Malaysia's Non-Life Insurance Stable Despite Climate Risks
Malaysia's Non-Life Insurance Stable Despite Climate Risks
The non-life sector as a whole is poised for significant growth underpinned by economic recovery, rising insurance penetration, rate hikes due to high inflation and rising claims, and growing demand for digital insurance and takaful products.
The outlook of Malaysia's non-life insurance segment remains stable owing to sustained underwriting and pricing discipline, in spite of rising climate-related risk especially from flooding, according to global credit rating agency AM Best in a report released on Dec 18.
根據全球信用評級機構Am Best於12月18日發佈的報告，儘管與氣候相關的風險，特別是洪水風險上升，馬來西亞的非壽險市場前景依然穩定，這得益於持續的承保和定價紀律。
In 2023, gross premiums written continued to grow in Malaysia's non-life insurance segment, primarily driven by the dominant motor coverage and fire insurance lines which together accounted for 70% of the non-life segment in 2021.
在2023年，馬來西亞非人壽保險領域的毛保費繼續增長，主要受到主導的機動車保險和火災保險的推動，這兩者在2021年合計佔非人壽領域的70%。
Looking ahead, motor and fire insurance are expected to be key drivers for the non-life insurance segment in 2025.
展望未來，機動車和火災保險預計將在2025年成爲非人壽保險領域的關鍵驅動力。
The non-life sector as a whole is poised for significant growth underpinned by economic recovery, rising insurance penetration, rate hikes due to high inflation and rising claims, and growing demand for digital insurance and takaful products.
非人壽行業整體預計將在經濟復甦、保險滲透率上升、高通脹導致的費率上漲、索賠增加以及對數字保險和清真保險產品需求增長的支持下，實現顯著增長。
With more frequent severe weather occurences, local non-life insurers face rising climate-related risks affecting underwriting performance. In 2023, the industry experienced declining underwriting profitablity as a result of increased climatic losses, inflationary pressure and competitive market conditions. These factors persist despite recent premium rate hikes, particularly for certain products following the extreme flooding.
隨着極端天氣事件的頻繁發生，當地非人壽保險公司面臨着日益增長的氣候相關風險，影響承保表現。在2023年，行業因氣候損失增加、通貨膨脹壓力和競爭市場環境而經歷了承保盈利能力下降。這些因素在近期費率上漲後仍然持續，特別是對於某些產品，在極端洪災之後。
In the near term, non-life insurers are expected to continue raising premiums for flood-related products while improving underwriting strategies to mitigate risks over the long term. The stark projection for flood damage coverage has reflected the high monetary losses arising from of 2024's year-end flooding, which is widely regarded as the worst in a decade.
在短期內，非人壽保險公司預計將繼續提高與洪水相關產品的保費，同時改善承保策略，以降低長期風險。洪水損失覆蓋的明朗預測反映了由於2024年年末洪水造成的高額貨幣損失，這被廣泛認爲是十年來最嚴重的一次。
Bank Negara Malaysia (BNM) has implemented various initiatives to improve insurance penetration including licensing new digital insurance and takaful operators (DITOs) to embrace digital transformation and realise financial inclusion.
馬來西亞國家銀行（BNM）實施了多項措施，以提高保險滲透率，包括對新的數字保險和伊斯蘭保險運營商（DITOs）進行許可，以擁抱數字轉型，實現金融包容。
The Licensing and Regulatory Framework for DITOs was implemented in July 2024 and includes a two-year application period that will run through 2025 and 2026 to close protection gaps and enhance market access.
對DITOs的許可和監管框架於2024年7月實施，包括爲期兩年的申請期，該申請期將持續到2025年和2026年，以填補保護缺口並增強市場準入。
