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 [...]
PIAM CLEARS UP FACTS IN THE EDGE ARTICLE DATED 5TH NOVEMBER 2022 AUTHORED BY PRACTITIONER
Kuala Lumpur, 15 November 2022 – PIAM wishes to offer a fuller and more accurate explanation to the facts alluded to in the article by Mervyn Lai in The Edge, as published on 5th November 2022, at 11:30am. The author may have missed an important paragraph in the judgment of the Competition Appeal Tribunal (“CAT”) dated 2nd September 2022, which PIAM would like to draw attention to: “[138] The Tribunal [...]
Grounds of Decision by the Competition Appeal Tribunal (CAT) on PIAM and its 22 members
PIAM and 23 Others v Competition Commission (Grounds of Decision)
GENERAL INSURANCE INDUSTRY PREMIUM GREW BY 10.3% AND UNDERWRITING PROFIT CONTRACTED IN 1H 2022
Kuala Lumpur, 4 November 2022 – The general insurance industry has registered an increase in gross direct premiums of 10.3% to RM 9.8 billion for the first six months of 2022 compared to the same period last year. However, underwriting profit had contracted by 21.2% to RM 810 million, largely due to losses in Motor and Medical and Health Insurance lines of business. Motor and Fire remained dominant and PA [...]
PIAM WELCOMES THE COMPETITION APPEAL TRIBUNAL’S DECISION TO DISMISS MYCC’S FINDING OF INFRINGEMENT
Kuala Lumpur, 9 September 2022 – Persatuan Insurans Am Malaysia (PIAM) and its members welcome the decision issued by the Competition Appeal Tribunal (“CAT”) on 2 September 2022 unanimously setting aside the Final Decision of the Malaysia Competition Commission (“MyCC”) dated 14 September 2020 against PIAM and 22 general insurers in its entirety. The financial penalties imposed on the insurers in all amounting to an aggregate quantum of penalty of [...]
PIAM’s Statement on Utusan TV Allegations on Perlindungan Tenang Vouchers
Kuala Lumpur, 12 August 2022 – With reference to the allegations featured in thearticle titled “Lanun insurans rompak Baucar Perlindungan Tenang besar-besaran?”,aired on Utusan TV on 10 August 2022 pertaining to the Perlindungan Tenang Voucher (PTV) programme, Persatuan Insurans Am Malaysia (PIAM) was made aware that an individual had claimed to represent PIAM in a complaint involving unauthorised redemption of Perlindungan Tenang (PT) voucher. PIAM would like to categorically state [...]
CLOSURE OF CSR FLOOD RELIEF FUND
Kuala Lumpur, 7 June 2022 - Persatuan Insurans Am Malaysia (PIAM) is announcing the closure of the CSR Flood Relief Fund (CSR Fund), effective 15 June 2022. The CSR Fund with contribution amounting to RM2.43 million was set up in January 2022 by PIAM and its members, to alleviate the hardship faced by owners of cars, motorcycles and private vehicles including commercial vehicles, inundated under flood waters. The CSR Fund [...]
