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High Healthcare Cost boosting Medical Insurance Sector in Malaysia: Ken Research

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Personal Accident and Health Insurance in Malaysia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Malaysian personal accident and health insurance segment. – PowerPoint PPT presentation

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Title: High Healthcare Cost boosting Medical Insurance Sector in Malaysia: Ken Research


1
High Healthcare Cost boosting Medical Insurance
Sector in Malaysia Ken Research
2
Ken research announced its recent report on,
Personal Accident and Health Insurance in
Malaysia, Key Trends and Opportunities to 2020
Report provides a detailed outlook by product
category and a comparison of the Malaysian
insurance industry with its regional
counterparts. It provides key performance
indicators such as written premium, incurred
loss, loss ratio, commissions and expenses,
combined ratio, total assets, total investment
income and retentions during the review period
(2011-2015) and forecast period (2015-2020).
3
  • The report also analyses distribution channels
    operating in the segment, gives a comprehensive
    overview of the Malaysian economy and
    demographics, and provides detailed information
    on the competitive landscape in the country. The
    report brings together research, modelling and
    analysis expertise, giving insurers access to
    information on segment dynamics and competitive
    advantages, and profiles of insurers operating in
    the country. The report also includes details of
    insurance regulations, and recent changes in the
    regulatory structure.
  • General insurance is typically defined as any
    insurance that is not determined to be life
    insurance. General insurance or non-life
    insurance policies include personal accident and
    health insurance. The Malaysian personal accident
    and health insurance segment accounted for a 4.2
    of the industry's direct written premium in 2015.
    The share of the insurance industrys written
    premiums in 2012 was the lowest share of all the
    segments. Changing lifestyle patterns and the
    prevalence of diseases such as diabetes,
    respiratory disorders and other critical
    illnesses led to a rise in healthcare
    expenditure, which is generating a demand for
    health insurance.

4
The threat of cancer, diabetes and respiratory
disorders has encouraged personal accident and
health insurers to expand their product
portfolios. Rising levels of healthcare
expenditure, increasing employment rates and
industrial growth drove growth in the segment
during the review period. The Malaysian
healthcare system comprises public and private
healthcare services and the aging population is
expected to drive the segment over the forecast
period, due to an increase in demand for cover.
The personal accident and health segment is
moderately concentrated, with the 10 leading
insurers collectively accounting for more than
sixty percent of premiums in 2016. The costs
associated with private healthcare exclude
participation from lower income demographics.
However, with industrial growth, positive
employment opportunities and rising GDP, the
nations middle class population is expected to
increase over the forecast period and drive
growth in the personal accident and health
segment.
5
  • Rising consumer healthcare expenditure and
    limitations of public healthcare system will
    provide new areas of growth. Changing lifestyle
    patterns and an increase in the prevalence of a
    number of common diseases led to a rise in
    consumer expenditure on private health insurance
    during the review period, with an increasing
    proportion of the countrys population opting for
    voluntary medical policies, some of which are
    provided by employers. The main reason behind the
    rise in healthcare expenditure can be attributed
    to the fact that consumers are inclined to avail
    private healthcare in order to receive a better
    quality service. Private healthcare is therefore
    gaining in popularity, despite the guarantee of
    care under the governments public healthcare
    system. The governments healthcare initiatives
    ensure health insurance for the foreign working
    population. However, the insufficient number of
    public healthcare centres and technological
    limitations encourage foreign workers to purchase
    private health insurance.
  • Rising life expectancy and aging population will,
    drive growth Increasing life expectancy was a key
    driver of growth in the personal accident and
    health segment during the review period.

6
  • Life expectancy is used to calculate the premium
    to be paid by policyholders when purchasing a
    life and personal accident and health insurance
    policy. According to World Bank data, in 1960,
    the average life expectancy of a Malaysian male
    was 59.4 years, and for females, it was 60.3
    years. In 2011, this figure reached 72.1 years
    for men and 76.5 years for women. Life expectancy
    is expected to increase further by the end of the
    forecast period. This trend indicates a need for
    insurers to provide medical plans to cover
    policyholders beyond the current life expectancy,
    which will contribute towards the growth of the
    personal accident and health segment.
  • The boost in medical insurance premiums this year
    is a direct result of higher healthcare costs,
    according to agents who have to bear the bad news
    to their clients. Calling for insurance companies
    to justify the increase with facts and figures,
    Namlifa president James Bong, said the pricier
    coverage would also hinder Bank Negaras goal to
    achieve a 75 insurance penetration rate by 2020
    and burden the public healthcare system.

7
The Malaysian personal accident and health
insurance segment is highly competitive, and
contains both domestic and foreign insurers. LIAM
suggested all stakeholders, including the
government, insurance companies, private
hospitals and doctors, as well as consumers work
together to address the higher costs. Leading
companies include Allianz General, Berjaya Sompo
Insurance, Etiqa Insurance, Lonpac Insurance, MAA
Assurance, MSIG Malaysia, Tokio Marine Insurance
(Malaysia) and Uni. Asia General Insurance.
Increasingly, we see companies are involving
themselves in the social media space, and
undergoing a re-branding to lifestyle and
wellness companies, and not just a company that
sells insurance. In addition, the increasing and
unparalleled progress in technology allows
insurers the chance to really reduce and simplify
their offerings to the customer, with a handy
approach allowing them the chance to connect and
integrate themselves into the lives of customers
instantly from anywhere. 2020 will be the times
of change, and both insurers and operators alike
need to be keenly aware of the changes they face
from 2016 and beyond.
8
Key Topics Covered in the Report Non-life
insurance industry Global life insurance Life
insurance businesses Insurance sector
worldwide Malaysia non- life insurance market
research Non-Life insurance sector trends
Malaysia Malaysia General insurance
regulations Health insurance market research
Malaysia Health insurance demand
Malaysia Personal Accident Insurance
Malaysia For more coverage click on the link
below https//www.kenresearch.com/banking-financ
ial-services-and-insurance/insurance/personal-acci
dent-health-insurance-malaysia-key-trends-opportun
ities/78833-93.html
9
Related links https//www.kenresearch.com/bankin
g-financial-services-and-insurance/insurance/perso
nal-accident-health-insurance-peru-key-trends-oppo
rtunities/78829-93.html https//www.kenresearch.c
om/banking-financial-services-and-insurance/insura
nce/personal-accident-health-insurance-singapore/7
4585-93.html Contact Us Ken ResearchAnkur
Gupta, Head Marketing CommunicationsAnkur_at_kenre
search.com91-9015378249
10
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