MALAYSIANS ENCOURAGED TO WEATHER THE STORM WITH FLOOD COVERAGE
Kuala Lumpur, 4 January 2024 – With persistent torrential rain affecting numerous states in Malaysia, it’s crucial for Malaysians to take immediate measures to protect their property and belongings. This proactive measure is to ensure a faster post-flood recovery. Undoubtedly, among the various disasters in Malaysia, floods are a recurring challenge, especially during monsoon season, causing substantial annual damage. The Special Report on Impact of Floods in Malaysia 2021 issued [...]
CUSTOMER SATISFACTION SURVEY 2022 REVEALS POSITIVE GROWTH IN THE CUSTOMER SATISFACTION INDEX OF MALAYSIA’S GENERAL INSURANCE INDUSTRY
Kuala Lumpur, 14 December 2023 - Persatuan Insurans Am Malaysia (PIAM), Malaysian Takaful Association (MTA) and Life Insurance Association of Malaysia (LIAM) in collaboration with Bank Negara Malaysia (BNM), have released the results of the Customer Satisfaction Survey 2022 (CSS 2022). The findings, particularly within the general industry, revealed notable improvement in the Customer Satisfaction Index (CSI) score, rising from 78 points in 2018 to 84 points in 2022. Based [...]
PIAM SUPPORTS A BETTER FUTURE FOR MOTOR VEHICLE REPAIR INDUSTRY IN MALAYSIA
Kuala Lumpur, 6 December 2023 – Persatuan Insurans Am Malaysia (“PIAM”) is in support of the Ministry of Investment, Trade and Industry’s (“MITI”) proactive initiative in development of Malaysian Standard - Motor Vehicle Aftermarket Smash Repair Requirements (“JSM MS”). Anticipated to be officially launched by Jabatan Standard Malaysia (“JSM”) in early 2024, the JSM MS is poised to elevate the standards and professionalism of motor vehicle smash repair workshop activities [...]
GENERAL INSURANCE INDUSTRY PREMIUM GREW BY 7.3% AND UNDERWRITING PROFIT REDUCED BY 38% YOY IN 1H2023 AS COMPARED TO 1H2022. DAILY INSURANCE CLAIMS PAYOUT RISES TO RM23M
Kuala Lumpur, 22 November 2023 – The general insurance industry has recorded an increase in gross direct premiums of 7.3% to RM10.5 billion for first half of 2023 compared to the corresponding period in the previous year. Despite the positive trajectory, the underwriting profit had experienced a contraction of 37.8%, settling at RM0.5 billion. This decline is largely due to contraction in profitability for Motor and Fire lines of business. [...]
CUSTOMER SATISFACTION SURVEY UNVEILS POSITIVE TRENDS IN MALAYSIA’S TAKAFUL AND INSURANCE INDUSTRY
Kuala Lumpur, 15 November 2023 - The Malaysian Takaful Association (MTA), Life Insurance Association of Malaysia (LIAM), and Persatuan Insurans Am Malaysia (PIAM), in collaboration with Bank Negara Malaysia (BNM), have released the findings of the Customer Satisfaction Survey 2022 (CSS 2022). Overall, the survey has shown encouraging trends in the industry, with a notable increase in the Customer Satisfaction Index (CSI) score rising from 80 points in 2018 to [...]
YOUNG MINDS THRIVE IN GENERAL INSURANCE INTERNSHIP FOR TALENT (GIIFT) PROGRAM
Kuala Lumpur, 18 August 2023 – Success continues for the General Insurance Internship for Talent (“GIIFT”) program, a program that nurtures young talents and invests in the future of the general insurance industry by shaping the journey of aspiring young professionals. Through this initiative, PIAM has successfully placed a total of 466 interns from various institution for internships since the inception of GIIFT. As seen in the recent intakes in [...]
PHASED LIBERALISATION OF MOTOR AND FIRE TARIFFS PHASE 2 – PIAM AND MTA SUPPORT GRADUAL TRANSITION TO HIGHER QUALITY SERVICES FOR THE BENEFIT OF CONSUMERS
Kuala Lumpur, 6 July 2023 – All 23 member companies under Persatuan Insurans Am Malaysia (PIAM) and 4 general takaful member companies of Malaysian Takaful Association (MTA) are committed to supporting an orderly and gradual transition to market-based pricing as well as higher service quality as part of the liberalisation of motor and fire tariffs (phase 2) initiatives. With the effectiveness of phase 2, all licensed general conventional insurers and [...]
The General Insurance Industry Supports Digitalisation of Road Tax and Driving Licence by JPJ which Positively Impacts the Public and Environment
Kuala Lumpur, 23 March 2023 – The digitalisation of road tax would bring forth positive impact not only to policyholders but also the environment. The initiative would result in more efficient enforcement by competent agencies including the Royal Malaysian Police, Road Transport Department and more. Transport Minister, Anthony Loke recently announced that it is no longer compulsory to display road tax stickers on private vehicles owned by Malaysians as [...]
GENERAL INSURERS STAND READY TO ASSIST FLOOD VICTIMS WITH INSURANCE COVERAGE
Kuala Lumpur, 7 March 2023 –Malaysians were once again reminded of the stark reality that changing climate and weather pattern means severe flooding no longer only occurs in the monsoon season months of November and December. This can be seen from the recent flood in southern Johor where unabated torrential rain had displaced 40,000 people with fatalities reported. Based on media reports, the Meteorological Department had warned of more rain in [...]
MORE MALAYSIANS TAKING UP FLOOD COVER
Kuala Lumpur, 27 December 2022 – The Special Report on Impact of Floods in Malaysia 2021 issued by the Department of Statistics Malaysia [1] reported overall losses of RM6.1 billion incurred by the floods that affected several Malaysian states in late December 2021 and early January 2022. Flash floods in Malaysia over the last few months have caused much damage to property and losses to people nationwide. With the year-end [...]
