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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 (2014)
Both Insurance & Takaful
Motor Insurance biggest Sector
General Insurance (2014)
Biggest Distribution Channel
Agents (62%) Direct Business Channel (18%)
Life-Insured in Malaysia
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[…]
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[…]
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[…]
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.[…]
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[…]
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.[…]
The government will not tolerate insurance companies which try to increase motor insurance premiums without justification, says Second Finance Minister Datuk Seri Johari Abdul Ghani. He said Bank Negara Malaysia (BNM) was responsible for monitoring the situation and ensuring that insurance companies observed the liberalisation of motor insurance rates which would come into effect on[…]
The Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) is developing an integrated financial website, equipped with self-assessment tools to guide consumers in choosing suitable life insurance products. Additionally, the associations would also introduce an online insurance product which would allow consumers to compare prices and product features, said LIAM Management[…]
The captive insurance industry is significantly under-penetrated despite lower risk burden, said Labuan IBFC Inc chief executive officer Danial Mah Abdullah. “The Asian market for captive is relatively unexplored and the potential for growth is immense. The penetration level is low at the moment with only 2.3 per cent out of the total number of[…]
Workers who lose their jobs in the private sector will be protected by the country’s first Employment Insurance Scheme (SIP) which takes off next year with a RM70mil government injection. The money will fund the Social Security Organisation’s (Socso) financial benefits under the scheme. Datuk Seri Najib Tun Razak, who disclosed this yesterday, said the[…]