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PIAM Urges Members To Develop New Products For Growing Economy
Kuala Lumpur, 22 April 2013 -The general insurance industry registered a growth of 8.2% in gross premiums to reach RM15.180 billion in 2012, compared to an increase of 7.85% (RM14.029 billion) in 2011. Net premiums grew at a rate of 8.3% to reach RM 10.528 billion. The figures were reported during the 35th Annual General Meeting (AGM) of The General Insurance Association of Malaysia (PIAM) held recently. In terms of business market share, Motor Insurance recorded the largest share at 46.6% (2011: 46.4%), followed by Fire Insurance at 16.4% (2011: 16.5%). According to PIAM, the Motor and Fire classes of business achieved an increase in gross written premium of 9.3% to reach RM6.978 billion in 2012 (2011: RM6.382 billion, 6.93%), and 7.2% to reach RM2.571 billion (2011: RM 2.399 billion, 4.67%) respectively. The Contractors All Risk and Engineering (CAR and ENG) class of business also recorded an improvement of 16.4% to reach RM0.610 billion in gross premiums in 2012 compared to RM0.524 billion in 2011. The overall Net Claims Incurred Ratio (NCIR) was on a downward trend in 2012 as it dropped to 57.1% from 60.7% in 2011. The overall Motor NCIR decreased slightly to 72.8% (2011: 76.8%), whilst Medical and Personal Accident both dropped to 55.6% and 28.9% respectively.