KUALA LUMPUR: Global credit rating agency AM Best is maintaining a stable outlook on the Malaysian non-life insurance industry sector, citing expectations of solid premium growth and the maintenance of underwriting and pricing discipline maintained amid the phased de-tariffication of motor and fire segments.
The rating agency’s Market Segment Outlook: Malaysia Non-Life Insurance report stated that total non-life gross premiums written in 2022 rose 11.7% year-over-year to RM24.5bil, with 31% of the growth coming from the general takaful segment.
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