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18th and 19th centuries were the initial remarks of insurance in Malaysia in which agency houses and trading firms operated as agents for United Kingdom insurance companies. There was an endeavor to set up domestic insurance companies after the achievement of independence. The development of many general and life insurance companies could be observed in the early 1960's. However, some of these companies managed on an unsteady basis with inappropriate underwriting procedures. Followed by the Government intervention, the Insurance Act 1963 was established and then it was replaced by the Insurance Act 1996. It is an Act to introduce new laws for the licensing and regulation of insurance business, insurance broking business, adjusting business and financial advisory business as well as for other related purposes. (Koo Agency, 2012)

In 2010, with the renewed premium escalation in some nations (mainly in the life sector), optimistic investment profits, and a strengthened solvency position, the insurance industry has moderately triumph over the influences of the 2008 crisis. Nevertheless, the point of view for prospect economic growth and employment in developed nations continue to be vague and uncertain, clouding prospects for the industry. (OECD Insurance, 2011)

Alias, Hussein and Mohammad (2012) reported that Malaysia’s insurance industry is one of the key drivers of the services sector. A general breakdown indicates that the country’s finance and insurance industry accounted for 20.1% of the services sector’s output in 2011 (2000: 18.6%) as well as 11.8% of the country’s gross domestic product or GDP (2000: 9.2%). The services sector as a whole accounted for a hefty 58.6% of GDP and is expected to remain a major contributor to economic growth in the years to come. This has proven that insurance industry in Malaysia still remain as a key contributor to economic growth.

Generally, there are three types of insurance business popular in Malaysia which are general insurance, takaful insurance and life insurance.

General or conventional insurance is a contract in which one person (the insurer) undertakes in return for the agreed consideration (premium) to pay to another person (the insured), a sum of money (the indemnity) on the happening of a specified event (Dorfman, 2003). The examples of general insurance policies reported in Bank Negara Malaysia are Marine, Aviation and Transit, Contractors’ All Risks and Engineering, Fire, Medical Expenses and Personal Accident, Motor, Liability, Workmen’s Compensation and Employers’ Liability and miscellaneous.

Takaful insurance is developed on three principles: 1) Mutual responsibility 2) Co-operation with each other 3) Protecting one another from any kind of difficulties, disasters and other misfortune whereby the financial contribution (prem本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。