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 [...]
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 [...]
