RM 15.5 Million Paid Out Daily For Motor Insurance Claims
4 March 2015 – The motor insurance industry in Malaysia carries a heavy burden in paying out claims cost arising from road traffic accidents. In 2014, the total payout in motor claims incurred by both general insurers and takaful operators was RM 5.64 billion. This equates to a staggering RM 15.5 million paid out on a daily basis as compensation for bodily injuries and property damages caused by road accidents as well as vehicle theft. In its on-going efforts to raise awareness for road safety and promote safe driving habits, members of the General Insurance Association of Malaysia (PIAM) and Malaysian Takaful Association (MTA) reached out to motorists at the Sungai Besi toll booth recently, reminding all road users travelling on the roads this festive season to drive with care, adhere to traffic rules and practice safe driving habits during the Chinese New Year festive period.
PIAM and MTA staff also distributed over 1,000 road safety packs containing information about the Accident Assist Call Centre (AACC) to motorists. PIAM’s CEO Mark Lim and MTA’s CEO Azli Munani jointly officiated the event.
The AACC is a nationwide 24-hour hotline service (1300-22-11-88) which was established in June 2013 to provide emergency roadside assistance and connects accident victims directly with their respective Insurers and Takaful operators. The hotline also offers assistance on emergency towing services and attends to motor claims inquiries.
PIAM’s CEO, Mark Lim said the general insurance industry shares the concerns of the Government and all other responsible road users about the economic and psychological impact of road accidents to road users, family members and to the Malaysian society as a whole.
“Road accidents can cause substantial financial losses to the victims and their families as well as place a heavy burden to the nation’s healthcare system. The general insurance industry believes that with the promotion of road safety awareness amongst motorists, we can significantly drive down road fatalities and subsequently motor claims, which is ultimately in the best interest of motorists, the Industry and the community,” said Lim.
Moving forward, PIAM and MTA will work closely with all stakeholders including the Malaysian Institute of Road Safety Research (MIROS) and the Road Safety Department (JKJR) to raise the level of road safety awareness among road users.
PIAM and MTA advise motorists and road users to take the following actions in the event of an accident.
1) Obtain name (s) and address (es) of other driver(s) involved
2) Note their vehicle registration number(s) and make of vehicle
3) Take photos of the damaged vehicles(s) and the accident scene
4) Ask for the name of their insurers and their policy or certificate number
5) Do not discuss whose fault it was at the accident scene
6) Inform your insurers as soon as possible even if you do not intend to make a claim. This is a requirement of your policy
7) Complete and return the insurer’s accident report form and include any additional relevant information not mentioned in the direct questions, which may be important or material