Category Archives: Industry News

• General Insurance Premium up 10%

  Posted on April 18, 2023 by admin in Industry News

  The general insurance industry has recorded an increase in gross direct premiums of 10 per cent to RM19.4 billion for 2022 compared to 2021. However, underwriting profit contracted by 23 per cent to RM1.56 billion mainly due to losses in both motor as well as medical and health insurance lines of business. General Insurance Association […]

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• Allianz Stops RM5.6m Of Fake Insurance Claims

  Posted on July 19, 2017 by admin in Industry News

  Allianz General Insurance Company (Malaysia) Bhd has stopped bogus insurance claims worth RM5.6 million between 2014 and 2016. Head of Claims Jayapragash Amblavanar said insurance fraud was a growing concern in Malaysia and the company reported an average of at least six fraud cases per month between 2014 and 2016. “Single digit cases being reported […]

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• 60 vehicles stolen everyday from all over Malaysia, says PIAM

  Posted on August 25, 2016 by admin in Industry News

  Malaysia is said to be ranked as one of the top 10 countries in the world with the highest number of vehicle thefts. An average of 60 vehicles get stolen everyday from all over the country, said the General Insurance Association of Malaysia’s (PIAM) chief executive officer Mark Lim. He said for the first half […]

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• New Motor Tariff from 23 Feb 2015

  Posted on February 16, 2015 by admin in Industry News

  Effective 23 February 2015, there will be an increased in the motor tariffs, thus expect to pay more premium if your insurance expired after 23 February 2015.  If you wish to save on the motor premium, you can renewed your car insurance before 23 February to enjoy the last year rate. While it is expected […]

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• RM5.04bil in 2014 Motor Insurance Claims

  Posted on February 10, 2015 by admin in Industry News

  According to General Insurance Association of Malaysia (PIAM), a total of RM5.04bil motors claims was paid out in 2014 as compensation for bodily injuries and property damages caused by road accidents as well as vehicle theft. This claim payout is an increase of 5.4% from 2013. “PIAM will continue to focus on inculcating road safety […]

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• Detariffication of Malaysia Insurance

  Posted on July 2, 2014 by admin in Industry News

  Malaysia General Insurance industry will likely see more consolidation and acquisition from now till 2016. This is due to Bank Negera Malaysia easing its restrictions to allow foreign companies to own stakes from 49% to 70%. The detariffation of the insurance industry by 2016 will see more competition as once the statutory tariffs are abolished, […]

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• Car Insurance Premium increased on Feb 15, 2014

  Posted on February 26, 2014 by admin in Industry News

  Another hike in motor tariff premiums is set to take effect on Feb 15. It will be the third adjustment upwards under a motor cover framework introduced in 2012 enabling gradual hikes over a period of four years. The General Insurance Association of Malaysia ( PIAM) said that for a private car of 1,400cc, the […]

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• Insurance Premium expected to Increase in 2014

  Posted on January 27, 2014 by admin in Industry News

  It is reported that insurance premium may increased in 2014.   According to General Insurance Association of Malaysia (PIAM) chairman Chua Seck Guan, however, it has not been determined yet by how much the premiums would go up. Meanwhile, in a press statement here, Chua quoted a recent Fitch Rating Agency report that the demand for insurance […]

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