NEWS : PIAM FAQs ON GST IMPACTS ON GENERAL INSURANCE PRODUCTS
Kuala Lumpur, 26 March 2015 - The Goods and Services Tax (GST) will be implemented effective 1 April 2015. To help policyholders better understand how GST will impact their general insurance policies, the General Insurance Association of Malaysia has listed down some commonly asked questions explaining how GST implementation may affect their general insurance policies. 1 What is the Goods and Services Tax (GST)?GST enforced under the [...]
PIAM FAQs ON GST IMPACTS ON GENERAL INSURANCE PRODUCTS
Kuala Lumpur, 26 March 2015 - The Goods and Services Tax (GST) will be implemented effective 1 April 2015. To help policyholders better understand how GST will impact their general insurance policies, the General Insurance Association of Malaysia has listed down some commonly asked questions explaining how GST implementation may affect their general insurance policies. 1 What is the Goods and Services Tax (GST)?GST enforced under the Goods [...]
GENERAL INSURANCE AND TAKAFUL INDUSTRY PROMOTES ACCIDENT ASSIST CALL CENTRE (AACC) SERVICES DURING CHINESE NEW YEAR
GENERAL INSURANCE AND TAKAFUL INDUSTRY PROMOTES ACCIDENT ASSIST CALL CENTRE (AACC) SERVICES DURING CHINESE NEW YEAR RM 15.5 Million Paid Out Daily For Motor Insurance Claims 4 March 2015 – The motor insurance industry in Malaysia carries a heavy burden in paying out claims cost arising from road traffic accidents. In 2014, the total payout in motor claims incurred by both general insurers and takaful operators was RM [...]
NEWS: PIAM Statement On Motor Insurance Premium Adjustment
Kuala Lumpur, 17 February 2015 – The General Insurance Association of Malaysia (PIAM) wishes to clarify that the latest revision to Motor Insurance Premium is a continuation of Motor Tariff premium rate adjustments under the New Motor Cover Framework introduced in 2012. The New Motor Cover Framework was introduced by Bank Negara Malaysia to address the structural issues within the motor insurance sector, i.e. to enhance efficiency in the [...]
NEWS: PIAM General Insurance Industry Shows Resilience In 2014, Records 5.9% Growth
Kuala Lumpur, 9 February 2015 – PIAM: GENERAL INSURANCE INDUSTRY SHOWS RESILIENCE IN 2014, RECORDS 5.9% GROWTH Strong Performance and Growth Achieved For Non-Motor Business Lines The General Insurance Association of Malaysia (PIAM) reported that the general insurance industry grew at a steady rate in 2014 with gross written premiums increasing by 5.9% to RM17.09 billion as compared to RM16.15 billion in 2013. The Association attributed the industry’s [...]
NEWS : GENERAL INSURANCE AND TAKAFUL INDUSTRY PROMOTES ACCIDENT ASSIST CALL CENTRE (AACC) SERVICES DURING CHINESE NEW YEAR
RM 15.5 Million Paid Out Daily For Motor Insurance Claims 4 March 2015 – The motor insurance industry in Malaysia carries a heavy burden in paying out claims cost arising from road traffic accidents. In 2014, the total payout in motor claims incurred by both general insurers and takaful operators was RM 5.64 billion. This equates to a staggering RM 15.5 million paid out on a daily basis [...]
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 [...]
