MOTOR INSURANCE PREMIUM ADJUSTMENT
Kuala Lumpur, 6 February 2014 – The General Insurance Association of Malaysia (PIAM) wishes to clarify that the gradual premium adjustment under the new motor cover framework had been introduced in 2012. The new motor cover framework has a two prong strategy, i.e. to enhance efficiency in the provision of motor cover by the industry with a gradual price adjustment that will ensure that public is able to [...]
INSURERS PAID OUT RM 4.10 BILLION FOR ROAD ACCIDENT CLAIMS
Kuala Lumpur, 26 January 2014 – The net claims paid out for bodily injury and property damage due to road accidents in the first nine months of 2013 has risen to RM 4.10 billion, compared to RM 3.68 billion in the same period in 2012. This figure was revealed by the General Insurance Association of Malaysia (PIAM). “Road accidents can result in great financial losses and untold suffering [...]
GENERAL INSURANCE INDUSTRY GROWS BY 6.6 PER CENT IN THIRD QUARTER 2013
Kuala Lumpur, 21 January, 2014 – The general insurance industry recorded a growth of 6.6 percent in gross premiums to RM 12,423 billion for the third quarter of 2013 compared to RM11,658 billion in the corresponding period last year. General Insurance Association of Malaysia’s (PIAM) Chairman, Chua Seck Guan, attributed the growth to continued expansion of the general insurance industry, increased premium contributions from the motor insurance sector, [...]
ENSURE YOUR HOME INVESTMENT IS ADEQUATELY PROTECTED
Kuala Lumpur, 10 January 2014– Five years ago, James had invested most of his savings to purchase a RM250,000 home and sank another RM60,000 to furnish his home. To facilitate the purchase, he has taken an 80 per cent housing loan from a local bank. As one of the bank requirements is to buy a fire insurance to cover the amount of the loan, James let the bank [...]
PIAM YOUNG MANAGERS GET INSPIRED
PIAM YOUNG MANAGERS GET INSPIRED PIAM Promoting Talent Development In the General Insurance Industry Kuala Lumpur, 13 December 2013 – The General Insurance Association of Malaysia (PIAM) through its Young Manager’s Think Tank (YMTT), recently organised its annual breakfast talk. Themed, “Passion For Success”, the talk was attended by 60 young managers from the general insurance industry. This year, the YMTT invited Teach For Malaysia Co-founder and Managing [...]
MEMBERS OF PIAM AND MTA TO PROACTIVELY ASSIST FLOOD VICTIMS
MEMBERS OF PIAM AND MTA TO PROACTIVELY ASSIST FLOOD VICTIMS Measures Undertaken To Relieve Flood Victims’ Financial Burden Kuala Lumpur, 10 December 2013 – The members of the General Insurance Association of Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have joined forces to proactively assist flood victims around the country. This is to address the needs of flood victims particularly in the East Coast, Johor and Malacca as [...]
2014 Outlook For The General Insurance Sector
2014 Outlook for the general insurance sector Feature article by The Star 2 December 2013 Kuala Lumpur Questions: 1) What is the outlook and prospect of the insurance sector for 2014? Will it be better than 2013? Explain. The insurance industry continues to perform an increasingly important socio-economic function in Malaysia. Progressively, the industry expects market conditions to evolve to reflect broader-based competition and a principle-based regulatory regime [...]
FAQ on insurance coverage on Influenza A (H1N1)
FAQ on insurance coverage on Influenza A (H1N1) The World Health Organisation (WHO) declared the worldwide spread of Influenza A (H1N1) had reached pandemic level 6 on 11th June 2009. The Ministry of Health Malaysia has since declared that the country has entered a mitigation phase where there is sustained community spread and new cases have no defined epidemiological links with existing cases. In view of the serious [...]
ONE NATION WE CARE
An Evening with the Honorable Prime Minister of Malaysia, YAB Dato Seri Dr. Mahathir Mohamad For the first time in Malaysia on 27th July 2002, Malaysians will get together for a celebration to pay tribute to the Prime Minister of Malaysia YAB Dato Seri Dr. Mahathir bin Mohamad, as well as the nation as one united family. The "One Nation We Care" event sponsored by Life Insurance Association [...]
FIRE INSURANCE FOR STATA-TITLED PROPERTIES
FREQUENTLY ASKED QUESTIONS (FAQs) [Q1] I have been informed that the fire insurance taken by the Management Corporation is compulsory. At the same time, the bank where I took a housing loan for the unit of condominium I have purchased also requested me to pay for the fire insurance policy which has been arranged by the bank. Do I need two insurance policies? [A1] Under the Strata Titles [...]
