Risk-based capital is used to specify minimum capital requirements for insurers, but it can also cause insurers to bear higher risk if the actual risk of an asset is improperly assessed. This study investigates the efficiency, productivity and competitiveness of the Malaysian insurance industry. The usefulness of regulatory policies will be studied, with particular focus on the risk-based capital framework. This study includes all insurance firms operating in Malaysia between 2000 and 2017. Data envelopment analysis, Malmquist productivity index and Panzar–Rosse methodologies are employed. The findings indicate that life insurers are more efficient and competitive than general insurers. There is a deterioration in the efficiency and productivity of conventional insurers following implementation of risk-based capital requirements. The risk-based capital for Takaful framework, however, improves Takaful insurers’ efficiency and productivity. The findings have implications for business strategy development, such as the level of restrictions on insurance operations. General insurers are recommended to employ technology-enhancing pricing and claims systems to increase efficiency.

基于风险的资本用于指定保险公司的最低资本要求，但是如果对资产的实际风险进行了不正确的评估，它也可能导致保险公司承担更高的风险。这项研究调查了马来西亚保险业的效率，生产力和竞争力。将研究监管政策的有用性，尤其关注基于风险的资本框架。该研究包括2000年至2017年在马来西亚运营的所有保险公司。采用数据包络分析，Malmquist生产率指数和Panzar-Rosse方法。调查结果表明，人寿保险公司比一般保险公司更有效率和竞争力。实施基于风险的资本要求后，传统保险公司的效率和生产率有所下降。但是，回教保险框架的基于风险的资本提高了回教保险公司的效率和生产率。这些发现对业务战略的发展具有影响，例如对保险业务的限制程度。建议一般保险公司采用技术定价和理赔系统来提高效率。