Property Insurance - Malaysia | Statista Market Forecast

The Property Insurance market market in Malaysia is expected to witness significant growth in the coming years.
According to projections, the market size, measured in terms of gross written premium, is set to reach US$2.07bn in 2024.
This indicates a positive growth trend for the industry in the country.
Furthermore, in 2024, the average spending per capita in the Property Insurance market market is estimated to be US$59.64.
This metric provides insight into the individual expenditure on Property Insurance market withMalaysia.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 3.05% from 2024 to 2029.
As a result, the gross written premium is forecasted to reach US$2.40bn by 2029.
This indicates a positive future outlook for the Property Insurance market market in Malaysia.
In terms of global comparison, it is worth mentioning that the United States is expected to generate the highest gross written premium in 2024, amounting to a staggering US$240.4bn.
This highlights the dominance of the United States in the global Property Insurance market market.
Overall, the Property Insurance market market in Malaysia is projected to experience significant growth in the coming years, contributing to the country's overall insurance sector.
Malaysia's property insurance market is witnessing a surge in demand due to the increasing number of high-rise buildings and rapid urbanization.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Malaysia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Malaysia are increasingly seeking comprehensive property insurance coverage to protect their assets against various risks such as natural disasters, theft, and damages. With the rise in property prices and the growing awareness of the importance of insurance, there is a shift towards more customized insurance products that cater to specific needs and preferences.

Trends in the market: One of the key trends in the Malaysian Property Insurance market is the increasing adoption of digital channels for purchasing insurance policies. Insurers are leveraging technology to offer online platforms for customers to compare policies, obtain quotes, and make purchases conveniently. This trend not only enhances customer experience but also helps insurers reach a wider audience.

Local special circumstances: In Malaysia, the property insurance market is influenced by the country's geographical location and exposure to natural disasters such as floods and earthquakes. As a result, there is a growing demand for property insurance coverage that includes protection against these specific risks. Insurers are adapting their products to offer comprehensive coverage for such eventualities, which is driving growth in the market.

Underlying macroeconomic factors: The growth of the Property Insurance market in Malaysia is also supported by favorable macroeconomic factors such as steady economic growth, rising disposable incomes, and urbanization. As more individuals and businesses invest in properties, the need for insurance protection increases, leading to a positive outlook for the market. Additionally, government initiatives to promote insurance awareness and penetration are contributing to the overall growth of the market.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.