In 2020, Malaysia’s general insurance market outperformed the country’s overall economy. 

While the Malaysia’s GDP is forecasted to have dropped by 4.5 per cent in 2020, general insurance premiums remained almost stable.

This is one of the key findings of the Malaysian Insurance Highlights, a market survey launched today by Malaysian Re.

MOVEMENT CONTROL ORDERS

While the industry had to digest the impact of recurrent Movement Control Orders (MCO) that the national government installed to contain the spread of the coronavirus, Malaysia’s general insurers maintained a solid capitalisation.

The country’s insurers also cushioned the effects of the crisis on policyholders’ strained budgets by deferring premium payments or allowing for additional instalments.

Finally, Malaysia’s life and general insurers as well as the Takaful companies contributed to enhance the COVID-19 test capacity by setting up a fund that reimbursed policyholders if they had to take a test.

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