Overview

An upper-middle-income country, Malaysia is heavily reliant on the manufacturing and services sectors, and small business forms the bedrock of both sectors. As climate change’s impacts continue to increase, flooding is a particular concern, and vulnerable groups need protection from this and other risks. Insurance and risk finance can help build a resilient future for households and economic sectors.

UNDP’s Insurance and Risk Finance Facility is working with private and public sector partners to incentivize insurance development and increase financial resilience among small businesses in Malaysia.

Main Natural Hazards

Flood, Tsunami

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1 Source:
https://drmkc.jrc.ec.europa.eu/inform-index/INFORM-Risk/Country-Risk-Profile
Number of insurance providers

14 life insurance companies, 19 general insurance companies, 15 takaful operators and 7 reinsurers

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1 Source:
https://www.bnm.gov.my/regulations/fsp-directory
% Workforce engaged in agriculture

10% (2022)

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1 Source:
https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS
Insurance penetration

5% (2022)

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1 Source:
https://www.atlas-mag.net/en/category/tags/pays/insurance-penetration-rate-in-asia-pacific
Biodiversity ranking

#16 out of 239 countries and territories (2023)

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1 Source:
https://worldrainforests.com/03highest_biodiversity.htm
Small business % contribution to workforce

48.2% of total employment (2022)

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1 Source:
https://www.thestar.com.my/business/business-news/2023/07/27/malaysia039s-msme-gdp-surges-116-in-2022-to-rm5804bil--dosm

Our projects

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