Latest news with #SwarupKumarSahoo
New Straits Times
21-05-2025
- Business
- New Straits Times
Malaysia's general insurance industry to grow at 6.6pct CAGR from 2025-2029
KUALA LUMPUR: Malaysia's general insurance industry is projected to grow at a compound annual growth rate (CAGR) of 6.6 per cent from RM24.6 billion in 2025 to RM31.8 billion by 2029 in terms of gross written premium (GWP), according to data and analytics company GlobalData. In a statement, it said this growth is attributed to increased premium rates across lines, strong demand for natural catastrophe insurance, economic recovery, rising vehicle sales, and escalating healthcare costs. "Motor, property, and personal accident and health (PA&H) insurance lines contributed 82.6 per cent of the general insurance GWP in 2024," it said. Its senior insurance analyst Swarup Kumar Sahoo said regulatory initiatives to develop the insurance market and increase insurance penetration will drive the growth of the general insurance industry in Malaysia. "The rising traffic accident rate and increasing frequency of natural disasters will support higher policy uptake and premium growth in the industry," he said. The company also said the introduction of the new Risk-Based Capital 2 (RBC2) framework starting in Jan 2027 will strengthen the insurance industry, boosting customer confidence and supporting growth. Additionally, Sahoo said higher healthcare costs heightened health consciousness among consumers, supporting the demand for health insurance policies. "Premium rates will continue to increase in the presence of the ageing society, rising non-communicable diseases, and a strained public healthcare system. "PA&H insurance is forecasted to grow at a CAGR of 7.6 per cent during 2025-2029," he said. Globaldata further said other general insurance lines, such as financial lines, liability, and marine, aviation, and transit, are estimated to account for the remaining 17.7 per cent share of the general insurance GWP in 2025. "The growth of Malaysia's general insurance market remains positive. Rising consumer awareness, regulatory developments, and the increasing frequency of natural disasters will play a pivotal role in shaping the industry's trajectory over the next few years. "However, the expected new reciprocal tariffs from the United States will create uncertainties and change the dynamics," he added.
Yahoo
18-02-2025
- Business
- Yahoo
New Zealand life insurance sector to hit $4.8bn by 2029
The life insurance industry in New Zealand is predicted to grow from NZD5.9bn ($3.5bn) in 2024 to NZD8.3bn ($4.8bn) in 2029. This means a CAGR of 7% with regards to gross written premiums and is attributed to increasing demand for whole life and personal accident insurance, as well as a growing awareness of protection policies. In addition, according to GlobalData and its insurance database, the New Zealand life insurance market is expected to reach NZD6.4bn ($3.8bn) in gross written premiums (GWP) in 2025. Swarup Kumar Sahoo, senior insurance analyst at GlobalData, said: "Economic recovery, coupled with easing inflation and increased private investment, will support household consumption and drive demand for life insurance products. However, challenges such as high unemployment and inflation could pose risks to this growth." Life personal accident and health (PA&H) insurance represents the largest line of business in the New Zealand life insurance industry, accounting for 65.3% of the life insurance GWP in 2024. It is expected to grow at a CAGR of 6.9% over 2025-29, driven by rising healthcare expenditure and a resultant 10%-15% increase in premium prices in 2024. According to the Financial Services Council (FSC), the percentage of New Zealanders with health insurance rose from 32% in 2022 to 37% in 2023, indicating a higher uptake of health policy due to growing concern regarding access to quality healthcare. Term life insurance, which holds a 27.8% share of the life insurance GWP in 2024, is projected to grow at a CAGR of 6.4% during 2025–2029. Sahoo added: 'Term life policies are favored for their affordability and are popular for covering mortgages and personal loans. As a result, despite economic challenges, term life insurance remains resilient.' "New Zealand life insurance sector to hit $4.8bn by 2029" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
