PIAM ANNOUNCES 2019/2020 MANAGEMENT COMMITTEE MEMBERS
Kuala Lumpur, 25 April 2019 – Persatuan Insurans Am Malaysia (PIAM) has re-elected Mr. Antony Lee, CEO of AIG Malaysia Insurance Bhd as its Chairman for a two-year term at its 41st Annual General Meeting held on 24 April 2019. Mr. Antony Lee said, “It is a challenging time for the general insurance industry. The digitalisation and the internet of things (IoT) are already changing the way businesses [...]
PIAM MEMBER COMPANIES READY TO ASSIST AND SERVE THE VICTIMS OF THE TOXIC DUMPING INCIDENT IN PASIR GUDANG
Kuala Lumpur, 15 March 2019 – The General Insurance Association of Malaysia (PIAM) wishes to assure the victims affected by the toxic dumping incident in Pasir Gudang, Johor that our member companies are ready to assist and serve them, where applicable. We wish to inform the public that a standard medical policy will cover hospitalisation and medical treatment. Policy holders requiring medical attention as a result of this [...]
GENERAL INSURANCE INDUSTRY GREW 1.5% IN 2018
Kuala Lumpur, 28 February 2019 – The General Insurance Industry registered a growth of 1.5% in 2018 on the back of higher premiums from its two largest classes of insurance, Motor and Fire. Gross written premiums amounted to RM 17.92 billion. Motor remained the largest class with a market share of 47.3% followed by Fire at 19.6% and Marine Aviation & Transit (MAT) at 7.4%. Motor insurance recorded [...]
MALAYSIAN MOTORISTS URGED TO BE RESPONSIBLE VEHICLE OWNERS – Liberalisation of Motor Insurance/Takaful Encourages Motorists to maintain their vehicles to reduce the risk of accidents.
Kuala Lumpur, 2 October 2018 – Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) are encouraging vehicle owners to ensure their vehicles are in good running condition to reduce accident and fatality rates. Although common causes of accidents include speeding, using of mobile phones while driving, beating the red light, changing lanes without signaling, poor road conditions, drunk driving and bad weather; the drivers’ attitude in [...]
GENERAL INSURANCE INDUSTRY RECORDS A MARGINAL GROWTH OF 0.7% IN THE FIRST HALF OF 2018
Kuala Lumpur, 30 Aug 2018 – The General Insurance Industry registered a marginal growth of 0.7% with gross written premiums totaling RM 9.23 billion in the first six months of 2018 compared to the same period in 2017. Motor remained the largest class of insurance with a market share of 45.6% followed by Fire at 19.2% and Marine Aviation Transit (MAT) at 8.2%. Except for Fire and MAT [...]
Press Release SST General Insurance
Kuala Lumpur, 27 Aug 18 – The recent announcement on Service Tax made by the Government with the passing of the Bill in Parliament confirms that general insurance products are a taxable supply. This tax is applicable to individuals who purchase general insurance policies except for medical policies. PIAM stated “Consumers who purchase or renew their general insurance policies on or after 1 September 2018 will be charged [...]
MALAYSIAN MOTORISTS URGED TO BE SMART CONSUMERS – Liberalisation of Motor Insurance/Takaful Paves the Way for New and Innovative Motor Insurance Products
Kuala Lumpur, 19 July 2018 – Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) are encouraging vehicle owners to look at the purchase of their motor insurance/takaful policies in a new light. The liberalisation of the Motor Insurance Tariff which started on 1 July 2017 has adopted a phased approach to ensure a smooth and gradual transition to a fully liberalised environment. This was to enable [...]
PIAM AND MTA APPOINT ADIBAH NOOR AS BRAND AMBASSADOR ON MOTOR INSURANCE LIBERALISATION
Kuala Lumpur, 11 June 2018 – PERSATUAN INSURANS AM MALAYSIA (PIAM) and MALAYSIAN TAKAFUL ASSOCIATION (MTA) have jointly appointed Adibah Noor as Brand Ambassador for the National Consumer Education Campaign on the Liberalisation of the Motor Insurance Tariff in Malaysia. Adibah Noor, is a household name and a renowned actress, comedian and singer nationwide. Antony Lee, Chairman of PIAM said “We decided on Adibah Noor because she is [...]
GOODS AND SERVICES TAX (GST) AT 0% FOR LIFE, GENERAL INSURANCE AND TAKAFUL PRODUCTS WITH EFFECT FROM 1 JUNE 2018
Kuala Lumpur, Monday, 4 June 2018 – Persatuan Insurans Am Malaysia (PIAM), Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) wish to advise that following the recent announcement by the Ministry of Finance and Royal Malaysian Customs on the reduction of the standard rate of GST from 6% to 0% with effect from 1 June 2018, life and general insurance companies and takaful operators in [...]
PIAM ANNOUNCES 2018/2019 MANAGEMENT COMMITTEE MEMBERS
Kuala Lumpur, 23 April 2018 – Persatuan Insurans Am Malaysia (PIAM) has re-elected Mr. Antony Lee, CEO of AIG Malaysia Insurance Bhd as its Chairman and Mr. Chua Seck Guan, CEO, MSIG Insurance (Malaysia) Bhd as the Deputy Chairman at its 40th Annual General Meeting held on 20 April 2018. Mr. Antony Lee said, “It has been a challenging year for the industry and the Management Committee anticipates [...]
