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The insurance company in Malaysia has witnessed significant growth in 2023, but around 46% of Malaysians do not have insurance. There are various insurance companies in Malaysia, and I will discuss the top 10 insurance companies in Malaysia that can be tailored to Malaysian needs. With a deep understanding of the subject, I can confidently help you understand the best insurance company in Malaysia.
Table of Contents
Top 10 Insurance Companies in Malaysia
- Great Eastern – Best For Comprehensive Coverage
- Prudential – Best For Investment-Linked Insurance
- AIA – Best For Health Insurance
- Tokio Marine – Best For Property and Casualty Insurance
- Allianz – Best For Diverse Insurance Solutions
- Etiqa – Best For Online Insurance
- Hong Leong Assurance – Best For Retirement Planning
- AXA – Best For Global Insurance Expertise
- Zurich – Best For Family Protection
- ManuLife – Best For Wealth Management
1. Great Eastern Insurance Berhad
Overview
Great Eastern Insurance Berhad is one of the best insurance companies in Malaysia, being self established as a trusted provider of insurance and financial solutions for Malaysians.
History and establishment of the company
The history of the company can be traced back all the way to 1908, when they established the Great Eastern Life Assurance Company Ltd.
Great Eastern Insurance has expanded its operations and has become one of the best insurance companies in Malaysia, offering various types of insurance and financial products and services to fulfill any customer’s needs.
Key Features & Offerings
- Diverse Insurance Products: Offer various insurance products.
- Financial Services: Train professional agents to offer financial services and solutions.
- Customer-Centric Approach: Have a network of customer service centers across Malaysia.
Type of insurance products available
- Life Insurance: Provides financial protection to your family in case of the policy holder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalization and critical illnesses.
- Wealth Insurance: An insurance plan to grow your savings.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- Critical Illness Coverage: Providing financial support in the event of critical illnesses.
- Education Savings Plan: Assisting parents in saving for their children’s education.
- Retirement Plan: Ensure financial security in the retirement years.
- Wealth Management Solutions: Provide professional advice to help customers build and manage their wealth.
What Makes Them Stand Out?
- Strong Heritage: An insurance company established over 100 years ago brought Malaysians a legacy of trust and reliability.
- Diverse Product Range: Great Eastern Insurance offers various insurance plans and riders to meet different customer’s needs.
- Customer-Centric Approach: Great Eastern has 21 branches in Malaysia, making it convenient for customers.
- Financial Expertise: Great Eastern ensures their agent are knowledgeable and professional to provide great services and advice.
Services and Customer Feedback
Great Eastern Insurance is committed to delivering the best insurance options in Malaysia by providing great services and products to customers. Great Eastern has earned good feedback from customers with its digital services, agent professional and product options, making it one of the most reputable insurance comapanies.
2. Prudential
Overview
Prudential is an established insurance company that offers a wide range of insurances and financial products to Malaysians. It’s particularly recognised for its Investment-Linked insurances, or more known as PRUWith You.
History and establishment of the company
Prudential was established back in 1848, and it has a global presence and has been operating in Malaysia for many years. To build and upkeep their reputation towards the Malaysian populace, Prudential innovates their products like PRUWith to keep it on the top 10 insurance companies in Malaysia.
Key Features & Offerings
- PRUWith You: A popular investment-linked insurance product for Prudential, it offers the flexibility to choose from various investment funds and additional insurance benefits to suit their financial goals and protection needs.
Type of insurance products available
- Life Insurance: To provide financial protection to your family in case of the policyholder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalization and critical illnesses.
- Wealth Insurance: An insurance plan to grow your savings towards a better future.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- Investment Options: There is a variety of investment funds for customers to choose.
- Additional Insurance Benefits: Design additional benefits without increasing the price.
- Flexible Premiums: Offers flexibility in premium payments to make it accessible to customers.
What Makes Them Stand Out?
- Global Reputation: Prudential is a globally recognised insurance provider, bringing a wealth of experience and expertise to the Malaysian market.
- Diverse Product Portfolio: Prudential offers various insurance plans and riders to meet different customer’s needs. Prudential has the most investment fund options to help customers gain profitable savings.
- Customer-Centric Approach: Prudential has more than 20 branches in Malaysia, making it convenient for customers.
- Investment Expertise: PRUWith You leverages Prudential’s investment expertise, allowing policyholders to grow their wealth while being protected.
Services and Customer Feedback
Prudential provides various services, including online access to policy information, claims processing, and customer support through various channels. Prudential won highly customer feedback with its products and services, highlighting its reliability and customer-centric approach. Customers love their PRUWith You also for helping them grow their savings.
3. AIA
Overview
AIA is one of the best insurance companies in Malaysia, which focuses on offering more comprehensive Health Insurance solutions to cater to the diverse healthcare needs of Malaysians.
History and establishment of the company
AIA was founded back in 1919 and has a global presence, and it is especially popular in Hong Kong, but it is also a well known insurance company in the Malaysian market for its quality insurance services.
A prime example of one of their products is their A-Plus Health insurance plan, which helps to protect your finances and cover your medical expenses, such as hospitalization or surgeries.
Key Features & Offerings
- A-Plus Health: A comprehensive health insurance plan to protect your finances and cover your medical expenses, such as hospitalisation and surgeries.
Type of insurance products available
- Life Insurance: To provide financial protection to your family in case of the policyholder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalisation and critical illnesses.
- Wealth Insurance: An insurance plan to grow your savings towards a better future.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- AIA Vitality: A wellness program that provides additional coverage and offers to those who maintain a healthy lifestyle.
- Health Wallet: Some AIA medical insurance and takaful plans come with a Health Wallet that offers additional benefits, enhancing the overall coverage.
What Makes Them Stand Out?
- Comprehensive Coverage: Offer various insurance plans to customers. The A-Plus health provides extensive coverage, ensuring policyholders are well-protected in various healthcare scenarios.
- AIA Vitality: The inclusion of AIA Vitality promotes a healthier lifestyle among policyholders, rewarding them with additional benefits for staying healthy.
- Innovative Benefits: The Health Wallet feature adds extra value to the insurance plans, offering cashback and other benefits.
Services and Customer Feedback
AIA offers many types of services, including easy access to policy information, claims processing, and quality customer support. Customers are satisfied with AIA products and services and give good comments to AIA on the innovative benefits.
4. Tokio Marine
Overview
Tokio Marine is a trusted insurance provider known for its expertise in Property and Casualty Insurance. With a strong presence in Malaysia, the company offers comprehensive solutions to protect individuals and businesses against property and casualty-related risks.
History and establishment of the company
Tokio Marine was founded in Japan in 1879. It has a global presence and stable operation services in Malaysia. They are well-known for general insurance, and life insurance is getting popular to be one of the best insurance company in Malaysia.
Key Features & Offerings
- General Insurance: Comprehensive protection to your house, assets, and loss or damage to workplace property.
- Life Insurance: Variety and high benefits protection to keep your family’s financial safety.
Type of insurance products available
- Life Insurance: To provide financial protection to your family in case of the policyholder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalization and critical illnesses.
- Wealth Insurance: An insurance plan to grow your savings towards a better future.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- Customizable Coverage: Offer to customize coverage to align with your unique requirements.
- Loss Prevention: Offer advice and services to help prevent property and casualty losses.
- Claim Assistance: Streamlined claim processes to ensure policyholders receive timely assistance in the event of a claim.
What Makes Them Stand Out?
- Expertise: Brings deep expertise to Property and Casualty Insurance and life insurance.
- Tailored Solutions: Tailor insurance plans to individual and business needs.
- Loss Prevention Services: Offer goes beyond insurance by providing loss prevention guidance to policyholders.
Services and Customer Feedback
Tokio Marine provides stable digital services to ensure customers save time using their platform. Customers are satisfied with claims processing and customer support by digital. The Tokio Marine products of general insurance and life insurance are hot choices for Malaysians, according to various Malaysian comments.
5. Allianz
Overview
Allianz is the top 10 insurance company in Malaysia and is well-known for its commitment to diversity, equity, and inclusion. If you heard Dato’s Sri Norman Pang, you must know about Allianz.
History and establishment of the company
Allianz Malaysia was first established in 2001 and has since grown to become one of the country’s foremost insurance and financial services companies. Over the years, it has earned a reputation for reliability and customer-centric solutions.
Key Features & Offerings
- Comprehensive Insurance Solutions: Offers a comprehensive range of insurance products and services to meet the varied needs of its customers.
- Diversity and Inclusion: Their products are recognised for their commitment to diversity and inclusion.
- Global Expertise: Allianz has the global expertise and resources and ensures their agent is expertise.
Type of insurance products available
- Life Insurance: To provide financial protection to your family in case of the policyholder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalisation and critical illnesses.
- Wealth Insurance: An insurance plan to grow your savings towards a better future.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- Customised Coverage: Offer flexibility to customise insurance plans to align with specific needs.
- Specialised Packages: Provide specialised packages for businesses and individuals.
- Financial Planning: Assistance in financial planning and investment options.
What Makes Them Stand Out?
- Diversity and Inclusion: Their products are recognised for their commitment to diversity and inclusion.
- Global Expertise: Allianz has access to a wealth of international experience and resources.
Services and Customer Feedback
Allianz is known for its commitment to excellent customer service. Customers can easily access streamlined claims processing and customer support. Customer feedback often highlights their reliability and responsiveness in times of need.
6. Etiqa
Overview
Etiqa is a top 10 insurance company in Malaysia known for its excellence in providing online insurance and takaful solutions. They have earned recognition for their commitment to customer satisfaction through fast and convenient online processes.
History and establishment of the company
Etiqa was established in 2007 and became one of Malaysia’s premier insurance and takaful providers within a short period. It operates as a member of the Maybank Group and has given Malaysians confidence.
Key Features & Offerings
- Fast and Easy Processes: Offer efficient and straightforward online insurance and takaful processes.
- Cash Rebates: Offer up to 30% cash rebates with the “Drive Less Save More” add-on.
- Online Renewal Benefits: Offer a 10% rebate on top of your No Claim Discount (NCD) when you renew your insurance online.
- Value-Added Services: Provide value-added services to its customers.
Type of insurance products available
- Life Insurance: To provide financial protection to your family in case of the policyholder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalisation and critical illnesses.
- Takaful: Islamic insurance products adhering to Shariah principles.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- “Drive Less Save More” Add-On: Offers cash rebates for customers who drive less.
- Online Renewal Benefits: Offer additional benefits when they renew their insurance policies online.
- Customisation: Offer customisable insurance plans to meet individual needs.
What Makes Them Stand Out?
- Online Convenience: Offer a seamless online experience for insurance and takaful purchases and renewals.
- Cash Rebates: Provides opportunities for customers to earn cash rebates, such as with the “Drive Less Save More” scheme.
- Financial Stability: Strong financial backing and stability supported by Maybank Group.
Services and Customer Feedback
Etiqa is the best online insurance provider in Malaysia. Their customer service is excellent, and customer conveniently access their services online. The Takaful has positive customer feedback in Malaysia.
7. Hong Leong Assurance
Overview
Hong Leong Assurance is the top 10 insurance company in Malaysia, and they are the best insurance provider for retirement planning. They have provided health and life insurance plan other than retirement plan.
History and establishment of the company
Hong Leong Assurance has a long history in Malaysia and was established in 1982. They are a reliable insurance provider supported by Hong Leong Bank. Their commitment to helping Malaysians plan for retirement has earned them a strong reputation in the industry.
Key Features & Offerings
- Retirement Planning Solutions: Providing tailored solutions to help individuals achieve their retirement goals.
- Comprehensive Insurance Products: Offer various insurance plans, including general, life and health insurance.
- Financial Calculator: Provides tools like financial calculators to help customers estimate their retirement needs.
- Client Charter: Ensure transparency and fair treatment of customers.
Type of insurance products available
- Life Insurance: To provide financial protection to your family in case of the policyholder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalisation and critical illnesses.
- Retirement Plans: An insurance plan to grow your savings towards a better future.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- Retirement Plans: Designed to provide financial security during retirement years.
- Financial Calculators: Help customers estimate how much they need for retirement.
What Makes Them Stand Out?
- Expertise in Retirement Planning: Specialize in retirement planning to ensure professional services to customers.
- Comprehensive Insurance Offerings: Various insurance plans, including investment-linked products, to align customer’s needs.
- Financial Tools: Unique financial tools to help customers make informed decisions about their retirement planning.
Services and Customer Feedback
Hong Leong Assurance is devoted to providing great services to help Malaysians have a good retirement plan, and they have received good feedback from the market. Following the retirement plan services, Hong Leong Assurance gains the trust of customers and receives the business of other insurance plans from them.
8. AXA
Overview
AXA is a globally recognised insurance company known for its expertise in providing insurance solutions and risk management services, its ranking is the top 10 insurance company in Malaysia. With a strong international presence, AXA offers a wide range of insurance products to address the diverse needs of its customers.
History and establishment of the company
AXA has a rich history, which was established in 1816 in France. With over 200 years of growth, AXA has grown into one of the world’s leading insurance groups, serving millions of customers across the globe. It may not be popular with each Malaysian, but AXA is one of the most trustworthy insurance company in Malaysia.
Key Features & Offerings
- Global Reach: Operates in numerous countries.
- Diverse Insurance Products: Offer a comprehensive range of insurance products.
- Risk Management: AXA professional with risk assessment and management services.
Type of insurance products available
- Life Insurance: To provide financial protection to your family in case of the policyholder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalisation and critical illnesses.
- Wealth Insurance: An insurance plan to grow your savings towards a better future.
- Global Insurance: Tailored insurance solutions for multinational companies.
Specialized schemes and benefits
- Customised Coverage: Tailor insurance plans to meet the unique needs and preferences of its customers.
- Risk Assessment: Expertise in risk assessment helps businesses identify and manage potential risks effectively.
- Global Programs: Offers specialised insurance programs for multinational companies.
What Makes Them Stand Out?
- Global Reputation: AXA is a globally recognised insurance provider, bringing a wealth of experience and expertise to the Malaysian market.
- Innovation: Innovative approach to insurance and financial services.
- Expertise: A team of experts in risk assessment and management.
Services and Customer Feedback
AXA provides various services, including online access to policy information, claims processing, and customer support through various channels. Their digital services bring the tags of the best insurance providers for global insurance in Malaysia.
9. Zurich
Overview
Zurich is one of the best insurance company in Malaysia, specialising in providing comprehensive family protection plans. They offer a range of family-oriented insurance products designed to safeguard the financial well-being of loved ones in various life situations.
History and establishment of the company
Zurich was established in 1872 in Switzerland, and it has a global presence and has been operating in Malaysia for many years. Zurich has set its company goals by providing the best insurance plan for the family to help them have comprehensive protection.
Key Features & Offerings
- Family-Oriented Coverage: Tailored to meet the specific needs of families
- Shariah-Compliant Plans: Provide the Takaful to fulfil Malaysians’ needs.
- Customisation: Allows to customise their insurance plans to suit their family’s unique requirements.
Type of insurance products available
- For My Family Plans: Cater to the financial needs of families and loved ones.
- Health Insurance: A coverage of medical expenses, hospitalisation and critical illnesses.
- Family Takaful Plans: Designed for Islam to provide financial protection and support to family members.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- Financial Protection: Offer financial support in case of critical illness, disability, or death.
- Savings and Investment: Some plans include savings and investment components.
- Shariah Compliance: Offers Shariah-compliant insurance options, appealing to customers seeking ethical financial solutions.
What Makes Them Stand Out?
- Family-Centric Focus: Prioritizes the well-being of families and offers specialised protection plans.
- Shariah Compliance: Provide Shariah-compliant insurance products.
- Customisation: Customers can customise their coverage based on their family’s unique requirements.
- Global Presence: Offering the expertise and resources of an international company.
Services and Customer Feedback
Zurich has great feedback with providing a comprehensive family insurance plan and its services. The services of claim and customer support are praised by customers also. Zurich brought additional options for customers who are looking for Takaful.
10. ManuLife
Overview
ManuLife is the top 10 insurance company in Malaysia that has carved a niche for itself, especially in wealth management. Their services ensure Malaysians get the best financial advice, investment opportunities, and insurance products to secure their future.
History and establishment of the company
ManuLife was established in 1887 in Canada. The long history of ManuLife has successfully built the reputation of wealth management. Their global presence and experience have enabled them to provide unparalleled services to individuals, institutions, and retirement plans.
Key Features & Offerings
- Wealth Management: Comprehensive wealth and asset management services.
- Diverse Insurance Products: Offer a comprehensive range of insurance products.
- Customisation: Allows to customise their insurance plans to suit their unique requirements.
Type of insurance products available
- Life Insurance: To provide financial protection to your family in case of the policyholder’s demise.
- Health Insurance: A coverage of medical expenses, hospitalization and critical illnesses.
- Wealth Insurance: An insurance plan to grow your savings towards a better future.
- General Insurance: A motor, home and accident insurance plan to cover your assets and unexpected situations.
Specialized schemes and benefits
- Financial Planning: Tailored financial planning solutions for retirement.
- Wealth Management: Designed to augment savings and investments.
What Makes Them Stand Out?
- Global Reputation: A history rooted in over a century of financial management.
- Investment Expertise: Renowned expertise in wealth and asset management.
Services and Customer Feedback
ManuLife offers various services, including life insurance, financial planning, and wealth management. Their wealth management brought a fancy result to customers. With various services and products, ManuLife gained positive feedback in the Malaysia insurance market.
Types of Insurance Offered in Malaysia
Life Insurance
Great Eastern stands out as a top pick for life insurance in the bustling insurance market of Malaysia, from my experience. Great Eastern is a trustworthy and reliable provider. It will speedily process your claim once you submit the necessary documents. Their life insurance provides various advantages and benefits than others. For example, different death criteria will trigger multiple of the total sum assured, and the life insurance has to cover critical illness.
Health and Medical Insurance
AIA is well-known for its health and medical policy in Malaysia. The health and medical policy from AIA provides different riders for customers to customise their needs to ensure that individuals can choose a plan that aligns with their health concerns and budgetary constraints. AIA offer various policy to help customer solve medical inflation to avoid customers bearing a higher premium.
Read also: Best Medical Card and Insurance Plans in Malaysia
Motor Insurance
Tokio Marine is the best insurance company for property and casualty insurance in Malaysia. It provides good benefits on motor insurance that are leading in the market. They have a faster claims process, comprehensive coverage options, and dedicated customer service. Their motor insurance price is not high, even coverage with the floor, mirror and stolen.
Travel Insurance
AXA is the top pick of travel insurance for Malaysians. With its global insurance expertise, AXA products have coverage worldwide. Travellers can feel at ease after having travel insurance with AXA. The travel insurance of AXA covers everything from lost baggage to unexpected medical emergencies overseas. The price of travel insurance is fair, and it has short-term and long-term policies for travellers to choose according to their needs.
Factors to Consider When Choosing an Insurance Company
- Financial Stability: It is crucial when choosing an insurance company. An insurance company with stable finances can give policyholders confidence that they’ll be covered when needed.
- Product Range: Each insurance company is under the control of the Bank Negara Malaysia, and the overall insurance plan will be similar. There are different riders provided, even it is similar. We have to find out the different rider benefits and choose the most valuable benefits that benefit you.
- Customer Services: The insurance company’s customer services is one of the indicators for you to consider. We can seek customer services from the branches if your agent services are bad. Good customer service will save your time in completing your documents and claims.
Making an Informed Choice: Picking the Right Insurance for Your Needs
Having insurance is important, it is the best choice for us to transfer the risk. With the right insurance, you won’t panic when facing expensive medical expenses. I have discussed the details of the top 10 insurance company in Malaysia from my experience. You may pick the right insurance by consulting your agents to customise your needs. If you are looking for more insurance knowledge, you are recommended to visit biztechcommunity, which has gathered different insurance details and knowledge.
The information provided here is for general informational purposes only and should not be considered as legal, financial, or professional advice. Always consult with a qualified professional before making any decisions based on this information.