KNOWLEDGE BASE
Safeguard your future
Insurance is an essential aspect for your future, as well as your family and child.
Take care of your healthcare
Get medical & health insurance to take care of you, your loved ones and your medical expenses.
Protect your possesions
Showcase your team, products, clients, about info, testimonials, latest posts from the blog, contact form, additional calls to action. Everything translation ready.
Covering your personal needs
Personal Accident Insurance & Travel Insurance to cater to your lifestyle.
COMPLAINTS/MEDIATION
If you have any complaints / disputes with your insurance. Find out how you can resolve them here
Verify Agent
Check if your insurance agent is registered and authorised to represent the insurer.
Accident Assist
Accident Assist, a new public service provided by the Malaysian insurance and takaful industry to members of the public who are seeking immediate roadside assistance in the event of a road accident
Insurance Terms
Understand the terms used in Insurance to better understand what to expect.
Malaysia Insurance Overview
Life Insurance Market
The current level of insurance and takaful penentration, at 54% still remains below the targeted lavel of 75%. It also reflects the enormous untapped potential in the Malaysia insurance sector.
General Insurance Market
The general insurance industry grew at a steady rate in 2014 with gross written premiums increasing by 5.9% to RM17.09 billion as compared to RM16.15 billion in 2013. In terms of market share, Motor Insurance remained status quo to be the largest class with a share of 46.4% of the total business underwritten (2013: 46.6%). This was followed by the Fire insurance class which stood at 17.3% (2013: 17.3%).
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Market Penetration Rate (2014)
Both Insurance & Takaful
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Motor Insurance biggest Sector
General Insurance (2014)
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Biggest Distribution Channel
Agents (62%) Direct Business Channel (18%)
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Life-Insured in Malaysia
are under-insured
Latest news
General Insurance Industry’s 1H17 Gross Written Premiums Fall To RM9.17 Bln
The general insurance industry declined by 1.9 per cent during the first half of 2017 (1H17) as compared to the same period last year, with gross written premiums slipping to RM9.17 billion from RM9.34 billion year-on-year (y-o-y). General Insurance Association of Malaysia (PIAM) Chief Executive Officer Mark Lim said the industry was weighed down by[…]
A SAFETY NET FOR EMPLOYEES
With the Employment Insurance System (EIS), some 6.5 million workers in the private sector will be protected, in case another recession sets in. Due to the current challenging times, the Government is doing all it can to help lessen the people’s burden. But resources are scarce due to a drop in crude oil price and[…]
Insurance companies and takaful operators denied requesting for “cuts” from hospitals
LIAM, PIAM and MTA would like to confirm that none of their member insurance companies and takaful operators have requested for “cuts” from hospitals for the medical expenses incurred by their policyholders. The three Associations view such unfounded allegations made by the hospitals with serious concerns. Insurance companies and takaful operators through LIAM, PIAM and[…]
General Takaful Sector On Track Of Reaching 20 Pct Mart Share In Insurance Industry By 2020
The general takaful industry is on track of reaching 20 per cent market share in the insurance sector by 2020 from 12.6 per cent now, said Hong Leong MSIG Takaful Bhd. Head, General Takaful Operations, Suparno Ahmad, said although it was still new in the market, the industry was having an interesting moment among the[…]
Malaysian Insurance Market Expected To Grow 5.8 Pct Annually
The Malaysian insurance market is expected to grow by 5.8 per cent annually over the next decade, in tandem with global growth which is anticipated to climb to almost six per cent over the next ten years. This recovery mirrored the return of the global economy to normal growth and inflation rates, Alliainz SE Chief[…]
Motor Insurance Liberalisation Benefits Consumers – Hamzah
Vehicle owners should not be unduly worried with the liberalisation of motor tariff, implemented since last July 1, as the method benefits consumers more because the charge or premium payment is based on individual risk profile. Minister of Domestic Trade, Cooperatives and Consumerism (MDTCC) Datuk Seri Hamzah Zainuddin said under the previous system, vehicle insurance was based[…]
RM327mil in matured insurance policies remain unclaimed, says group
The money is from policies that had matured but remain unclaimed, according to the Life Insurance Association of Malaysia (LIAM). Last year alone, about RM64mil was submitted by its member companies to the Registrar of Unclaimed Money which is under the Accountant-General’s Department, it said. In a statement to The Star recently, LIAM said this[…]
Who’ll be responsible when self-driving car crashes?
SEATTLE: Fully self-driving cars aren’t quite here yet, but they’re coming. Governor Jay Inslee signed an executive order earlier this month welcoming companies to use Washington roads as a testing ground for driverless cars. With the vast majority of collisions caused by human error, self-driving cars carry the potential to dramatically decrease crashes on the road.[…]
Insurance firms to take into account motorists’ driving history
Think twice before you run a red light or drive recklessly – you could end up paying more for your future motor insurance. Insurance companies are expected to take into account a motorist’s driving history following the liberalisation of motor insurance tariffs set to take effect on July 1. “The traffic violation records and history[…]
Liberalisation To See Insurance Penetration Rate Increase To 75 Pct By 2020
Bank Negara Malaysia’s (BNM) efforts at liberalising the insurance sector will address the protection gap in the country and increase the insurance and takaful penetration rate to 75 per cent by 2020. Life Insurance Association of Malaysia (LIAM) Industry Promotion Committee Chairman Ramzi Toubassy said liberalisation would also help boost insurance sales in the country.[…]