FAQ – Insurance Coverage on Corona Virus Disease 2019 (COVID-19)
On 11 Mar 2020, the World Health Organisation (WHO) characterised and declared the COVID-19 outbreak as a pandemic. This is the first pandemic caused by a corona virus. In an attempt to control the outbreak, the Government of Malaysia has implemented a Movement Control Order (MCO) for a period of two weeks from 18 Mar to 31 Mar 2020. The general public is also advised to maintain good [...]
COVID-19 PANDEMIC – MOVEMENT CONTROL ORDER ON INSURANCE COMPANIES AND TAKAFUL OPERATORS
Kuala Lumpur, Wednesday, 18 March 2020 – Following the announcement made by the Prime Minister on 16 March 2020 on the Movement Control Order which will take effect from 18 March 2020 to 31 March 2020, the Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM) and the Malaysian Takaful Association (MTA) are taking proactive steps in ensuring that essential services provided to customers will continue [...]
GENERAL INSURANCE DECLINED 0.8% IN 2019
Kuala Lumpur, 27 February 2020 – The General Insurance Industry registered a decline of 0.8% in 2019 with total gross direct premiums of RM 17.41 billion. Motor remained the largest class with a market share of 48.3% followed by Fire at 19.3%. Motor insurance recorded gross direct premiums of RM 8.42 billion with a drop of 0.4%. This is despite an increase in total new vehicle sales in [...]
A Joint-Press Statement by the Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA)
Kuala Lumpur, 12 December 2019 - Reference is made to the announcement by the Health Minister, Yang Berhormat Datuk Seri Dr Dzulkefly Ahmad on the decision by the Cabinet to deregulate the consultation fees of doctors in private clinics and private hospitals on 6 December 2019. The insurance and takaful industry is of the opinion that the most important thing for insurers and consumers is price transparency so that consumers [...]
PIAM ASSURES MINIMUM DISRUPTION TO THE MOTORING PUBLIC
Kuala Lumpur, 2 December 2019 - Persatuan Insurans Am Malaysia (PIAM) is closely monitoring the action by members of the Penang Motor Vehicle Workshop Owners Association (PMVWOA) to cease all towing operations of accidents cases in Penang and close their workshops from 2 December 2019 to 9 December 2019 which will disrupt service levels to motorists. We would like to inform all motor policyholders that PIAM member companies have activated [...]
PIAM COMMEMORATES GENERAL INSURANCE DAY 2019 WITH A FLOOD SAFETY AND SURVIVAL PROGRAM
Kuala Lumpur, 14 October 2019 – Persatuan Insurans Am Malaysia (PIAM) kicked off its General Insurance Day 2019 with a Flood Safety and Survival Program on Saturday, 12 October 2019. The General Insurance Day is an annual event organized by PIAM to create public awareness on the importance of general insurance cover and protection for all consumers in Malaysia. It is also an opportunity for PIAM and its [...]
PIAM EXPLAINS THE BETTERMENT FACTOR
With reference to the recent spate of letters on the “Betterment Factor” in motor insurance it is timely for the General Insurance Association of Malaysia (PIAM) to provide more insights to the public. The basic premise of a motor insurance policy is to put the owner in the same condition as he would have been in before an accident occurs. Betterment will apply, when in the course of [...]
GENERAL INSURANCE INDUSTRY DIPPED 1.4% IN THE FIRST HALF OF 2019
Kuala Lumpur, 27 Aug 2019 – The General Insurance Industry recorded a drop of 1.4% with gross direct premiums of RM 8.92 billion for the first six months of 2019 compared to the same period last year. Motor insurance the dominant class was relatively flat with a marginal decline of 0.2% at RM 4.18 billion. Fire insurance grew 2.5% to RM 1.73 billion. The industry is confronted with [...]
CUSTOMER SERVICE CHARTER; SERVICE QUALITY AND BUILDING TRUST AMONGST THE KEY PILLARS FOR THE INSURANCE AND TAKAFUL INDUSTRY
Kuala Lumpur, Monday, 5 August 2019 – The insurance/takaful industry players believes that establishing long term trust, improved customer satisfaction and better customer engagement can potentially drive insurance and takaful in Malaysia to greater heights. Thus, in 2017, the insurance and takaful industry introduced its revised Customer Service Charter (CSC), which was an improvement from the previous Charter introduced in 2011. The revised charter focussed on 4 pillars: [...]
PIAM’S STATEMENT ON ERRONEOUS REPORTING OF STATUS OF MYCC’S PROPOSED DECISION AGAINST PIAM AND THE 22 INSURERS
Kuala Lumpur, 3 June 2019 – It has recently come to PIAM’s attention that several press statements have erroneously reported and/or suggested that an adverse final decision has been made against the Association and the 22 General Insurers or that they are appellants or potential appellants of an adverse decision against them by the Malaysia Competition Commission (‘MyCC’). These press statements are incorrect. PIAM and the 22 insurers [...]
