Malaysia Online Insurance Market Growth, Size, Share, Trends, Demand and Future Outlook 2032
Malaysia Online Insurance Market Size- By Product Type, By Type of Entity- Regional Outlook, Competitive Strategies and Segment Forecast to 2032
| Published: Mar-2023 | Report ID: BFSI2314 | Pages: 1 - 108 | Formats*: |
| Category : BFSI | |||
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 report1.2. Market segment analysis
2. Research Methodology
2.1 Research data source2.1.1 Secondary data2.1.2 Primary data2.1.3 SPER’s internal database2.1.4 Premium insight from KOL’s2.2 Market size estimation2.2.1 Top-down and Bottom-up approach2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1 Drivers4.1.2 Restraints4.1.3 Opportunities4.1.4 Challenges4.2. COVID-19 Impacts of the Malaysia Online Insurance Market
5. Market variables and outlook
5.1. SWOT analysis5.1.1 Strengths5.1.2 Weaknesses5.1.3 Opportunities5.1.4 Threats5.2. PESTEL analysis5.2.1 Political landscape5.2.2 Economic landscape5.2.3 Social landscape5.2.4 Technological landscape5.2.5 Environmental landscape5.2.6 Legal landscape5.3. PORTER’S five forces analysis5.3.1 Bargaining power of suppliers5.3.2 Bargaining power of Buyers5.3.3 Threat of Substitute5.3.4 Threat of new entrant5.3.5 Competitive rivalry5.4. Heat map analysis
6. Competitive Landscape
6.1 Malaysia Online Insurance Manufacturing Base Distribution, Sales Area, Product Type6.2 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 Takaful7.2 General Insurance7.2.1 Employer’s liability7.2.2 Medical & Health7.2.3 Motor Insurance7.2.4 Personal accident7.3 General Takaful7.4 Life Insurance
8. Malaysia Online Insurance Market, By Type of Entity, 2019-2032 (USD Million)
8.1 Aggregator Players8.2 Captive Players8.3 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 Johar9.4 Klang Valley9.5 Penang9.6 Selangor
10. Company Profiles
10.1 AIA Malaysia10.1.1 Company details10.1.2 Financial outlook10.1.3 Product summary10.1.4 Recent developments10.2 Allanz Malaysia Berhad10.2.1 Company details10.2.2 Financial outlook10.2.3 Product summary10.2.4 Recent developments10.3 Axa Affin Insurance10.3.1 Company details10.3.2 Financial outlook10.3.3 Product summary10.3.4 Recent developments10.4 Bjak10.4.1 Company details10.4.2 Financial outlook10.4.3 Product summary10.4.4 Recent developments10.5 Chubb Insurance10.5.1 Company details10.5.2 Financial outlook10.5.3 Product summary10.5.4 Recent developments10.6 eTiQa Insurance10.6.1 Company details10.6.2 Financial outlook10.6.3 Product summary10.6.4 Recent developments10.7 FWD Takaful10.7.1 Company details10.7.2 Financial outlook10.7.3 Product summary10.7.4 Recent developments10.8 Liberty Insurance10.8.1 Company details10.8.2 Financial outlook10.8.3 Product summary10.8.4 Recent developments10.9 Policy Street10.9.1 Company details10.9.2 Financial outlook10.9.3 Product summary10.9.4 Recent developments10.10 Qoala10.10.1 Company details10.10.2 Financial outlook10.10.3 Product summary10.10.4 Recent developments10.11 Takaful Ikhlas10.11.1 Company details10.11.2 Financial outlook10.11.3 Product summary10.11.4 Recent developments10.12 Tune Insurance10.12.1 Company details10.12.2 Financial outlook10.12.3 Product summary10.12.4 Recent developments10.13 Zurich Insurance10.13.1 Company details10.13.2 Financial outlook10.13.3 Product summary10.13.4 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.
Frequently Asked Questions About This Report
Malaysia Online Insurance Market is projected to reach USD XX billion by 2032, growing at a CAGR of XX% during the forecast period.
Malaysia Online Insurance Market grew in market size from 2021. The Market is expected to reach USD XX billion by 2032, at a CAGR of XX% during the forecast period.
Malaysia Online Insurance Market CAGR of XX% during the forecast period.
You can get the sample pages by clicking the link -Click Here
Malaysia Online Insurance Market size is USD XX billion from 2022 to 2032.
Malaysia Online Insurance Market Segment is Covered By Product Type, By Type of Entity
The Asia-Pacific region is anticipated to have the highest market share in Malaysia Online Insurance Market.
The key players in the market include 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
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.
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