Kuala Lumpur, 2 April 2014 – On the back of a relatively strong domestic demand, supported by ongoing mega projects, and increased consumer awareness on business and personal risks, the general insurance industry recorded positive growth in 2013 with total gross written premium income increasing by 6.4 percent to RM16.2 billion compared to RM15.2 [...]
Kuala Lumpur, 14 March 2014: The General Insurance Association of Malaysia (PIAM), representing all the general insurers and reinsurers in Malaysia, is shocked and deeply saddened by the MH370 incident. Our hearts go out to the families and friends of the passengers and crew of MH370. The Association is keeping track of the [...]
1.Please share with us the type of home/property insurance coverage available for homeowners and home buyers. Buying a house is most likely the biggest investment for most people, yet, many people are not aware if they have taken up adequate home insurance to protect their property assets. Generally, there are three main types [...]
1) Will ‘modified’ vehicle be covered by motor insurance? All insurance contracts require both parties to observe utmost good faith and not deliberately mislead the other party or to hide material facts. In this instance, a modified car may increase the risk exposures resulting in higher premium payable or at the extreme, render [...]
Kuala Lumpur, 6 February 2014 – The General Insurance Association of Malaysia (PIAM) wishes to clarify that the gradual premium adjustment under the new motor cover framework had been introduced in 2012. The new motor cover framework has a two prong strategy, i.e. to enhance efficiency in the provision of motor cover by [...]
Kuala Lumpur, 26 January 2014 – The net claims paid out for bodily injury and property damage due to road accidents in the first nine months of 2013 has risen to RM 4.10 billion, compared to RM 3.68 billion in the same period in 2012. This figure was revealed by the General Insurance [...]
Kuala Lumpur, 21 January, 2014 – The general insurance industry recorded a growth of 6.6 percent in gross premiums to RM 12,423 billion for the third quarter of 2013 compared to RM11,658 billion in the corresponding period last year. General Insurance Association of Malaysia’s (PIAM) Chairman, Chua Seck Guan, attributed the growth to [...]
Kuala Lumpur, 10 January 2014– Five years ago, James had invested most of his savings to purchase a RM250,000 home and sank another RM60,000 to furnish his home. To facilitate the purchase, he has taken an 80 per cent housing loan from a local bank. As one of the bank requirements is to [...]
PIAM YOUNG MANAGERS GET INSPIRED PIAM Promoting Talent Development In the General Insurance Industry Kuala Lumpur, 13 December 2013 – The General Insurance Association of Malaysia (PIAM) through its Young Manager’s Think Tank (YMTT), recently organised its annual breakfast talk. Themed, “Passion For Success”, the talk was attended by 60 young managers from [...]
MEMBERS OF PIAM AND MTA TO PROACTIVELY ASSIST FLOOD VICTIMS Measures Undertaken To Relieve Flood Victims’ Financial Burden Kuala Lumpur, 10 December 2013 – The members of the General Insurance Association of Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have joined forces to proactively assist flood victims around the country. This is to [...]
