MOTOR INSURANCE COVERAGE DURING THE MOVEMENT CONTROL ORDER (MCO) PERIOD
With reference to the press release entitled “Exemption on Licensing Renewals of Private Motor Vehicles and Competent Driving Licenses (Excluding Vocational Licenses) From 1 Feb To 31 Mar 2021” issued by Ministry of Transport Malaysia (MOT) on 29 January 2021 (Link: https://cddigitaldev.com/piam/wp-content/uploads/2015/06/PRESS-STATEMENT-YBM-MOT-EXEMPTION-ON-LICENSING-RENEWALS-OF-PRIVATE-MOTOR-VEHICLES-AND-CDL-29012021.pdf ), PIAM wishes to clarify that although there is an exemption on licensing renewals, consumers are advised to ensure that they continue to have a valid insurance [...]
Insurance and Takaful Industry Commits to Private and Public Partnership to Manage the COVID-19 Pandemic
Kuala Lumpur, Sunday, 17 January 2021 – The insurance and takaful industry is fully supportive of the Government’s call on private and public partnership to manage the increasing cases of COVID-19 patients. Generally, pandemic-related risks are not covered under any insurance and takaful plans worldwide. The exclusion stems from the difficulty in pricing for coverage relating to an event like a pandemic that may occur once in a lifetime, [...]
General Insurance Claims During Emergency Proclamation
Kuala Lumpur, 13 Jan 2021 – Persatuan Insurans Am Malaysia (PIAM), wishes to assure all general insurance policyholders that claims incurred during the Emergency Proclamation period will be paid according to their policy terms and conditions. All policyholders, both businesses and individuals are advised to obtain more information from their respective insurance companies.
PIAM Member Companies Expediting Flood Claims
Kuala Lumpur, 11 Jan 2021 – Persatuan Insurans Am Malaysia (PIAM), the General Insurance Association of Malaysia wishes to assure flood victims, who have purchased a flood cover as part of their general insurance policy that its members are ready to quicken the claims process and pay out claims against losses caused by the current flood situation. PIAM member companies will process all flood claims so long as flood [...]
Insurance and Takaful industry’s RM8 Million COVID-19 Test Fund broadens its criteria to include asymptomatic patients and hospital admission
The industry urges more asymptomatic policy/certificate holders to take the COVID-19 tests to curb the spread of the virus in the country Kuala Lumpur, Wednesday, 23 December 2020 – In view of the spike in the COVID- 19 cases in the country, the insurance and takaful industry has taken a proactive step by broadening the eligibility criteria of the COVID-19 Test Fund (CTF) to include all asymptomatic [...]
Announcement
Kuala Lumpur, 15 October 2020 – Persatuan Insurans Am Malaysia (PIAM) has announced the appointment of Julie Lean Gim Chong as the Chief Executive Officer Designate of the Association with effect from 15 October 2020. There will be a phased handover transition until she takes over the duties of the current CEO, Mark Lim Kian Wei on 15 November 2020. Mark will relinquish his post as CEO with effect [...]
PIAM’S FLOOD ADVISORY
Kuala Lumpur, 8 October 2020 – The General Insurance Association of Malaysia (PIAM) urges the public to be prepared to protect their assets from possible flood damage and other natural disasters, in preparation of the monsoon transition phase which commenced on 24 September 2020 and expected to last till end November 2020. According to the Malaysian Meteorological Department, the monsoon transition period will bring along thunderstorms, heavy rain [...]
PIAM Expresses Profound Disappointment At MyCC’s Decision
Kuala Lumpur, 30 September 2020 – PIAM and its members are profoundly disappointed by the Final Decision issued by MyCC on 14 September 2020 against PIAM and 22 general insurers. MyCC has found that PIAM and the insurers had infringed the Competition Act 2010 in relation to an arrangement between PIAM and the Federation of Automobile Workshop Owners’ Association of Malaysia (FAWOAM) on the minimum hourly labour rates and [...]
General Insurance Industry Declined 3.6% In The First Half Of 2020
Kuala Lumpur, 13 August 2020 – The General Insurance Industry registered its steepest half year drop in recent years as it bore the full brunt of the COVID-19 pandemic. Gross direct premiums declined 3.6% to RM 8.60 billion for the first six months of 2020 compared to the same period last year. Motor the dominant insurance class was down significantly by 7.4% at RM 3.87 billion largely attributable to [...]
PIAM Appoints Board Of Directors For 2020-2022
Kuala Lumpur, 2 July 2020 – At its Annual General Meeting today Persatuan Insurans Am Malaysia (PIAM) appointed a 10-member Board of Directors for 2020-2022. In line with the strategic transformation of PIAM this newly established Board will take over the role of the previous Management Committee. It will position the Association to operate more effectively in a liberalised market and take the general insurance industry to the next [...]
