Short Review of the Motor Vehicle Insurance Industry In Malaysia

Abstract

Motor vehicle insurance (MVI), which is the most effective and widespread means of protecting personal property, has attracted a great deal of attention. It is crucial to understand the current development of Malaysia’s motor vehicle insurance industry. Based on this context, this article examines the development model of the Malaysian motor insurance industry and its relationship with the Malaysian economic development. This article reviews ways to achieve targeted product promotion and customization of motor vehicle insurance (MVI) according to regional characteristics. The purpose of this document is to lay a solid foundation for promoting the development of the Malaysian automobile insurance industry and its relationship with motor production in Malaysia. The article investigates the MVI policy’s effect on the economy and the production of car motors in Malaysia compared with other advanced countries. In addition to that, the article highlights the effect of COVID-19 on the MVI industry.