Malaysia Online Insurance Market Outlook to 2026F

The report titled “Malaysia Online Insurance Market Outlook to 2026F: Driven by a growth in demand for insurance at greater convenience and lesser cost in the country” provides a comprehensive analysis of the Online Insurance Industry of Malaysia. The report covers an overview of Malaysia Online Insurance Market along with the major ecosystem present in the country, evolution in the Online Insurance Industry, market potential of Online Insurance industry and the associated stakeholders, composition of different type of entities, and the value chain analysis of Online Insurance Industry. The report computes market size from 2016-2021 for the Online Insurance Industry in the country along with the market sizing for major players basis their revenue. Market has been segmented on various parameters involving but not limited to regions, product types of Insurance, product type of General Insurance, and entities among others for FY’21. The reports includes trends and developments, Growth drivers, prevelant issues and challenges, Risk involved along with the SWOT analysis, Covid-19 impact on the industry, Technology barriers present and investment analysis of major entities. The reports mentions a detailed operational and financial comparison mentioning parameters such as policies sold, premium collection, employees, telesales representative, amount raised, Business Model, Business strategies and more . The report includes transcripts of interviews for major industry leaders including but not limited to CEOs, Founders, analyst and others. Further report also focuses on the Malaysia Online Insurance Market Segmentation By Insurance Product (Life Insurance, Family Takaful, General Takaful, General Insurance), By General Insurance Product (Personal accident, Employers’ liability, Motor Insurance, and Medical & Health), By Gross direct premium (Aggregators, Company owned website, and financial advisors) and By By Insurance market segmentation based regional split (Penang, Klang Valley & Selangor and Johor). Malaysia Online Insurance Industry report concludes with projections for the future of the industry including forecasted industry size and segmentation by revenue for 2026, and analysts’ take on the future highlighting the major opportunities.



Malaysia Online Insurance Market Overview and Size 

Malaysia Online Insurance Market expanded with substantial growth in between 2016 and 2021, with massive growth in the smartphone and internet penetration in the country, tech savy population, low cost of insurance and ease of using online insurance.

With a median age of 30.2, Malaysia is one of the world's youngest nations, with a very tech-savvy population. They understand the benefits offered and cost saved when buying insurance online, and therefore prefer it over the conventional method of approaching insurance brokers. The convenience and ease of use offering insurance due to shifting of the market online makes it a preferred choice for people looking to purchase insurance. The experience of being able to purchase insurance from the comfort of one’s own home drives them towards online insurance. 

Online Insurance Market Industry Segmentation

By Insurance Product (Life Insurance, Family Takaful, General Takaful, General Insurance): Online Insurance Industry in Malaysia can be segmented based on Product Type: Life Insurance, Family Takaful, General Takaful, and General Insurance on the basis of gross premium in FY’21 and General Insurance constituting highest share among all.

By General Insurance product (Personal accident, Employers’ liability, Motor Insurance, and Medical & Health): Online Insurance Industry in Malaysia can be segmented based on General Insurance Product Type: Personal accident, Employers’ liability, Motor Insurance, and Medical & Health on the basis of gross premium in 2021 and Motor Insurance constituting highest share among all. 

By Online Insurance entities (Aggregators, Company owned website, and financial advisors): Online Insurance Industry in Malaysia can be segmented based on Insurance entities: Aggregators, Company owned website, and financial advisors on the basis of gross premium in 2021 and Motor Insurance constituting highest share among all.

By region (Penang, Klang Valley & Selangor and Johor): Online Insurance market in Malaysia can be segmented on the basis of region: Penang, Klang Valley & Selangor and Johor where Klang Valley & Selangor have the highest share in revenue for 2021

Competitive Landscape in Malaysia Online Insurance Industry 

Competition is observed to be concentrated in the Malaysia Insurance Market with majority of market being acquired by two or three largest players. The comparison has been built on multiple factors which includes policies sold, premium collection, employees, telesales representative, amount raised, Business Model, Business strategies among others. The comparison includes Investors details mentioning the amount and type of funding raised, and operational analysis of motor assistance department such as the insurance services consist of Roadside Assistance and Towing Services for Breakdown apart from repairs 

Indian Vernacular Market Future Outlook and Projections

Malaysia online insurance market is expected to expand with a double digit CAGR in between 2021 and 2026 on the basis of Gross Direct Premium. It is anticipated that Malaysia online insurance market will grow owing to factors such as increased government focus, technological developments, development of Aggregators and increased convenience. The market will pick up for both Motor and Non-Motor Insurance. After the pandemic, it is being forecasted that technology, in the form of automation and personalization, will dominate the insurance landscape, prompting Insurtech players to further diversify their products and services, and forcing incumbent Insurance Companies to adapt to technological advancements.General Insurance will dominate the Online Insurance Market in Malaysia owing to the increased focus of companies on sales of motor, travel, personal accident, etc. online. 

Key Segments Covered in Malaysia Online Insurance Industry

Malaysia Online Insurance Market

By Product type of Insurance basis Gross Premium

• Life Insurance
• Family Takaful
• General Takaful
• General Insurance

By Product type of General Insurance basis Gross Premium

• Motor Insuranc
• Medical & Health
• Employer’s liability
• Personal accident

By Type of Entity basis Gross Premium

• Captive Players
• Aggregator Players
• Financial Advisors

By Region basis Gross Premium

• Penang
• Johar
• Klang Valley & Selangor

Key Target Audience

• Insurance players
• Online Insurance Captive players
• Online Insurance Aggregators players
• Insurance Technology provider
• Insurance users
• New Entrant in Online Insurance space
• Associated or affiliated Banks with Insurance entities
• Regulatory Bodies for Insurance entities

Time Period Captured in the Report:

• Historical Period: 2016-2021
• Forecast Period: 2022-2026F

Companies Covered:

Online Insurane Aggregators

• Policy Street
• Bjak
• Qoala

Online Insurance Captive Players

• Liberty Insurance
• Axa Affin Insurance
• eTiQa Insurance
• AIA Malaysia
• Takaful Ikhlas
• Tune Insurance
• Zurich Insurance
• Chubb Insurance
• Allanz Malaysia Berhad
• FWD Takaful

Key Topics Covered in the Report

• Overview of Malaysia Online Insurance Industry
• Country Overview of Malaysia Online Insurance Industry
• Malaysia Online Insurance Market Overview and Genesis
• Malaysia Online Insurance Market Segmentations
• Industry Analysis of Malaysia Online Insurance Market
• Snapshot on Online Aggregators in Malaysia
• Competition Analysis of Malaysia Online Insurance Market
• Outlook and Future Projections for Malaysia Online Insurance Market
• Research Methodology