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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
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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%).
Market Penetration Rate (2017)
Both Insurance & Takaful
Motor Insurance biggest Sector
General Insurance (2017)
Biggest Distribution Channel
Agents (62%) Direct Business Channel (18%)
Life-Insured in Malaysia
The Life Insurance Association of Malaysia (LIAM) is committed to increasing the life insurance penetration rate in the country and is learning from experience. Vice-president Rangam Bir said to further boost the penetration rate especially among the B40 group, it had launched several initiatives in partnership with Bank Negara Malaysia and other stakeholders and it[…]
The government is likely to revise the national target of a 75 per cent life insurance penetration rate in 2020, as it is still some distance away from the present rate of 55 per cent, said Finance Minister Lim Guan Eng said. If the 75 per cent target was not achieved by next year, the[…]
Malaysian consumers are being misled into purchasing products or services incorrectly. At the National Consumers Complaint Centre (NCCC), many people who sought help complained of agents from insurance companies who promised rebates or other benefits that were not valid. Sales agents have to reach targets set by their companies. To do so, the unethical ones[…]
KUALA LUMPUR: The general insurance industry is set to witness challenges ahead after recording a 1.4 per cent drop in gross direct premiums to RM8.915 billion in the first half of 2019 (1H19). General Insurance Association of Malaysia (PIAM) chairman Antony Lee said further liberalisation is needed to boost the industry. “For second half 2019[…]
The insurance and takaful industry players believes that establishing long term trust, improved customer satisfaction and better customer engagement can potentially drive insurance and takaful in Malaysia to greater heights. Thus, in 2017, the industry introduced its revised Customer Service Charter (CSC), that defines the minimum service level expected from insurance/takaful operators, taking account digital[…]
The government wants the national insurance penetration rate to breach the 75 per cent mark next year, says Finance Minister Lim Guan Eng. He said, to bring this about, the government must raise awareness of the benefits of insurance protection, including takaful among Malaysians. “Malaysia is a growing family takaful market that has tremendous potential[…]
The Federal Government has lauded the initiative taken by some insurance companies to extend their coverage to include mental health. Deputy Health Minister Dr Lee Boon Chye said it was a great effort to help those who are suffering from mental issues. “We are happy that insurance companies have taken our suggestions to include the[…]
The insurance and takaful industry has more than RM300 million worth of unclaimed benefits as a result of outdated records of policy and certificate holders, says Bank Negara Malaysia (BNM). To improve the efficiency in the claiming process and to reduce the incidence of unclaimed death benefits among Malaysians, the central bank said it was[…]
The life insurance industry recorded a moderate growth in coverage among Malaysians last year, rising 9.6 per cent to RM1.51 trillion in sum assured for all policies combined, compared to RM1.38 trillion in 2017. The Life Insurance Association of Malaysia (LIAM) said the overall life insurance industry registered a total of 12.65 million policies while[…]
Kuala Lumpur, 2 October 2018 – Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) are encouraging vehicle owners to ensure their vehicles are in good running condition to reduce accident and fatality rates. Although common causes of accidents include speeding, using of mobile phones while driving, beating the red light, changing lanes without[…]