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Kuala Lumpur, 17 February 2015 – The General Insurance Association of Malaysia (PIAM) wishes to clarify that the latest revision to Motor Insurance Premium is a continuation of Motor Tariff premium rate adjustments under the New Motor Cover Framework introduced in 2012.
The New Motor Cover Framework was introduced by Bank Negara Malaysia to address the structural issues within the motor insurance sector, i.e. to enhance efficiency in the provision of motor cover by the industry with a gradual price adjustment that will ensure that public is able to purchase motor insurance at affordable premiums.
The adjustments on Motor Tariff premium rates for 2015 will take effect from 23 February. These adjustment were announced by Bank Negara Malaysia in early February 2015 and will be applicable for policies purchased or renewed beginning 23 February 2015. The revisions are only applicable to private cars, public taxis and express buses. The rates for other types of vehicles remain the same.
The New Motor Cover Framework is a positive step towards promoting a liberalised insurance sector with further measures taken to improve the motor insurance and claims settlement processes. Moving forward the industry will play a more active role in improving road safety by working jointly with MIROS and other stakeholders to inculcate good driving behavior and practices among all road users.
PIAM has also implemented the Accident Assist Call Centre (AACC) service to provide emergency assistance to the motoring public involved in road accidents. The 24 by 7 hotline 1300-22-11-88 offers accident towing services and attends to claims enquiries to help accident victims nationwide.
The Association advises members of the public who have any queries relating to the New Motor Cover Framework to email their enquiries to the PIAM Secretariat at pic@piam.org.my. Enquiries can also be forwarded to individual insurance companies and approved insurance agents.
The General Insurance Association of Malaysia (PIAM)is the national trade association of all licensed direct and reinsurance companies for general insurance in Malaysia. Currently, PIAM has 29 member companies.
About General Insurance Association of Malaysia (PIAM)
PIAM is the national trade association of all licensed direct and reinsurance companies for general insurance in Malaysia. Currently, PIAM has 30 member companies. More information on PIAM can be obtained from its website: www.piam.org.my.