Latest Insurance News in Malaysia

On 11 Mar 2020, the World Health Organisation (WHO) characterised and declared the COVID-19 outbreak as a pandemic. This is the first pandemic caused by a corona virus. In an attempt to control the outbreak, the Government of Malaysia has implemented a Movement Control Order (MCO) for a period of two weeks from [...]

Kuala Lumpur, Wednesday, 18 March 2020 – Following the announcement made by the Prime Minister on 16 March 2020 on the Movement Control Order which will take effect from 18 March 2020 to 31 March 2020, the Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM) and the Malaysian Takaful Association [...]

Kuala Lumpur, 27 February 2020 – The General Insurance Industry registered a decline of 0.8% in 2019 with total gross direct premiums of RM 17.41 billion. Motor remained the largest class with a market share of 48.3% followed by Fire at 19.3%. Motor insurance recorded gross direct premiums of RM 8.42 billion with [...]

Kuala Lumpur, 12 December 2019 - Reference is made to the announcement by the Health Minister, Yang Berhormat Datuk Seri Dr Dzulkefly Ahmad on the decision by the Cabinet to deregulate the consultation fees of doctors in private clinics and private hospitals on 6 December 2019. The insurance and takaful industry is of the opinion [...]

Kuala Lumpur, 2 December 2019 - Persatuan Insurans Am Malaysia (PIAM) is closely monitoring the action by members of the Penang Motor Vehicle Workshop Owners Association (PMVWOA) to cease all towing operations of accidents cases in Penang and close their workshops from 2 December 2019 to 9 December 2019 which will disrupt service levels to [...]

Kuala Lumpur, 14 October 2019 – Persatuan Insurans Am Malaysia (PIAM) kicked off its General Insurance Day 2019 with a Flood Safety and Survival Program on Saturday, 12 October 2019. The General Insurance Day is an annual event organized by PIAM to create public awareness on the importance of general insurance cover and [...]

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 [...]