Berjaya Sompo targets US$320m GWP in Malaysia

June 12 2019 by InsuranceAsia News Staff

Kuala Lumpur-headquartered Berjaya Sompo Insurance has told local newspaper the New Straits Times that it aims to hit P&C gross written premiums of US$320 million (M$1.3 billion) by 2023, making it a top five player in Malaysia.

Berjaya Sompo’s chief executive officer Tan Sek Kee said: “We feel that we have invested in the right areas this year for our products innovation, our people and digitalisation. We would offer products that suit the market needs and gauge with clients’ requirements. We hope this paves the way for our success in the next year.”

Berjaya Sompo aims to reach one million customers by 2023 from the 700,000 customers it has today, while commanding up to an 8% market share; business lines include car, motorcycle and travel.

The company employs 650 staff and is investing heavily in robotics and has a bancassurance partnership with CIMB.

Insurance premiums in Malaysia, which posted a solid growth of 4.6% last year, will see an acceleration in growth this year to more than 6%, according to a forecast by Allianz Research.

Life insurance premiums, which account for around 70% of the overall premium mix, grew 6% in 2018 while P&C premiums climbed 0.7%; the growth in 2018 was an improvement over 4.2% achieved in 2017.

MORE FROM: Property & Casualty