With reference to the recent spate of letters on the “Betterment Factor” in motor insurance it is timely for the General Insurance Association of Malaysia (PIAM) to provide more insights to the public. The basic premise of a motor insurance policy is to put the owner in the same condition as he would [...]
Kuala Lumpur, 27 Aug 2019 – The General Insurance Industry recorded a drop of 1.4% with gross direct premiums of RM 8.92 billion for the first six months of 2019 compared to the same period last year. Motor insurance the dominant class was relatively flat with a marginal decline of 0.2% at RM [...]
Kuala Lumpur, Monday, 5 August 2019 – The insurance/takaful industry players believes that establishing long term trust, improved customer satisfaction and better customer engagement can potentially drive insurance and takaful in Malaysia to greater heights. Thus, in 2017, the insurance and takaful industry introduced its revised Customer Service Charter (CSC), which was an [...]
Kuala Lumpur, 3 June 2019 – It has recently come to PIAM’s attention that several press statements have erroneously reported and/or suggested that an adverse final decision has been made against the Association and the 22 General Insurers or that they are appellants or potential appellants of an adverse decision against them by [...]
Kuala Lumpur, 25 April 2019 – Persatuan Insurans Am Malaysia (PIAM) has re-elected Mr. Antony Lee, CEO of AIG Malaysia Insurance Bhd as its Chairman for a two-year term at its 41st Annual General Meeting held on 24 April 2019. Mr. Antony Lee said, “It is a challenging time for the general insurance [...]
Kuala Lumpur, 15 March 2019 – The General Insurance Association of Malaysia (PIAM) wishes to assure the victims affected by the toxic dumping incident in Pasir Gudang, Johor that our member companies are ready to assist and serve them, where applicable. We wish to inform the public that a standard medical policy will [...]
Kuala Lumpur, 28 February 2019 – The General Insurance Industry registered a growth of 1.5% in 2018 on the back of higher premiums from its two largest classes of insurance, Motor and Fire. Gross written premiums amounted to RM 17.92 billion. Motor remained the largest class with a market share of 47.3% followed [...]
Kuala Lumpur, 2 October 2018 – Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) are encouraging vehicle owners to ensure their vehicles are in good running condition to reduce accident and fatality rates. Although common causes of accidents include speeding, using of mobile phones while driving, beating the red light, changing [...]
Kuala Lumpur, 30 Aug 2018 – The General Insurance Industry registered a marginal growth of 0.7% with gross written premiums totaling RM 9.23 billion in the first six months of 2018 compared to the same period in 2017. Motor remained the largest class of insurance with a market share of 45.6% followed by [...]
Kuala Lumpur, 27 Aug 18 – The recent announcement on Service Tax made by the Government with the passing of the Bill in Parliament confirms that general insurance products are a taxable supply. This tax is applicable to individuals who purchase general insurance policies except for medical policies. PIAM stated “Consumers who purchase [...]
