Stable outlook for insurance sector in 2019, says RAM Ratings
KUALA LUMPUR, March 14 — RAM Rating Services Bhd is maintaining a stable outlook on the local insurance industry for this year with general insurance premiums expected to stay stagnant in view of the progressive impact of tariff liberalisation and as the country’s economic growth moderates.
“General insurance premiums rose 1.8 per cent to RM17.6 billion in 2018 after a mild contraction the year before, supported by growth in the motor, as well as medical and personal accident segments. RAM Ratings said that a clearer picture of the impact of Bank Negara Malaysia’s liberalisation of motor and fire tariffs would emerge starting in 2019, three years after the reforms were first initiated.
RAM Ratings said that the life insurance segment’s new business premiums expanded at a slower pace of 1.8 per cent to RM10.3 billion in 2018 driven by an increase in group policies.
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