYSIA BERHAD5,294 +60 3-2771 0228

Our purpose is to help people get the most out of life. We make healthcare affordable and accessible, we protect people’s wealth and grow their assets, and we empower our customers to save for their goals.Our brand commitment “Listening. Understanding. Delivering.” reinforces our purpose of helping customers progress in life, meeting their evolving needs in a highly digital, interconnected world. By putting innovation at the core for our customers, Prudential continues to be as relevant today as it has been for more than 99 years.Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924 and is a subsidiary of Prudential plc, which was founded in London in 1848. Prudential plc provides life and health insurance and asset management, with a focus on Asia and Africa. Our financial strength, heritage, prudence and focus on our customers’ long-term needs ensure that people continue to turn to us to help them plan for today and tomorrow.

STARR INSURANCE COMPANIES2,528 +65 6636 0380

Starr Insurance Companies is a leading insurance and investment organization, providing commercial property and casualty insurance, including travel and accident coverage, to almost every imaginable business and industry in virtually every part of the world.Cornelius Vander Starr established his first insurance company in Shanghai, China in 1919. Today, we are one of the world’s fastest growing insurance organizations, capable of writing in 128 countries on 6 continents.Starr has the global knowledge, vision and relationships to help your company succeed, anywhere you do business.

TOKIO MARINE INSURANCE GROUP (ASIA)1,507 +65 6221 6111

Welcome to the official page of Tokio Marine in Asia.More than 140 years ago, we were established as the first Insurance company in Japan. Our network now spans across 45 countries, and we have never lost sight of conducting business with integrity, passion and quality. Doing good, being good means profits are not the be all and end all of our existence, but a natural progression of doing the best for customers, employees and society. Working to be a Good Company brings us together as a united global insurance group. WHO WE ARE Established in the year 1879 as the first insurance company in Japan, TOKIO MARINE has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions. With a presence in 45 countries and expanding, Tokio Marine ranks as one of the world’s most globally diversified and financially secure insurance groups. Today, as Japan’s largest insurance group, with over JPY22,531 billion in assets, JPY3,807 billion of market capitalisation (as at end of March 2019) and over 40,000 employees, Tokio Marine is ever-ready to partner with you to continuously realise more achievements.

AIA SINGAPORE2,769 +65 1800 248 8000

AIA Singapore is part of the AIA Group, which is the largest independent publicly listed pan-Asian life insurance group in the world and the second largest life insurance company in the world by market capitalisation. As a leading company in Singapore, AIA Singapore takes a leadership role in contributing to the nation’s social and economic progress by enabling families to live healthier, longer, better lives. Together with one of Singapore’s biggest and most committed team of AIA Financial Services Consultants, our dedicated staff are united in continually pursuing this goal. With a focus on providing excellent service to our customers, we partner with individuals, families and corporates in Singapore for a brighter and more prosperous future for all. Committed to the vision of being the pre-eminent life insurer in the country, admired for excellent service and best practices, AIA Singapore conducts our business according to an operating philosophy of “Doing the Right Thing, in the Right Way, with the Right People.Any personal information supplied by you in connection with your use of this social media platform may be collected, stored, handled, used and deleted in accordance with the AIA Singapore Privacy Policy available at http://www.aia.com.sg/en/index/personal-data-policy.html

PRUDENTIAL INDONESIA (PT PRUDENTIAL LIFE ASSURANCE)10,928 +62 1 500 085

Listening. Understanding. Delivering.At Prudential Indonesia we deliver excellence by consistently innovating, creating new opportunities and growing our business to cater all of our customers needs.With a vision of becoming truly world class, Prudential Indonesia provides quality services and proven track record of market leadership in the country.Working at Prudential Indonesia gives you many opportunities to develop yourself and explore what you’re really capable of, as well as the perfect environment to collaborate, listen and care for others.Ask around. The more you find out about us, the more you’ll learn that we’re an insurance company that understands you.We are here to listen.

SCOR3,985 +65 6517 7500

SCOR, one of the worlds largest reinsurers, provides its clients with a diversified and innovative range of solutions to control and manage risk. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health as well as in P&C.The reinsurance industry is about combining technical expertise and experience with the developments of science. However many tools we use to conduct our activities (models, databases, pricing tools, reserving tools, and so on), we also need expert judgments and human experience to correctly underwrite. This is what we call the art of underwriting. Reinsurance is a knowledge industry. Expertise is an accumulation variable. The most advanced tool will never replace the intuition of a seasoned underwriter facing a complex risk. Because at the end of the day, you have to make a decision, to sign, to underwrite. And what we have underwritten, we cannot overwrite - our word is our bond, as is our signature. This dimension of our business, linked to the art of underwriting, is more important than some observers would have people believe. One way to acquire this art is to share experiences – both good and bad – and to share doubts and questions. Artists always belong to a school, from which they learn their craft. Like artists, we have to learn, imitate, mimic, and then innovate, in order to find our own style and create our own distinctive work.

REINSURANCE GROUP OF AMERICA, INCORPORATED3,426 +65 6692 9380

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortunes Worlds Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit www.rgare.com.

MUNICH RE17,773 +65 6220 1768

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. We are globally active and operate in all lines of the insurance business. Since our founding in 1880, we’ve been known for our unrivaled risk-related expertise and sound financial position. We offer customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. We possess outstanding innovative strength, which enables us to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyber attacks, or pandemics.We’re also playing a key role in driving forward the digital transformation of the insurance industry, and in doing so have further expanded our ability to assess risks and the range of services that we offer. Our tailor-made solutions and close proximity to our customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.Our corporate culture is defined by performance, mutual respect and trust. All this makes us an attractive employer providing global career development opportunities and prospects.Munich Re Imprint: www.munichre.com/en/service/imprint/index.htmlMunich Re Legal Notice: https://www.munichre.com/en/service/legal-notice/index.htmlMunich Re Privacy Policy: https://www.munichre.com/en/service/privacy-statement/index.htmlBy accessing the Munich Re LinkedIn page, you agree to LinkedIns terms and conditions and its data use policy: www.linkedin.com/legal/privacy-policy© 2000–2018Münchener Rückversicherungs-GesellschaftGroup Communications

ALLIANZ GLOBAL CORPORATE & SPECIALTY (AGCS)4,553 +65 6395 3769

Whether youre a multinational or a specialist SME, Allianz Global Corporate & Specialty (AGCS) is your partner to manage the fast evolving risks of today and tomorrow. Our teams work with companies worldwide to create insurance solutions designed for specific industries and business challenges, supporting customers as diverse as the worlds largest consumer brands, tech companies and the global aviation and shipping industry, but also floating wind parks, private pilots or Hollywood film actors.With a worldwide network in more than 200 countries and territories, we exclusively focus on the needs of corporate and specialist clients. But whats more, as part of Allianz Group, we can help you find smart answers to all your business risks and opportunities, from asset management to life and health insurance as well as traditional property-casualty insurance and alternative risk transfer.

PACIFIC PRIME476 +66 2 656 0180

Pacific Prime was founded in 2000 by Neil Raymond to simplify insurance for international clients looking for health insurance coverage. Fast forward, and over two decades later, we are now the 3rd largest employee benefits broker in the Asia Pacific region after acquiring CXA Group’s brokerage arms in Hong Kong and Singapore in 2021. Globally, we are internationally recognized as one of the largest employee benefits and insurance brokers. We have a broad portfolio of clients, including expats, families, international schools, professional services firms, and more.Our global operations in 15 strategic locations (Hong Kong, Shanghai, Beijing, Singapore, Dubai, Bangkok, London, New York, Miami, Los Angeles, Mexico City, Cebu, Kuala Lumpur, Guangzhou, Shenzhen) allow us to offer a wide range of cross-border and compliant insurance solutions. Collectively, we manage over USD $700 million in premiums and cover more than 1,500,000 lives. Moreover, our team of over 1,000 professional insurance experts and staff, speaking more than 28 different languages, helps foster strong, long-term relationships with clients and stakeholders. We are also a leading distributor for over 60 insurance companies, including BUPA, Allianz, Cigna, AXA, Aetna, CHUBB, and many more. In partnership with networks such as the Worldwide Broker Network (WBN), we strive to extend our reach and provide dedicated support and solutions to individuals and companies across various industries.If youre interested in learning more about our insurance solutions, please email us at corporate@pacificprime.com or visit our website: https://www.pacificprime.com/.

GENERALI INDONESIA1,327 +62 361 462488

PT Asuransi Jiwa Generali Indonesia (Generali Indonesia) operates in Indonesia since year 2009. We are a subsidiary of the Generali Group; the Group was established in 1831, Trieste, Italy as one of Europe’s largest insurance providers and the European biggest life insurer.Generali is taking the Indonesian life insurance industry by storm. With a clear business strategy and over 11,000 agents and agency offices nationwide, were focused on providing innovative products and value-added services that meet the needs of our customers.We manage multiple distribution channels, form balanced long-term partnerships with financial institutions and general distribution, and leverage digital technology to stay ahead of the curve.Our customer-centric approach means that we provide customized products and leading services that earn the trust of our customers every step of the way. Were committed to continuously developing ourselves in the life insurance and financial planning industry in Indonesia to maintain our position as a major force in the market.At Generali, were all about delivering the best possible outcomes for our customers, and were not afraid to push the boundaries to make it happen.

PRUDENTIAL LIFE ASSURANCE PUBLIC COMPANY LTD. (THAILAND)542 +66 81 815 2011

Prudential Life Assurance Public Company Ltd. (Thailand) (Prudential Thailand) is a subsidiary of UK-based Prudential plc and started its operations in Thailand in 1995. We have worked consistently to grow the company as well as provide the people of Thailand with opportunities to protect and secure their financial futures. Prudential Corporation Asia is one of Asia’s leading insurance companies with more than 14 million customers in 12 countries. The company offers a wide range of life insurance, protection, savings and retirement products and services. With a long heritage in Asia, the company has 500,000 financial consultants who live up to the promise every day to be “Always Listening. Always Understanding. Eastspring Investments is the asset management operation and serves both retail and institutional investors. It is one of Asias largest retail asset managers with operations in 10 regional markets plus offices in North America, the UAE, and the Europe.

SWISS RE14,208 +65 6428 1817

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 70 offices globally and is rated AA- by Standard & Poors, Aa3 by Moodys and A+ by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the Main Standard on the SIX Swiss Exchange and trade under the symbol SREN. Were smarter together.For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe

Top Insurance Companies in Malaysia

Factors Contributing to Growth

Several factors have contributed to the growth and success of the insurance industry in Malaysia, including government initiatives, increased consumer awareness, and rising demand for insurance products.

The Malaysian government has played an important role in supporting the growth of the insurance industry. The government has introduced a range of initiatives to increase insurance penetration, such as the introduction of the Malaysian Takaful Association, which promotes the development of Islamic insurance products. Additionally, the government has introduced various tax incentives to encourage individuals and businesses to purchase insurance products.

Increased consumer awareness has also contributed to the growth of the insurance industry in Malaysia. With a growing middle class and increasing access to information, more individuals are recognizing the importance of insurance in protecting their financial well-being. This has led to a rise in demand for insurance products, particularly in areas such as health insurance and life insurance.

Industry Growth and Comparison to Previous Years

According to the Insurance Services Malaysia Berhad (ISM), the insurance industry in Malaysia has shown steady growth over the past few years. In 2022, the industry recorded a total gross written premium of MYR 49.8 billion, representing a growth rate of 2.6% compared to the previous year. The industry's net claims incurred in 2022 amounted to MYR 20.7 billion, while its total assets stood at MYR 373.6 billion.

Key Trends

One of the key trends in the insurance industry in Malaysia is the increasing use of technology to enhance customer experience and streamline operations. With the rise of digital platforms and mobile technology, many insurance companies are investing in online portals and mobile apps to allow customers to purchase and manage their insurance policies more easily. Additionally, the use of big data and analytics is becoming more prevalent in the industry, allowing insurers to better understand customer needs and tailor their products and services accordingly.

Another trend in the industry is the increasing focus on sustainability and environmental responsibility. Many insurance companies are incorporating environmental, social, and governance (ESG) factors into their investment decisions and underwriting processes. This reflects a growing awareness of the impact of climate change and other environmental issues on the insurance industry.

Challenges

Despite its growth and success, the insurance industry in Malaysia faces several challenges. One of the key challenges is the low penetration rate of insurance products in the country. While the industry has shown steady growth, insurance penetration in Malaysia remains relatively low compared to other countries in the region. This highlights the need for continued efforts to increase awareness and promote the benefits of insurance to consumers.

Another challenge facing the industry is the increasing competition from non-traditional or new digital players such as fintech companies, e-commerce platforms and insurtechs. These players are disrupting the traditional insurance business model by leveraging technology to offer innovative insurance products and services, often with greater convenience and at lower costs. This has forced traditional insurers to adapt and innovate in order to remain competitive in this changing landscape.

Another challenge is the increasing regulatory scrutiny and compliance requirements. Insurers are subject to stringent regulatory requirements, particularly in areas such as capital adequacy, solvency, and risk management. With the increasing regulatory scrutiny, insurers will need to invest in compliance measures to ensure that they are able to meet these requirements.

Future Outlook

Looking ahead, the insurance industry in Malaysia is expected to continue growing in the coming years. With the increasing awareness of the importance of insurance and the growing demand for digital insurance services, insurers are expected to continue investing in technology and innovative products to remain competitive. The government's initiatives to promote the growth of the industry through regulatory support and financial incentives are expected to continue, providing further opportunities for growth.

Conclusion

The insurance industry in Malaysia has been a key contributor to the country's economy, providing financial protection to individuals and businesses while creating employment opportunities and contributing to GDP growth. The industry has undergone significant transformation in recent years, driven by regulatory changes, technological disruption, and changing consumer behavior.

The government's initiatives to promote the growth of the industry, particularly through the liberalization of the insurance market and the promotion of digital services, have been key drivers of growth. The industry has also seen significant investments in technology and innovation, with insurers leveraging digital channels to enhance customer experience and offer new products and services.

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By Melissa Goh
Published on 19 May 2023