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
LIAM: New business weighted premium records 21% growth
The life insurance industry registered a 20.8% growth in new business weighted premium in the first half of 2016. According to the Life Insurance Associations of Malaysia (LIAM), the new business weighted premiums hit RM2.44bil in the first six months compared with RM2.02bil achieved in the same period in 2015. Traditional life insurance business which[…]
GENERAL INSURANCE INDUSTRY ACHIEVES MODERATE 3% GROWTH IN FIRST HALF 2016
The general insurance industry recorded a moderate growth rate of 3% for the first six months of 2016, amidst earlier sentiments that it will be a challenging year for its members. Industry gross written premiums increased to RM9.34 billion compared to RM9.07 billion for the same period last year. Motor insurance grew marginally by 0.7%[…]
Liberalisation Of Motor, Fire Tariffs Set To Spark Price War Among Insurance Firms
Price war and competition between the insurance companies will likely occur following the liberalisation of motor and fire tariffs from July 1, 2017 onwards. The prices for the products will be liberalised and the ‘licensed persons’ will be able to determine the premiums or takaful contribution rates for them. Actuarial Partners Consulting Sdn Bhd’s Partner,[…]
Bank Negara Urges Insurance Agents To Play Their Key Role
Bank Negara Malaysia wants insurance agents to step up and play their key role in advancing the important benefits of insurance to the economy and the wider society, given that financial technology is gaining traction in Malaysia. Assistant Governor Chew Cheng Lian said the insurance industry had just entered the first phase in the progressive[…]
Life Insurance Coverage Should Grow 10 Per Cent Next Year
The national insurance and takaful penetration rate should grow at least 10 per cent next year in order to reach the national target of 75 per cent coverage by 2020, Life Insurance Association of Malaysia (LIAM) said. “If we are going to meet the target, we need to register at a 10 per cent growth[…]
MIDF: Liberalisation to benefit insurance players
The first phase of de-tariffication of motor and fire insurance tariffs will financially benefit insurance players as new products are allowed to be priced at market rates. According to MIDF Research, which has maintained a “positive” call on the insurance sector, the companies that will benefit from the liberalisation exercise will be those that deploy[…]
WHAT TO DO IN THE EVENT OF A ROAD ACCIDENT
Road accidents can happen to us anytime. When an unexpected car accident happen, it can leave us feeling confused which may resulted in us seeking help from unknown parties. PIAM and MTA wish to advise consumers that it is important to be fully informed on the correct procedures to be adopted in an event of[…]
Further refining risk parameters for insurance
Bank Negara is looking to further review the risk parameters for the regulation of the local insurance industry over the next two to three years, while keeping close tabs globally on the development of international capital standards of the industry. Assistant governor Jessica Chew said since the introduction of the risk-based capital (RBC) framework in[…]
PIAM answers about detariffication
Question 1 Insurance firms starting July 2016 can decide the motor insurance without using their tariff table. What sort of early issues that we can expect from the de-tariffication practice? Answer 1 The liberalisation of the Motor and Fire Tariffs, will be managed through a phased approach to allow time for consumers and industry[…]
Liberalisation good for insurance sector
Malaysia’s phased liberalisation roadmap will positively affect the country’s insurance sector by raising insurers’ competitiveness as South-East Asian economic integration sets in, according to Fitch Ratings. In a statement, the rating agency said the phased liberalisation would provide motor insurers with greater discretion to adequately price, risks in the near-term while controlled deregulation would protect[…]