The Malaysian Retailers association reported RM67.1 billion retail sales for 2007 and RM70.4 billion in 2008, all done within the country. That’s very sizeable indeed, but our insurance (non-life) industry managed a mere RM0.8 million for 2008 – this is simply horrendous for an industry having a RM11 billion in annual gross written premium.
What are these transactions are all about?
Generally these credit card spending were more into accommodation, airfare, duty-free outlets’ goods, clothing & accessories, electronic products and groceries. Looks like not much were into or related to spending having done through the internet….. Some sources said, internet credit card transactions within the country were perhaps in region of 12% and is growing. No doubt this estimate is more of the accommodation & airfare category rather those of shopping via the internet like insurance purchasing.
The table depicting the credit card transactions….
|
2007 & 2008 CREDIT CARD TRANSACTIONS IN MALAYSIA |
||||||
|
Month |
Total Transactions (mil) |
2007 |
Total Transactions (mil) |
2008 |
||
| Total Expenditure (RM in mil) | Total Expenditure (RM in mil) | |||||
|
Local Cardholders |
Foreign Cardholders |
Local Cardholders |
Foreign Cardholders |
|||
| Jan |
19.7 |
3,858.6 |
528.2 |
22.7 |
4,883.0 |
529.5 |
| Feb |
18.2 |
3,525.2 |
419.6 |
19.9 |
4,133.6 |
575.8 |
| Mar |
18.7 |
3,714.3 |
439.2 |
20.4 |
4,190.5 |
571.3 |
| Apr |
18.4 |
3,565.8 |
443.1 |
21.0 |
4,392.6 |
537.0 |
| May |
19.8 |
3,869.1 |
448.0 |
21.6 |
4,561.2 |
561.8 |
| June |
19.3 |
3,799.6 |
417.1 |
21.3 |
4,569.3 |
600.8 |
| Jul |
20.2 |
4,042.1 |
509.2 |
21.9 |
4,883.6 |
654.2 |
| Aug |
20.2 |
4,150.5 |
480.1 |
22.2 |
4,969.5 |
694.6 |
| Sept |
19.5 |
3,983.0 |
418.1 |
22.1 |
4,890.1 |
615.6 |
| Oct |
21.1 |
4,311.3 |
439.3 |
21.7 |
4,584.2 |
553.4 |
| Nov |
20.0 |
4,181.4 |
424.6 |
21.4 |
4,687.9 |
495.2 |
| Dec |
22.4 |
4,765.6 |
536.1 |
25.0 |
5,391.0 |
588.7 |
The Author has spent more than 23 years engaging in insurance related works and research. Head of Underwriting & Reinsurance, and is currently involves with R&D of relevance to the development of eCommerce for the Non-Life insurance industry.
Dear Author,
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Sign up with Berjaya Sompo as agent so that we can work out some sensible eCommerce plans for your agency. Interest? email us at malaysianinsurance@gmail.com
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