MOTOR INSURANCE CLAIMS CLIMB TO RM1.38 BILLION IN FIRST QUARTER OF 2014
Kuala Lumpur, 2 August 2014 – The General Insurance Association of Malaysia (PIAM) revealed that net claims incurred by general insurers and takaful operators for bodily injury and property damages due to road accidents has increased to RM1.384 billion in the first quarter of 2014, representing a 5 per cent increase from RM1.319 billion in the same period in 2013. Taking the lead from the Malaysian Government and [...]
PIAM STATEMENT ON MH17-GENERAL INSURANCE COVERAGE AND CLAIMS
Kuala Lumpur, 30 July 2014 – In a statement issued today, the General Insurance Association of Malaysia (PIAM) clarified the insurance coverage and claims options available to the next-of-kin of victims of the MH 17 tragedy. PIAM revealed that there have been many queries on the coverage that general insurance policies provide against the speculated causes of the MH17 incident, namely Terrorism and Acts of War [generally refers [...]
PIAM FAQ on MH17
30 July 2014 The General Insurance Association of Malaysia (PIAM), representing all general insurers and reinsurers in Malaysia, is deeply saddened by the loss of lives as a result of the MH17 tragedy which has left the nation in shock. We offer our heartfelt condolences to the families and friends of all those on board the aircraft. Please note that investigations on the cause of the tragedy have [...]
PIAM STATEMENT ON MH17 INCIDENT
MH17 INCIDENT – STATEMENT BY PERSATUAN INSURANS AM MALAYSIA (PIAM) Kuala Lumpur, 18 July 2014 – The General Insurance Association of Malaysia (PIAM), representing all general insurers and reinsurers in Malaysia, is deeply saddened by the loss of lives as a result of the MH17 tragedy which has left the nation in shock. We offer our heartfelt condolences to the families and friends of all those on board [...]
GENERAL INSURANCE INDUSTRY PLEDGES TO GIVE PRIORITY TO MH370 INSURANCE CLAIMS
Kuala Lumpur, 27 May 2014 – The General Insurance Association of Malaysia (PIAM), representing all general insurers and reinsurers in Malaysia, has affirmed that its members have collectively agreed to simplify procedures for processing all the personal accident insurance claims for passengers and crew members on-board MH370. Due to the nature of this incident, PIAM members have agreed that a death certificate will not be a requisite when [...]
SUNDAY STAR MEDIA QUERY ON TRAVEL INSURANCE
1) Why is travel insurance a necessity? What are the benefits of travel insurance (generally)? Like any other insurance products, travel insurance is purchased to provide protection against travel-related accidents, losses or interruption. The cover is usually limited to the period of travel, however, some insurance companies may offer various combinations of protection to cater to the specific needs of customers, including long-term annual policies if the person [...]
MALAYSIAN GENERAL INSURANCE INDUSTRY CONTINUES TO GROW
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 billion in 2012. In terms of market share, Motor Insurance remained the dominant class of [...]
PERSATUAN INSURANS AM MALAYSIA STATEMENT ON MH370 INCIDENT
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 developments of the MH 370 search operations, and all member companies are ready to offer [...]
INTERVIEW ON HOME/PROPERTY INSURANCE
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 of policies which homeowners can buy to protect their assets: a) Basic Fire Insurance that [...]
INTERVIEW ON INSURANCE COVER FOR MODIFIED VEHICLES
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 an insurance cover not being considered. Hence, a vehicle owner needs to inform his insurance [...]
