LIST OF INSURANCE COMPANIES IN MALAYSIA
List of insurance companies in Malaysia As we have previously explained before on this website, insurance is a kind of investment against risk. It is a forward-thinking plan which a person makes ahead of the day of trouble, to reduce the effects of his loss. Insurance can be further explained as an agreement between two parties in which one party agree to pay a certain amount of money if or when the other party should suffer a loss. Life insurance is a particular kind of insurance in which a person agrees to pay a regular premium so that in the event of his death, a previously agreed sum of money will be paid to his family or any other elected beneficiary.
There are various types of insurance; life insurance, fire insurance, property insurance, health insurance, motor vehicle insurance, third party vehicle insurance, burglary insurance, and so on.
Insurance Company in Malaysia List
|S.L||Company Name||Company Address||Contact Number|
|1||Takaful Malaysia||Menara Takaful Malaysia, 4, Jalan Sultan Sulaiman, Kampung Attap, 50000 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-2268 1984|
|2||Pacific & Orient Insurance Co.||Johor Tower, Suite 905, Jalan Gereja, Bandar Johor Bahru, 80000 Johor Bahru, Johor, Malaysia||+60 7-222 2537|
|3||Allianz General Insurance Company (Malaysia)||#03-01, Block C Persiaran Southkey 1 komersil Southkey Mozek, Southkey, 80150 Johor Bahru, Johor, Malaysia||+60 7-338 3790|
|4||Malaysian Takaful Association||No. 4, 21st Floor, Main Block, Menara Takaful Malaysia, Jalan Sultan Sulaiman, 50000 Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia||+60 3-2031 8160|
|5||MSIG Insurance||Level 15, Menara Hap Seng, 2, Jalan P. Ramlee, 50450 Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia||+60 3-2050 8228|
|6||The Malaysian Insurance Institute||Level 6, Bangunan AICB, No. 10, Jalan Dato’ On, 50480 Kuala Lumpur, Malaysia||+60 3-2712 8882|
|7||AIA BERHAD/AIA PUBLIC TAKAFUL BERHAD||Suite No 28-18, Level 28 Cap Square Tower, 10, Jalan Munshi Abdullah, 50100 Kuala Lumpur, Malaysia||+60 17-311 1821|
|8||Tokio Marine Life Insurance Malaysia Bhd||189, Jln Tun Razak, 50400 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-2059 6188|
|9||AIG Malaysia Insurance Berhad||Block E Pusat Komersial Bayu Tasik Persiaran Taman Kota Southkey E, 3-5, Persiaran Southkey 1, 80150 Johor Bahru, Johor, Malaysia||+60 1-800-88-8811|
|10||Insurance Kereta & Road Tax, Signature Infinity Agency||No 11-14, Level 2, Jalan 53, 2nd Floor, Desa Jaya Commercial Centre Taman Desa, Pekan Kepong, 52100 Kuala Lumpur, Malaysia||+60 16-224 8502|
|11||Allianz Malaysia Berhad||Level 29, Menara Allianz Sentral, 203, Jalan Tun Sambanthan, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia||+60 3-2264 1188|
|12||Sun Life Malaysia (Head Office)||No. 338, Jalan Tuanku Abdul Rahman, Chow Kit, 50100 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-2612 3600|
|13||Zurich Insurance & Takaful @ Malacca||110, 111 and 112, Melaka Raya, 75000, Malacca,Insurance Company in Malaysia||+60 6-282 6157|
|14||Pacific & Orient Insurance Co. Bhd||11th Floor, Wisma Bumi Raya, 10, Jln Raja Laut, Chow Kit, 50350 Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia||+60 3-2698 5033|
|15||Great Eastern General Insurance (Malaysia) Berhad||303, Jalan Ampang, Level 18, Menara Great Eastern, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 1-300-13-0088|
|16||AXA Affin General Insurance Berhad (Head Office)||Ground Floor, Wisma Boustead, 71, Jln Raja Chulan, Bukit Ceylon, 50200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-2170 8282|
|17||Chubb Insurance Malaysia Berhad||Wisma Chubb, 38, Jalan Sultan Ismail, Bukit Bintang, 50250 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-2058 3000|
|18||Syarikat Takaful Malaysia Bhd||Tabung Haji, Pejabat Tabung Haji Negeri Perak, Bangunan, Jalan Koo Chong Kong, 30000 Ipoh, Perak, Malaysia||+60 5-255 3888|
|19||Great Eastern Life Assurance (Malaysia) Berhad||House No.51, Lot 435, Section 54, KTLD,, Travilion Commercial Centre, Jalan Padungan, 93100 Kuching, Sarawak, Malaysia||+60 1-300-13-0088|
|20||Manulife Insurance – Johor Bahru||15th Floor, Menara Landmark, No. 12, Jalan Ngee Heng, 80000 Johor Bahru, Johor, Malaysia||+60 7-277 5103|
|21||Etiqa Takaful & Insurance Berhad(LPPSA Business)||15, Jalan P8G1, Presint 8, 62000 Putrajaya, Wilayah Persekutuan Putrajaya, Malaysia||+60 3-8861 6862|
|22||Takaful Malaysia Motor Insurance Cheras||158-3-7X, Kompleks Maluri, Jalan Jejaka, Maluri, 55100 Kuala Lumpur, Malaysia||+60 11-1223 9838|
|23||Zurich Takafu||No. 67, Persiaran Setia Utama, Setia Alam, 40170 Shah Alam, Selangor, Malaysia||+60 3-3359 8110|
|24||Menara Zurich||Menara Zurich, Jalan Dewan Bahasa, 50460 Kuala Lumpur, 50460, Malaysia||+60 1-300-88-8622|
|25||Allianz life Insurance Malaysia Berhad||Wisma Allianz, 2.01, 11-14. Desa Jaya Commercial Centre, Jalan 53, Kepong, 52100 Kuala Lumpur, WP Kuala Lumpur, Malaysia||+60 3-6274 0055|
|26||Agency Prudential Kuantan||Kuantan Perdana, Lot A3, 1st Floor, Kuantan Perdana, Jalan Tun Ismail, 25000 Kuantan, Pahang, Malaysia||N/A|
|27||General Insurance Association Of Malaysia||3rd Floor, Wisma PIAM,150, Jalan Tun Sambanthan, 50470, Kuala Lumpur, Wilayah Persekutuan, 50470, Malaysia||+60 3-2274 7399|
|28||Red Cover Life Planning||Level 7, Menara AIA, No. 68, Jalan Batai Laut 4, Taman Intan, 41300 Klang, Selangor, Malaysia||+60 12-684 0948|
|29||FWD Takaful||No. 211, 29th Floor Menara Shell, Jalan Tun Sambanthan, 50470 Kuala Lumpur, Malaysia||+60 3-2771 7888|
|30||Syarikat Takaful Malaysia Sdn. Bhd.||10th Floor, Umbc, Jalan Sultan Sulaiman, Wilayah Persekutuan, 50000 Kuala Lumpur, Malaysia||N/A|
|31||Tune Protect Group Berhad||Wisma Tune, Level 8, 19, Lorong Dungun, Bukit Damansara, 50490 Kuala Lumpur, Malaysia||+60 1-800-88-5753|
|32||AmMetLife Insurance Berhad||Level 24, 201, Jalan Tun Sambanthan, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-2271 8000|
|33||Manulife Malaysia||12th Floor, Menara Manulife, Jalan Gelenggang, Bukit Damansara, 50490 Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia||+60 3-2719 9228|
|34||Chubb Insurance Malaysia Berhad @ Johor Bahru||Pusat Perdagangan, No. 47, Jalan Kebun Teh 1, Taman Kebun Teh, 80250 Johor Bahru, Johor, Malaysia||+60 7-222 4317|
|35||Menara Allianz Sentral||203, Jalan Tun Sambanthan, Brickfields, 50470 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 1-300-88-1028|
|36||Menara Great Eastern||303, Jalan Ampang, Desa Pahlawan, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-4259 8888|
|37||AIA Customer Centre||Level G, 77-G, Jalan Era Square 2, Era Square, 70200 Seremban, Negeri Sembilan, Malaysia||+60 1-300-88-2886|
|38||Kurnia Insurans (Malaysia) Berhad @ Persiaran Greentown 6||16 & 18, Persiaran Greentown 6, Pusat Perdagangan Greentown, 30450, Ipoh, Perak, 31400, Malaysia||+60 5-255 4097|
|39||QBE Insurance (M) Berhad||No. 638, Level 6, Block B1, Leisure Commerce Square, No. 9, Jln PJS 8/9, Pjs 8, 46150 Petaling Jaya, Selangor, Malaysia||+60 3-7861 8400|
|40||Prudential Customer Service Centre, Raub||Lot P.T. 16483, Jalan Tras, 27600 Raub District, Pahang, Malaysia||+60 3-2116 0228|
|41||Lonpac Insurance (Melaka Branch)||No.7 & 9, Jalan Melaka Raya 11, Taman Melaka Raya, 75000 Melaka, Malaysia||+60 6-282 5169|
|42||AmGeneral Insurance Berhad||211, Jalan Tun Sambanthan, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-2268 3333|
|43||Renew Roadtax Ipoh||Mercu Azam, 59 C, Susuran Station 18, Station 18, 31650 Ipoh, Perak, Malaysia||+60 5-322 9832|
|44||Lonpac Insurance (Kota Bharu Branch)||No. PT 286, Tingkat 1 & 2, Jln Kebun Sultan, 15300 Kota Bharu, Kelantan, Malaysia||+60 9-744 3166|
|45||Arab-Malaysian Assurance Bhd.||No. 4, Jalan Ss6/3, SS6, Selangor, 47301 Petaling Jaya, Malaysia||+60 3-7808 1144|
|46||Liberty Insurance||Ground Floor Menara Liberty, 1008, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia||+60 3-2619 9000|
|47||Allianz general Insurance Malaysia Berhad||No. 2383A, Jalan Lumut, Taman Samudera, 32040 Sitiawan, Perak, Malaysia||+60 5-688 1998|
|48||Tahan Insurance Malaysia||17, Jalan Medan Tuanku 1, Chow Kit, 50300 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia||+60 3-2786 1000|
|49||AIG General Insurance (Malaysia) Bhd||2nd Floor, 65, Jalan SS 2/55,, 47300, Petaling Jaya, Selangor, 47300, Malaysia||+60 3-7873 0280|
|50||Bh Insurance||Menara Boustead, 16.02c, Jln Sultan Ahmad Shah, 10050 George Town, Pulau Pinang, Malaysia||+60 4-229 5691|
Those are the Malaysian insurance companies. But who is responsible for the regulation of the Malaysian insurance industry? There are two main agencies: The Malaysian insurance industry is regulated by BNM, which in turn is regulated by the Ministry of Finance.
The life and non-life sections of the insurance businesses in Malaysia are regulated by the provisions of the FSA, and that came into force on June 30, 2022.2023
The Malaysian government permits Foreign Direct Investment up to a limit of 70% in the insurance industry and that is one of the highest in the world. However, Composite insurance is not permitted in Malaysia.
List Of Insurance Companies In Malaysia
Motor Vehicle third-party liability insurance and also workmen’s compensation insurance is compulsory by an act of law in Malaysia.
The Financial Services Act of 2022 Malay: Akta Perkhidmatan Kewangan 2022, is a Malaysian law which was enacted to provide for the regulation and supervision of financial institutions, payment systems and also other relevant financial entities. They are also charged with the oversight of the money market and also the foreign exchange market to ensure financial stability and also to ensure sanity and fair treatment within the financial system.
The Financial Services Act of 2022 (FSA) and the Islamic Financial Services Act of 2023 (known as IFSA) are the two of the most significant pieces of legislation that affect the financial services industry in Malaysia. Both legislation received Royal approval and were ratified on March 2022. The FSA consolidates and replaces the Banking and Financial Institutions Act of 1989, the Payment Systems Act 2023, and also the Insurance Act 1996 and not forgetting the Exchange Control Act 1953. On the other hand, the IFSA consolidates and repeals the Islamic Banking Act 1983 and the Takaful Act 1984 these are unique laws that set Malaysia apart from other countries in the region, and other countries with a similarly structured Islamic population.
Both Laws were introduced to regulate and supervise the financial institutions, payment systems and other such financial entities, as well as provide oversight of the money market and the foreign exchange market. Their main regulatory duty is to promote financial stability by fostering the safety and viability of financial institutions, the strength of the money market and foreign exchange market, as well as business conduct of financial institutions, and very important consumer protection.
Let us now examine briefly the setup of the FSA and the IFSA.
- The Financial Services Act of 2022
Financial Holding Company. The FSA enables the financial regulator, namely the Central Bank of Malaysia, and also commonly known as Bank Negara Malaysia (BNM), to exercise oversight functions over financial institutions by introducing and mandating the concept of a Financial Holding Company (FHC).
An FHC sometimes called a Parent Company is defined as a company which holds an aggregate of more than 50 percent interest in the value of shares in a licensed business entity, or holds a total of less than 50 percent of shares but which has control of a licensed business entity. Furthermore, the FHC must be approved by BNM to be an FHC or a Parent Company.
FHCs that are based outside Malaysia may not be directly controlled by the FSA as the Act does not provide the BNM with extra-territorial powers to enforce the FSA Law outside Malaysian land. However, BNM may however require its local licensed entity to propose another company to be approved as an FHC for operations in Malaysia. BNM has the authority to approve more than one company within a group as a Parent Company.
Consumer protection and proper (fair) business conduct. The FSA grants BNM the authority to undertake various actions to ensure fairness within the financial services providers sector, they also ensure that companies are responsible and professional when dealing with financial customers. The Financial services providers are also governed by the standard of prohibited business conduct as tabled under Schedule 7 of the Law. Any contravention of these laws will attract a hefty fine of no more than RM10 million, or imprisonment, or sometimes both. Institutions are expressly forbidden from exerting undue pressure and influence on consumers when marketing products to make debt repayments and to collude with any other persons to push any financial product or service.
- The Islamic Financial Services Act 2023
Apart from the main objective of the IFSA discussed above, the IFSA also aims to ensure compliance with Shariah principles or Islamic Financial systems. To achieve this, it increases BNM’s role as Shariah regulator, and imposes tough requirements on Shariah governance mechanisms and also caters to the tenets of Islamic financial principles and laws and operations which are based upon various types of Shariah business contracts.
Shariah governance and compliance thereof. The IFSA intends to increase the foundations for end-to-end Shariah financial governance and also compliance, they also support the effective application of Islamic financial contracts in the offering of Islamic financial solutions and services, starting from entering into a contract to the dissolution of a failed Islamic financial institution.
The main difference between the FSA and the IFSA is in the IFSA’s extensive requirements on Shariah governance and also ensuring Shariah law compliance. The IFSA by an act of law enforces the management of Shariah non-compliance. They also watch risk and requires Islamic financial institutions to ensure that their aims, way of operations, business dealings, affairs, and activities are also in compliance with Shariah legal principles at all times. Specifically, the IFSA: (i) entrenches the job of BNM as Shariah regulator; (ii) it also embeds Shariah principles and BNM Shariah Advisory Council (SAC) rulings; (iii) the IFSA also strengthens Shariah governance and compliance requirements; (iv) makes it a contravention of law for IFIs to carry on Shariah non-compliant activities and imposes heavy fines in relation to Shariah compliance matters; and (v) It also gives BNM wide powers to assess, peruse, investigate, intervene, direct and penalise Islamic Financial Institutions who make offences and breach of IFSA provisions.