Malaysia Online Insurance Market Overview
According to SPER Market Research, the Malaysia Online Insurance Market is estimated to reach USD XX billion by 2032 with a CAGR of XX%.
The Malaysian online insurance market has experienced significant growth due to the country's rapid expansion of smartphone and internet use, its tech-savvy populace, the low cost of insurance, and the simplicity of purchasing online insurance. Malaysia is one of the youngest countries in the world, and its citizens are incredibly tech-savvy. They are aware of the advantages provided and money saved when purchasing insurance online and prefer it over the traditional technique of approaching insurance brokers for these reasons. Those looking to buy insurance often choose to do it online because of the convenience and simplicity of the insurance offered there. They gravitate toward online insurance because it offers the convenience of home shopping for insurance.On the basis of Gross Direct Premium, the Malaysian online insurance market is anticipated to grow. Due to factors like increased government focus, technological advancements, the creation of Aggregators, and improved convenience, it is anticipated that the Malaysian online insurance market will expand. Both the motor insurance market and non-motor insurance will expand.
After the pandemic, automation and personalisation in the form of technology are predicted to rule the insurance market, compelling insurtech providers to further broaden their offerings and pressuring traditional insurance companies to catch up with newer technologies. Due to companies' increased concentration on online sales of motor, travel, personal accident, and other insurance products, general insurance will dominate the Malaysian internet insurance market. To meet the demands of all types of clients, insurers offer customised or customized insurance solutions through the digital insurance process rather than a one-size-fits-all strategy. The middleman between the insurance company and the insured has been eliminated by online insurance sales. Costs are reduced as a result for both the insurer and the insured. It is currently the favored option for those wishing to buy insurance due to the convenience and ease of use provided by the industry's transition online. They gravitate toward online insurance because it offers the convenience of home shopping for insurance.
Impact of COVID-19 on the Malaysia Online Insurance Market
The pandemic has forced companies in all industries to alter the way they conduct business, and the insurance sector is no exception. The prolonged shutdown that followed COVID-19 forced insurance companies to rely heavily on their digital architecture for everything from marketing new policies to handling claims. People became much more aware of the pandemic as evidenced by the fact that the sale of health insurance has increased significantly since COVID-19. The covid-19 pandemic, rising smartphone and Internet usage, affordable infrastructure, and low infrastructure costs have all had an impact on the demand for online insurance consumers in the nation. Companies in the insurance sector are working to offer online services to the underserved and untapped market. The COVID-19 outbreak led to the digitisation of Malaysia's life insurance sector. The restrictions put in place in Malaysia gave insurers the chance to transition to a digital style of operation. With a surge in online users, a propensity for avoiding physical interaction, and a marked rise in consumer demand for health care, Covid-19 is driving the expansion of the insurance industry.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Forecast period | 2022-2032 |
| Segments covered | By Product Type, By Type of Entity
|
| Regions covered | Johar, Klang Valley, Penang, Selangor
|
| Companies Covered | AIA Malaysia, Allanz Malaysia Berhad, Axa Affin Insurance, Bjak, Chubb Insurance, eTiQa Insurance, FWD Takaful, Liberty Insurance, Policy Street, Qoala, Takaful Ikhlas, Tune Insurance, Zurich Insurance
|
Target Audience-
- Associated or affiliated Banks with Insurance entities
- Insurance players
- Insurance Technology provider
- Insurance users
- New Entrant in Online Insurance space
- Online Insurance Aggregators players
- Online Insurance Captive players
- Regulatory Bodies for Insurance entities
Malaysia Online Insurance Market Segmentation:
1. By Product Type:
- Family Takaful
- General Insurance
- Employer’s liability
- Medical & Health
- Motor Insurance
- Personal accident
- General Takaful
- Life Insurance
2. By Type of Entity:
- Aggregator Players
- Captive Players
- Financial Players
3. By Region:
- Johar
- Klang Valley
- Penang
- Selangor
Key Topics Covered in the Report:
- Size of Malaysia Online Insurance Market (FY’2019-FY’2032)
- Overview of Malaysia Online Insurance Market
- Segmentation of Malaysia Online Insurance Market By Product Type (Family Takaful, General Insurance, General Takaful, Life Insurance)
- Segmentation of Malaysia Online Insurance Market By Type of Entity (Aggregator Players, Captive Players, Financial Players)
- Statistical Snap of Malaysia Online Insurance Market
- Malaysia Online Insurance Market Growth Analysis
- Problems and Challenges in Malaysia Online Insurance Market
- Malaysia Online Insurance Market Competitive Landscape
- Impact of COVID-19 and Demonetization on Malaysia Online Insurance Market
- Details on Recent Investment in Malaysia Online Insurance Market
- Competitive Analysis of Malaysia Online Insurance Market
- Major Players in the Malaysia Online Insurance Market
- SWOT Analysis of Malaysia Online Insurance Market
- Malaysia Online Insurance Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2. COVID-19 Impacts of the Malaysia Online Insurance Market
5. Market variables and outlook
5.1. SWOT analysis
5.1.1 Strengths
5.1.2 Weaknesses
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.2.6 Legal landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
5.4. Heat map analysis
6. Competitive Landscape
6.1 Malaysia Online Insurance Manufacturing Base Distribution, Sales Area, Product Type
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Malaysia Online Insurance Market
7. Malaysia Online Insurance Market, By Product Type, 2019-2032 (USD Million)
7.1 Family Takaful
7.2 General Insurance
7.2.1 Employer’s liability
7.2.2 Medical & Health
7.2.3 Motor Insurance
7.2.4 Personal accident
7.3 General Takaful
7.4 Life Insurance
8. Malaysia Online Insurance Market, By Type of Entity, 2019-2032 (USD Million)
8.1 Aggregator Players
8.2 Captive Players
8.3 Financial Players
9. Malaysia Online Insurance Market, By Region, 2019-2032 (USD Million)
9.1 Malaysia Online Insurance Size and Market Share by Region (2019-2025)
9.2 Malaysia Online Insurance Size and Market Share by Region (2026-2032)
9.3 Johar
9.4 Klang Valley
9.5 Penang
9.6 Selangor
10. Company Profiles
10.1 AIA Malaysia
10.1.1 Company details
10.1.2 Financial outlook
10.1.3 Product summary
10.1.4 Recent developments
10.2 Allanz Malaysia Berhad
10.2.1 Company details
10.2.2 Financial outlook
10.2.3 Product summary
10.2.4 Recent developments
10.3 Axa Affin Insurance
10.3.1 Company details
10.3.2 Financial outlook
10.3.3 Product summary
10.3.4 Recent developments
10.4 Bjak
10.4.1 Company details
10.4.2 Financial outlook
10.4.3 Product summary
10.4.4 Recent developments
10.5 Chubb Insurance
10.5.1 Company details
10.5.2 Financial outlook
10.5.3 Product summary
10.5.4 Recent developments
10.6 eTiQa Insurance
10.6.1 Company details
10.6.2 Financial outlook
10.6.3 Product summary
10.6.4 Recent developments
10.7 FWD Takaful
10.7.1 Company details
10.7.2 Financial outlook
10.7.3 Product summary
10.7.4 Recent developments
10.8 Liberty Insurance
10.8.1 Company details
10.8.2 Financial outlook
10.8.3 Product summary
10.8.4 Recent developments
10.9 Policy Street
10.9.1 Company details
10.9.2 Financial outlook
10.9.3 Product summary
10.9.4 Recent developments
10.10 Qoala
10.10.1 Company details
10.10.2 Financial outlook
10.10.3 Product summary
10.10.4 Recent developments
10.11 Takaful Ikhlas
10.11.1 Company details
10.11.2 Financial outlook
10.11.3 Product summary
10.11.4 Recent developments
10.12 Tune Insurance
10.12.1 Company details
10.12.2 Financial outlook
10.12.3 Product summary
10.12.4 Recent developments
10.13 Zurich Insurance
10.13.1 Company details
10.13.2 Financial outlook
10.13.3 Product summary
10.13.4 Recent developments
11. List of Abbreviations
12. Reference Links
13. Conclusion
14. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
