GENERAL INSURANCE INDUSTRY RECORDS TOTAL PREMIUM OF RM17.65 BILLION IN 2017
Kuala Lumpur, 9 Feb 2018 – The General Insurance industry recorded gross written premiums totaling RM17.65 billion in 2017 with growth remaining stagnant compared to the previous year. Overall, the industry displayed resilience with a positive swing in the second half of the year rebounding from the 1.9% decline over the first six months. While the two largest classes of Motor and Fire insurance both registered growth the [...]
PIAM TO ASSIST FLOOD VICTIMS IN THE NORTHERN STATES
Kuala Lumpur, 10 Nov 2017 – PIAM has reached out to the victims of the serious flood situation in the states of Penang, Kedah and Perak by collaborating with Malaysia International Search and Rescue (MISAR), a unit under the National Disaster Management Agency (NADMA) of the Prime Minister’s Department. With this joint effort, PIAM has started an industry-wide initiative to raise funds to help the flood victims in [...]
PIAM COMMEMORATES GENERAL INSURANCE DAY 2017 WITH A FIRE SAFETY WORKSHOP FOR CHILDREN
Kuala Lumpur, 30 October 2017 – Persatuan Insurans Am Malaysia (PIAM) kicked off its General Insurance Day 2017 with an interactive Fire Safety Workshop for Children on Sat, 28 Oct 2017 at The Weld Shopping Mall. This is in light of the recent spate of fire incidents in the country where there were loss of lives and properties, among them children. This workshop was aimed at increasing fire [...]
GENERAL INSURANCE INDUSTRY DECLINED 1.9% FOR THE FIRST HALF OF 2017
Kuala Lumpur, 23 Aug 2017 – The general insurance industry declined 1.9% for the first half of 2017 compared to the same period last year. Gross written premium income stood at RM9.17 billion a reduction from RM9.34 billion for the first six months of 2016. Overall the industry recorded a mixed bag performance across all business lines. While the two dominant classes of Motor and Fire insurance grew [...]
PIAM ANNOUNCES 2017/2018 MANAGEMENT COMMITTEE MEMBERS
Kuala Lumpur, 2 May 2017 – Persatuan Insurans Am Malaysia (PIAM) has reelected Mr. Antony Lee, CEO of AIG Malaysia Insurance Bhd as its Chairman at the Association’s 39th Annual General Meeting held on 28 April 2017. Mr. Antony Lee said, “The Association has been proactively engaging key stakeholders in the past few years, in order to propel the general insurance industry forward. The Management Committee anticipates exciting [...]
PIAM’s Statement on the Proposed Decision by MyCC
Kuala Lumpur, 1 March 2017 – PIAM and its members are disappointed with the proposed decision issued by MyCC on 22 Feb 17 against PIAM and all 22 general insurance companies, which found that PIAM and the insurance companies had infringed the Competition Act 2010 in relation to the agreement reached between PIAM and the Federation of Automobile Workshop Owners’ Association of Malaysia (FAWOAM) on the hourly rates [...]
INSURANCE AND TAKAFUL INDUSTRY LAUNCHES THE CODE OF PRACTICE PURSUANT TO PERSONAL DATA PROTECTION ACT
Kuala Lumpur, 24 February 2017 – The Life Insurance Association of Malaysia, Persatuan Insurans Am Malaysia and the Malaysian Takaful Association together with the Personal Data Protection Department of Malaysia (PDP Department) today launched the Code of Practice on Personal Data Protection for the insurance and takaful industry (the Code) in a signing ceremony held at Lanai Kijang, Bank Negara Malaysia, Kuala Lumpur. The PDP Department was represented [...]
GENERAL INSURANCE INDUSTRY GROWTH TAPERS TO 1.1% IN 2016
Kuala Lumpur, 23 Feb 2017 – Growth in the general insurance industry tapered to 1.1% in 2016, with gross written premium income reaching RM17.67 billion. This was half the 2.2% growth rate achieved in 2015. Motor insurance grew marginally by 0.8% maintaining its dominant share of the overall market at 46.2%. Motor premiums stood at RM8.17 billion in 2016 compared with RM8.09 billion in 2015. Fire insurance remains [...]
PIAM & MTA FLOOD ADVISORY
Kuala Lumpur, 6 Jan 2017 – Persatuan Insurans Am Malaysia (PIAM), the General Insurance Association of Malaysia and Malaysian Takaful Association (MTA) wish to assure flood victims, who have a flood cover as part of their general insurance policy/takaful certificate that its members are ready to pay out claims against losses caused by the current flood situation. While standard motor and fire policies/takaful certificates exclude coverage against losses [...]
PIAM COMMEMORATES GENERAL INSURANCE DAY WITH A DRIVE SAFE CAMPAIGN
Kuala Lumpur, 22 October 2016 – Persatuan Insurans Am Malaysia (PIAM) commemorated the General Insurance Day 2016 with the launch of a Drive Safe Campaign and a host of activities at Berjaya Times Square Kuala Lumpur on 22 October 2016. The focus for GID 2016 was on Road Safety, as the number of road accidents in Malaysia has been steadily increasing over the past few years resulting in [...]
