Session 6 General Insurance and Takaful industry market trend in Malaysia. Nurul Syuhada Nurazmi, FCAS, FASM
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1 Session 6 General Insurance and Takaful industry market trend in Malaysia Nurul Syuhada Nurazmi, FCAS, FASM
2 General Insurance and Takaful Industry Market Trends in Malaysia Nurul Syuhada Nurazmi, FCAS, FASM Partner, Actuarial Partners Consulting General Insurance and Takaful Industry Market Trends in Malaysia BUSINESS OVERVIEW 1
3 BUSINESS GROWTH There has been persistent and significant growth in General Takaful business in Malaysia. This growth has consistently outpaced the growth of the conventional General Insurance business. 16,000,000 14,000,000 12,000,000 8% 6% 9% 8% 8% 7% 10,000,000 RM'000 8,000,000 6,000,000 4,000,000 2,000,000 14% 21% 28% 19% 9% 10% General Takaful (RM'000) 767, ,800 1,053,700 1,345,900 1,599,800 1,746,500 1,918,500 Conventional General Insurance (RM'000) 10,046,400 10,894,000 11,531,200 12,584,700 13,604,900 14,692,200 15,721,300 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2007 to 2013 GENERAL INSURANCE BY LINE OF BUSINESS Gross Premiums Direct Business (Jan Dec 2013) (RM '000) WC & EL, RM232,400, 1% PA & Medical, RM2,129,400, 14% CAR & Eng, RM601,700, 4% MAT, RM1,451,800, 9% Fire, RM2,622,700, 17% Liability, RM464,000, 3% Others, RM771,700, 5% Motor (Total) Fire MAT CAR & Eng PA & Medical WC & EL Liability Others Motor (Total), RM7,447,600, 47% CAR & Eng, RM314,200, 2% MAT, RM464,500, 4% Net Premiums Direct Business (Jan Dec 2013) (RM '000) WC & EL, RM227,500, 2% PA & Medical, RM1,927,600, 15% Fire, RM1,873,100, 14% Liability, RM253,600, 2% Others, RM555,600, 4% Motor (Total), RM7,315,600, 57% Motor (Total) Fire MAT CAR & Eng PA & Medical WC & EL Liability Others Source: Bank Negara Malaysia Annual Insurance Statistics, Financial Year 2013 Predominance of Motor, especially net of reinsurance. MAT, CAR & Eng and Liability are more heavily reinsured than PA & Medical, Motor and WC & EL, with Fire and Others showing moderate retention. 2
4 GENERAL TAKAFUL BY LINE OF BUSINESS PA & Medical, RM191,200, 10% CAR & Eng, RM56,200, 3% MAT, RM44,700, 2% Gross Contributions Direct Business (Jan Dec 2013) (RM '000) WC & EL, Liability, RM10,200, 1% RM33,000, 2% Motor (Total) Others, RM61,500, 3% Fire MAT CAR & Eng PA & Medical WC & EL Liability Others PA & Medical, RM161,000, 11% CAR & Eng, RM11,100, 1% MAT, RM6,200, 0% Gross Contributions Direct Business (Jan Dec 2013) (RM '000) WC & EL, RM7,400, 1% Liability, RM9,000, 1% Others, RM29,500, 2% Motor (Total) Fire MAT CAR & Eng PA & Medical WC & EL Liability Others Fire, RM386,600, 20% Motor (Total), RM1,135,200, 59% Fire, RM221,200, 16% Motor (Total), RM955,300, 68% Source: Bank Negara Malaysia Annual Takaful Statistics, Financial Year 2013 Predominance of Motor in Takaful is even more distinct than in conventional insurance. Heavy reliance on Motor, and Fire and PA & Medical to a lesser extent, with low penetration and retakaful retention for the other classes. OBSERVATIONS Mix of business between conventional General Insurance and Takaful is similar, with Motor and Fire forming the bulk of the business. Conventional insurers tend to have higher exposure to commercial risks such as MAT and CAR & Eng as compared to Takaful Operators ( TOs ). These risks require higher capacity and expertise to write, hence the reason why the smaller and younger TOs are providing less or no such cover. On the other hand, TOs are writing less Medical business as compared to their conventional peers. This follows the conventional insurers trend 15 years ago, where Medical was predominantly written by their Life counterparts. This has changed with the introduction of Sihat Malaysia in 1998/
5 General Insurance and Takaful GROWTH Market ON GROSS BASIS BY LINE By Line OF of Business BUSINESS General Insurance and Takaful Industry Market Trends in Malaysia MOTOR Motor Takaful exhibits strong growth, consistently outpacing the growth in the conventional General Insurance market, although Takaful is still only 13% of the combined Motor market. 8,000,000 7,000,000 6,000,000 5,000,000 10% 7% 13% 7% 8% 9% RM'000 4,000,000 3,000,000 2,000,000 1,000,000 16% 28% 28% 23% 18% 10% General Takaful (RM'000) 374, , , , ,300 1,036,100 1,135,200 Conventional General Insurance (RM'000) 4,447,700 4,893,900 5,254,200 5,922,200 6,317,100 6,845,600 7,447,600 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2007 to
6 FIRE ThegrowthinFireInsuranceismorestablethaninFireTakaful, although at a lower average growth rate. 3,000,000 9% 2,500,000 2,000,000 7% 6% 3% 7% 8% RM'000 1,500,000 1,000, ,000 9% 14% 37% 6% 17% 17% General Takaful (RM'000) 211, , , , , , ,600 Conventional General Insurance (RM'000) 1,786,900 1,910,000 2,029,500 2,100,300 2,240,100 2,410,000 2,622,700 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2007 to 2013 MAT The growth of this business in both General Takaful and Insurance markets has been more volatile than for Motor and Fire. 1,600,000 1,400,000 1,200,000 1% 1% 10% 10% 5% 2% RM'000 1,000, , , , ,000 30% 3% 67% 28% 23% 44% General Takaful (RM'000) 36,400 47,200 48,600 81, ,200 80,400 44,700 Conventional General Insurance (RM'000) 1,186,200 1,179,500 1,168,600 1,283,600 1,412,500 1,478,500 1,451,800 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2007 to
7 CAR & ENG The conventional market has been growing consistently except in 2010 as opposed to the Takaful market which has been more volatile. 700, ,000 16% 6% RM' , ,000 6% 1% 5% 25% 300, , ,000 27% 38% 28% 124% 50% 14% General Takaful (RM'000) 43,700 55,600 34,400 44,000 98,600 49,500 56,200 Conventional General Insurance (RM'000) 385, , , , , , ,700 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2007 to 2013 PA & MEDICAL PA & Medical Takaful business has grown significantly since 2011; its growth continues to outperform the conventional market, except in ,500,000 5% 5% 2,000,000 14% 12% RM'000 1,500,000 1,000, ,000 2% 15% 15% 22% General Takaful (RM'000) 117, , , , ,200 Conventional General Insurance (RM'000) 1,523,200 1,699,300 1,930,100 2,030,100 2,129,400 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2009 to
8 WC & EL The WC & EL business in the conventional market has been growing steadily, whilst the Takaful market has had mixed success, barely having grown from 2009 to ,000 14% 200,000 20% 8% 8% RM' , ,000 50,000 19% 12% 7% 32% General Takaful (RM'000) 9,100 7,400 8,300 7,700 10,200 Conventional General Insurance (RM'000) 146, , , , ,400 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2009 to 2013 LIABILITY The growth in Liability Takaful business outpaced that of the conventional market except in , , ,000 2% 9% 12% 0% 350,000 RM' , , , , ,000 50,000 19% 21% 21% 28% General Takaful (RM'000) 22,700 27,000 32,700 25,700 33,000 Conventional General Insurance (RM'000) 374, , , , ,000 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2009 to
9 OTHERS This consists of all other classes of business such as Bonds, All Risks, Machinery & Equipment, Fidelity Guarantee and Burglary. Both the conventional and Takaful markets are consistently growing over the years except in 2011 for conventional and in 2012 for Takaful. 800, ,000 4% 2% 9% 12% 600,000 RM' , , , , ,000 16% 15% 0% 2% General Takaful (RM'000) 45,300 52,400 60,200 60,200 61,500 Conventional General Insurance (RM'000) 623, , , , ,700 General Takaful (RM'000) Conventional General Insurance (RM'000) Source: Bank Negara Malaysia Annual Insurance/Takaful Statistics, Financial Years 2009 to 2013 General Insurance and Takaful Industry Market Trends in Malaysia DISTRIBUTION CHANNEL 8
10 DISTRIBUTION CHANNEL Depends on each company s business profile. Companies that focus on writing Motor business would depend heavily on their agency force. Companies that focus on commercial risk would rely on their brokers. Banca tied-up companies would depend on their banca partner to distribute their products e.g. via DMTM. NUMBER OF AGENTS Number of General Insurance and Takaful Agents in Malaysia 80,000 70,000 CAGR from 2007 to 2013 General Takaful Number of Agents 60,000 50,000 40,000 30,000 20,000 10,000 48% 47% 49% 48% 22% 29% 34% 78% 71% 52% 53% 51% 52% 66% 10% Conventional General Insurance General Takaful 10,856 15,975 32,997 31,391 33,970 37,543 18,820 Conventional General Insurance 39,165 38,766 35,930 35,236 35,609 35,354 36,374-1% Conventional General Insurance General Takaful Source: Actuarial Partners analysis of Takaful and Insurance Statistics by Bank Negara Malaysia 9
11 General Insurance and Takaful Industry Market Trends in Malaysia REGULATIONS AND GUIDELINES GENERAL INSURANCE / TAKAFUL Jan 1992 Dec 1993 August 2003 Jan st Jan 1992 Guidelines on Accounting for Insurance Business 31 st Dec 1993 Guidelines on Mathematical Estimation of IBNR Claims Provision 1 st August 2003 Guidelines on Medical and Health Insurance Business & Minimum Standard on Product Disclosure and Transparency in the Sale of Medical and Health Insurance Policies 31 st Jan 2004 Minimum Standard on Product Disclosure and Transparency in Marketing of Medical and Health Takaful Plans 10
12 GENERAL INSURANCE / TAKAFUL Dec 2004 Dec 2004 Jan 2006 Jan th Dec 2004 Test Exercise on Draft Guidelines on Reserving for General Insurance Business 15 th Dec 2004 Concept Paper of the Risk Based Capital Framework for Insurers 1 st January 2006 Guidelines on Medical and Health Insurance Business (Revised) & Hospitalisation & Surgical Insurance (HSI) Underwriting Guide 2 nd January 2008 Guidelines on Medical and Health Takaful Business GENERAL INSURANCE / TAKAFUL Dec 2008 Jan 2009 Jan 2010 Sept st Dec 2008 Guidelines on Stress Testing for Insurers & Guidelines on Stress Testing for Takaful Operators 1 st January 2009 Risk Based Capital (RBC) Framework for Insurers with parallel calculation in April st January 2010 Guidelines on Product Transparency and Disclosure September 2010 Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators 11
13 GENERAL INSURANCE / TAKAFUL May 2011 July 2011 Jan 2012 Sept st May 2011 Temporary Measure on the Capital Requirements for the Malaysian Motor Insurance Pool (MMIP) Liabilities under the Risk Based Capital Framework for Insurers 1 st July 2011 Guidelines on Valuation Basis for Liabilities of General Takaful Business & Guidelines on Financial Reporting for Takaful Operators 1 st January 2012 Guidelines on Takaful Operational Framework & Guidelines on Financial Reporting for Insurers 1 st Sept 2012 Guidelines on Internal Capital Adequacy Assessment Process (ICAAP) for Insurers GENERAL INSURANCE / TAKAFUL June 2013 June 2013 Jan 2014 April th June 2013 Appointed Actuary: Appointment and Duties Concept Paper 30 th June 2013 Financial Services Act 2013 (except section 129 and Schedule 9) & Islamic Financial Services Act 2013 (except paragraphs 1 to 10 of Schedule 9 and paragraphs 13 to 19 of Schedule 9) 1 st January 2014 Risk Based Capital (RBC) Framework for Takaful Operators 28 th April 2014 Appointed Actuary: Appointment and Duties Guidelines 12
14 General Insurance and Takaful Industry Market Trends in Malaysia FINANCIAL SERVICES ACT / ISLAMIC FINANCIAL SERVICES ACT 2013 (FSA / IFSA 2013) FSA/IFSA 2013 SCOPE OF APPLICABILITY Applies to all Banks and Insurers/Takaful Operators in Malaysia Includes reinsurers / retakaful players Includes those in Labuan, Malaysia 13
15 FSA/IFSA 2013 IMPLICATIONS 1. Requirement to split the Life/Family and General Insurance/Takaful businesses Likely to see a number of M&A activities in the next few years. Currently RM100 million paid up capital is required for each company, even for composite company that writes both General and Life / Family businesses. From July 2018 onwards, splitting would mean a separate capital requirement for each entity, where a composite company would need RM200 million capital to support its General and Life / Family businesses. FSA/IFSA 2013 IMPLICATIONS 2. Requirement to set up a holding company Enable insurer / TO access to money from holding company. Capital requirements of insurance subsidiaries outside Malaysia potentially at least as large/strong as Malaysia. Potentially challenging to be competitive in other markets with weaker capital requirements compared to other local players. Impact on group capital requirements, corporate governance, risk management standards etc. 14
16 FSA/IFSA IMPLICATIONS 3. Increased onus on Board of Directors Criminal offence punishments; i.e. imprisonment up to 8 years or fine up to RM25 million. Policyholders interest is prioritized when in conflict with shareholders interest. General Insurance and Takaful Industry Market Trends in Malaysia APPOINTED ACTUARY: APPOINTMENT AND DUTIES 15
17 BACKGROUND The current statutory role of an Actuary in the General Insurance / Takaful industry is limited to reserving / valuation work with minimal pricing work on Medical products only. General / Casualty / Non-Life Actuary is given the title Signing Actuary (SA) as compared to Life / Family Actuary s Appointed Actuary (AA). The current practice is that most companies would engage external consultants as their SA, due to the limited number of General Actuaries in the market (i.e. around 15 qualified General Actuaries in Malaysia). AA: APPOINTMENT AND DUTIES The Concept Paper was issued on 7 th June 2013 for comments from the industry, and was finalized on 28 th April This new guideline aims to create a level playing field for Actuaries in both the General and Family industry where the General Actuaries would be required to perform the same roles as the Family Actuaries, which encompass valuation, preparation of the company s Financial Condition Report (FCR) and providing recommendations on surplus distribution. The AA will also need to provide an opinion on pricing matters (e.g. appropriateness of assumptions and adequacy of buffers in premiums). However, the AA will not assume accountability for product pricing. Hence, this implies the need for a separate Pricing Actuary role. This is to reduce conflicts of interest and enhance the objectivity and independence of the role of an AA. As a result, one company would need to hire 2 Actuaries. 16
18 AA: APPOINTMENT AND DUTIES In addition, the AA role will be restricted to in-house only (instead of using external consultant). However, in the short-term, BNM may grant an exemption under exceptional circumstances. At the moment, there are around 15 qualified General Actuaries in Malaysia to support 23 General insurers and 8 General Takaful Operators. Given the current limited number of qualified General Actuaries in Malaysia, the General Insurance and Takaful companies would need to start setting up and enhance their own in-house actuarial teams, and groom them up for the AA and Pricing Actuary roles in the future. APPOINTMENT AND DUTIES The following time frame has been set by BNM for General insurers and Takaful Operators to fully comply to the following requirements of the guidelines: By 1 January 2015 The AA must prepare the FCR and be responsible for engaging the Board and senior management in communicating the key analyses of the FCR. By 1 January 2017 The AA must be an in-house Actuary. Also, he/she must readily investigate and provide an opinion on matters related to product pricing. 17
19 General Insurance and Takaful Industry Market Trends in Malaysia CHALLENGES AND OPPORTUNITIES CHALLENGES AND OPPORTUNITIES MOTOR Problem arises when rate is Tariff (underpriced) Provides volume to cover overheads Malaysia Takaful experience to refrain Recent proposal is to include all General TOs into MMIP together with the conventional insurers Compulsory cover 18
20 CHALLENGES AND OPPORTUNITIES DE-TARIFFING MOTOR In 2011, BNM issued a New Motor Cover Framework which paved the way for de-tariffing of the Motor business. Under this Framework, the Act component of the Tariff rate is revised upwards every year from 2012 onwards leading up to the de-tariffing in marks the third year of the premium revision with an average premium increase of around 10% to 15% p.a. However, it is still not clear how the Motor pricing structure would look like once de-tariffing comes into effect in 2016: Will the revised Act rates still serve as the minimum / floor rates? Would NCD still be applied to the total Act and Non-Act premiums? Still maintain the current structure of maximum 55%? Will we even have / need an Act and Non-Act split? How about the loadings structure? Would it be made the same for Comprehensive and Third Party covers? What limits would be imposed on loadings or discounts? CHALLENGES AND OPPORTUNITIES DE-TARIFFING FIRE Fire class is also expected to be de-tariffed in De-tariffing would have an impact on the Fire rates, especially in the case of the Houseowner and Householders policies which are strictly based on tariff rate. Given the current low loss ratio of the Fire business, the expectation is that the loss ratio for Fire class will deteriorate upon de-tariffing due to competition. 19
21 CHALLENGES AND OPPORTUNITIES DE-TARIFFING: FIRE AND MOTOR Upon de-tariffing of the Fire and Motor businesses in 2016, the premium rates are expected to: Go down for Fire business due to steep competition which would result in an increase / deterioration in the Fire loss ratio. Go up for Motor business which would result in an improvement to the Motor loss ratio from the current loss making or breakeven position. Nonetheless, as the market gets more competitive, there is a possibility of rate undercutting which would push the loss ratio up before it stabilizes as the market becomes more disciplined. Hence, we expect that the de-tariffing would result in an increase to the Houseowner Takaful loss ratio while Motor loss ratio would improve over time. CHALLENGES AND OPPORTUNITIES SHARIAH-COMPLIANT MMIP ISSUES AND CHALLENGES How to make it Shariah compliant? The future of MMIP when detariffing comes into effect in 2016? Can t seem to agree on the basis of sharing? 20
22 CHALLENGES AND OPPORTUNITIES MOTOR REINSURANCE/RETAKAFUL Reinsurance / Retakaful arrangement for Motor is mainly on an Excess-of-Loss (XOL) cover. With RBC / RBCT implementation and current rate still under Tariff, more and more insurers / TOs are taking up Quota-Share (QS) arrangement for capital relief. As a matter of fact, the reinsurers / retakaful operators who are offering such QS cover are multinationals and foreign companies. This implies that there are underlying profits in the Motor business. Furthermore, this would change the net-to-gross or retention ratio of Motor business in the future. CHALLENGES AND OPPORTUNITIES DE-TARIFFING PRICING IS AN ITERATIVE PROCESS Insurance / Takaful companies that have already begun the pricing exercise will be able to identify and target the more profitable sectors. But technical pricing based on a certain set of assumptions prede-tariffing may not hold once the landscape changes. Market leaders need to be able to react to changes in the market, be it to prevent anti-selection or to gain market share. Followers may end up with undesirable risks. 21
23 Q&A 22
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