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 [...]
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 [...]
