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 [...]
PIAM APPOINTS BOARD OF DIRECTORS FOR 2022 – 2024
Kuala Lumpur, 11 May 2022 - Persatuan Insurans Am Malaysia (PIAM) announced the appointment of a 10-member Board of Directors for 2022 – 2024, at the association’s 44th Annual General Meeting. Mr. Antony Lee, Chief Executive Officer (CEO) of AIG Malaysia Insurance Berhad was elected as Chairman of the Board for a two-year term, while Mr. Ng Kok Kheng, CEO of Great Eastern General Insurance (Malaysia) Berhad was elected [...]
Flood cover is available, affordable and accessible, says PIAM
Kuala Lumpur, 22 January 2022 – The recent flash flood that hit Malaysia has affected many people nationwide. The flood risk is likely to persist during this monsoon season and it is of huge concern as many Malaysians are still uninsured against flood. Most Malaysians are uninsured against flood Only 4% of motor (comprehensive) policies and 30% of fire (material damage) policies have flood covers for 2021 (Year-To Q3 2021), [...]
PIAM and MTA Launches 2022 Nationwide Road Safety Campaign
KUALA LUMPUR, 13 January 2022 - In an endeavour to reduce road accidents and fatalities as well as to foster greater road safety awareness amongst road users, the Persatuan Insurans Am Malaysia (PIAM) and the Malaysian Takaful Association (MTA) jointly kickstarted the year-long PIAM-MTA 2022 Nationwide Road Safety Campaign in Kuala Lumpur (“Campaign”) today. The Campaign aptly themed “#steadybrader”, hopes to educate and promote safe driving behaviour while encouraging [...]
PIAM RM2.4 MILLION CSR FLOOD RELIEF FUND
Kuala Lumpur, Friday, 7 Jan 2022 – Persatuan Insurans Am Malaysia (PIAM) and its members in response to the recent flooding affecting at least 7 states in the country have set up a CSR Flood Relief Fund (“CSR Fund”) with contribution of RM2.43 million to alleviate the hardship faced by the car owners whose vehicles were inundated under flood water. The CSR Fund in the form of subsidy for [...]
