Over the next decade, the Malaysian insurance market is expected to grow by an average of 5.8% annually, whilst over the same period, the global growth is anticipated to reach almost 6%.
This recovery would mirror the return of the global economy to normal growth and inflation rates, reported the Bernama News Agency citing a statement from Allianz SE Chief Economist, Michael Heise. He said that global insurance growth would be “almost entirely due to emerging markets”. However, Malaysia behaves rather like a mature market with stable or even slightly declining insurance penetration, he added.
Speaking of the life insurance market in Asia, Dr Heise said it would be extraordinary over the coming years because by 2050, more than half of the global population aged 80 years and above would be in Asia.
He expected new technologies such as digitalisation to unveil more attractive insurance products for people in the future.