Malaysia posts 10.3% rise in general insurance premiums in H1

Malaysia’s general insurance industry posted a 10.3% increase in gross direct premiums to MYR9.8bn (USD2.2bn) in the first six months of this year from the same period last year. Motor remained the largest business line at 43% followed by fire (29%) and miscellaneous (14%). Personal accident premiums saw a significant growth of 44% year-on-year while premiums from the fire insurance business rose by 5% to MYR2bn in H1 2022 versus a year ago. The General Insurance Association of Malaysia, however, said underwriting profit contracted by 21.2% to MYR810m, largely due to losses in the motor, medical, and health insurance business.