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Malaysia's non-life insurance industry maintains stable outlook

Malaysia's non-life insurance industry continues to get a stable outlook rating from global credit rating agency AM Best, thanks to the segment's underwriting discipline and the market's recovery from the COVID-19 economic fallout. AM Best said Malaysia's non-life gross written premiums rose by 4% to USD4.95bn in 2021, 44% of which was driven by the general takaful segment. The increase follows a contraction in non-life premiums in 2020. The rating agency expects the segment's growth over the near to medium term to be supported by the country's economic recovery and increased insurance penetration. Motor and fire insurance is expected to drive the growth of the country's non-life insurance segment.

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