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 [...]
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 [...]
