Malaysia’s non life insurance segment outlook remains stable AM Best

Malaysia’s non life insurance segment outlook remains stable AM Best

premiums Rose by four percent to myr to 21.79 I mean 97 billion or in USD 4.9 billion in 2021 and 45 44 of which was driven by the general technical segment the increase following a contraction in non-like premiums in 2020 and was driven by a recovery in most lines of business especially fire engineering and motor technical segment over the near to medium term he and best expect the segment's growth will be supported by the country's economic recovery and increased insulin penetration with economic growth has rebounded with the lifting of prolonged of covid-19 related social and business restriction The increased adaptation of digitalization has improved the ease of policy subscription and is helping to ensure Insurance penetrations motor and fire instruments are expected to drive the growth of the non-life insurance segment following the end of movement restriction and block Downs the

Modern Insurance businesses is likely to expand over the nerd term supported by growing new vehicle sales so something a financial analyzed at embass said that given the hardening of reinsurance rates for fire coverage in recent periods primary insure have been moderately increasing the price the pricing for fire price increases for the final line big interview in the fourth quarter of 2021 following December flood event in Malaysia it am passages the risk of Capital Market volatility remains and is likely to be subject to ongoing Global development and also the management of the pandemic and the theory dating supply chain issues non-life insurers are expected to continue monitoring their underlying risk exposure to various investment classes as well as actively adjust refine their portfolio portfolio allocation as part of their risk management Financial analyzed at embest said as economic actively resumes with the easing of lockdown measure a rice inflames frequency is likely to drive a contraction of underwriting profit however embass expects that non-life insurer in Malaysia will be maintained underwriting and also pricing discipline so thank you for watching and don't forget to like comment and subscribe