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
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.[…]
Government Will Not Tolerate Insurance Companies Increasing Premiums
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[…]
LIAM-MTA To Develop Online Guide For Insurance Products
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[…]
Captive insurance market still underexplored
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[…]
Insurance scheme for private sector workers to kick off with RM70mil
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[…]
PIAM Hopes For Affordable Insurance Premiums
The General Insurance Association of Malaysia (PIAM) hopes general insurance premiums can be reduced in three to five years, driven by liberalisation efforts put in place by Bank Negara Malaysia and the adoption of financial technology (fintech). PIAM Chairman Antony Lee said by making insurance premiums more affordable, the industry could increase insurance penetration among the lower income group, which was, currently, a large untapped[…]
Safe drivers to gain from easing of motor insurance tariffs
Motorists will have more choices for vehicle insurance products when the liberalisation of motor tariffs is put into place later this year. Bank Negara assistant governor Jessica Chew said that come July 1, insurers and takaful operators would no longer be bound by a set of fixed prices for insurance products. She said that they[…]
Employee Insurance Scheme To Be Tabled In Parliament In July 2017
The Employment Insurance System (EIS), which will affect some 6.5 million local workers in the private sector, will be tabled in parliament in July 2017. Perkeso Chief Executive Officer, Datuk Dr Mohammed Azman Aziz, said the rate of contribution would be announced once the EIS Bill was approved by parliament. Speaking at a briefing here[…]
Banking and insurance sector remained resilient to shocks in 2016
Malaysia’s banking and insurance sectors have continued to demonstrate sound financial positions, and remained resilient to shocks under a range of stress scenarios, said Bank Negara governor Datuk Muhammad Ibrahim. In his statement accompanying the Financial Stability and Payment Systems Report 2016, Muhammad said volatility in the financial markets was likely to remain elevated in[…]
Bank Negara, PIAM hit at MyCC’s penalty plan
Bank Negara and Persatuan Insurans Am Malaysia (PIAM) have hit out at the Malaysia Competition Commission’s (MyCC) RM213.45mil penalty on local general insurers for allegedly infringing the Competition Act 2010. In a statement, the central bank said MyCC’s proposed decision was “most unfortunate” and would severely impact consumer interest. “Bank Negara firmly believes that the[…]