NEWS: PIAM Organizes Breakfast Talk For Young Managers In The General Insurance Industry
Kuala Lumpur, 14 January 2015 – The General Insurance Association of Malaysia (PIAM), through its Young Manager Think Tank (YMTT), recently held its annual breakfast talk to motivate young industry talents. This year, the YMTT invited Yasmin Rasyid, Founder and President of EcoKnights, a local non-profit environmental organisation, as guest speaker. PIAM ORGANIZES BREAKFAST TALK FOR YOUNG MANAGERS IN THE GENERAL INSURANCE INDUSTRY General Insurance Industry Places Emphasis On [...]
THE GENERAL INSURANCE ASSOCIATION OF MALAYSIA STATEMENT ON FLOOD INSURANCE EXPOSURE AND CLAIMS
Kuala Lumpur, 30 December 2014 – The General Insurance Association of Malaysia (PIAM) wishes to assure flood victims, who have purchased a flood cover as part of their general insurance policy that its members are ready to pay out claims against losses caused by the current flood situation. PIAM member companies will process all flood claims so long as flood is an insured peril, regardless of whether a [...]
RESPONSE FROM THE GENERAL INSURANCE ASSOCIATION OF MALAYSIA (PIAM) TO THE SUN ON DE-TARIFFING OF MOTOR INSURANCE
Kuala Lumpur, 30 October 2014 – Bank Negara Malaysia introduced the New Motor Cover Framework in 2012 and the Framework paves the way for the detariffing of motor insurance premiums by 2016. The General Insurance Association of Malaysia (PIAM) supports the Government’s move to liberalize the insurance sector as it is expected to promote greater efficiency and a more equitable pricing structure for vehicle owners. Motor insurance is [...]
NEWS : MEMBERS OF PIAM AND MTA TO PROACTIVELY ASSIST FLOOD VICTIMS
Measures Undertaken To Relieve Flood Victims’ Financial Burden Kuala Lumpur, December 26, 2014 – The members of the General Insurance Association of Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have again joined forces to proactively assist flood victims around the country. This is to address the needs of flood victims in Kelantan, Pahang, Perak, Perlis, Sabah and Terengganu who have been evacuated to safer grounds. In an [...]
PIAM NAMES NEW CHIEF EXECUTIVE OFFICER
Kuala Lumpur, 24 October 2014 – The General Insurance Association of Malaysia (PIAM) has recently appointed Mark Lim Kian Wei as the Association’s new Chief Executive Officer. “PIAM’s top priority remains improving and advancing the general insurance industry to contribute further to the nation’s sustainable economy. Mark will be responsible for driving and executing the change management strategies to transform the Association to meet the challenges ahead to [...]
LETTER TO EDITOR IN RESPONSE TO THE ARTICLE HEADLINED “MOTOR INSURANCE INDEMNITY CONCERN” PUBLISHED IN THE STAR ON 30 SEP 2014
Letter to the Editor The Editor The Star Menara Star No 15 Jalan 16/11 46350 Petaling Jaya Selangor Dear Editor, We refer to the article headlined “Motor insurance indemnity concern” published in the VIEWS section of The Star on 30 September 2014. The Persatuan Insurans Am Malaysia (PIAM) and the Malaysian Motor Insurance Pool (MMIP) would like to clarify certain issues highlighted in the article. Firstly, an insurance [...]
PIAM CELEBRATES GENERAL INSURANCE DAY 2014 WITH TREE PLANTING
180 Staff of the General Insurance Industry Gather To Plant Saplings At Raja Musa Peat Forest Reserve Kuala Lumpur, 21 October 2014 – The General Insurance Association of Malaysia (PIAM) celebrated this year’s General Insurance Day with a tree planting event at the Raja Musa Peat Swamp Forest Reserve near Batang Berjuntai, Selangor, with the aim to help revive the wetland ecosystem. Over 180 staff and eco-enthusiasts from [...]
PIAM’S WISH LIST FOR BUDGET 2015
Kuala Lumpur, 26 September 2014 – The General Insurance Association of Malaysia (PIAM) expects the Budget 2015 to continue to focus on measures to further liberalize and strengthen the nation’s insurance and takaful sector. In tandem with the favourable economic performance as indicated by the positive GDP growth of 6.3 per cent during first half of 2014, PIAM believes that the general insurance industry is poised for further [...]
GENERAL INSURANCE INDUSTRY EXPECTS CONTINUED GROWTH IN 2H 2014
Non-Motor Business Lines Performing Well with Strong Growth Potential Kuala Lumpur, 23 September 2014 – The Malaysian General Insurance industry has continued to register steady growth in the first six months of 2014 with its gross written premium growing by 6.4 per cent to RM 8.9 billion compared to RM 8.3 billion registered in the same period in 2013. The General Insurance Association of Malaysia (PIAM) foresees non-motor [...]
FAQ ON PROPERTY/LIFE INSURANCE – A CONSUMER EDUCATION GUIDE FROM PIAM
1.Background In Malaysia, the sum Insured for a basic fire policy is calculated based on the cost of rebuilding/reconstructing the building in the event of a total loss to its current state (excluding the cost of land). This is however subject to the terms and conditions of the Malaysian Fire Tariff. 2.Property under Financing If the property is under finance, the need to insure the property is one [...]
