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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
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 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[…]
Motor insurance claims which amounted to RM5.02 billion in 2016, has raised concerns within the general insurance industry, as it worked out to a staggering daily pay out of RM13.8 million. General Insurance Association of Malaysia (PIAM) Chief Executive Officer Mark Lim said road accidents often resulted in large claims involving death and injuries to[…]
The general insurance industry will likely see better growth this year, compared with the 2.5 to 3.5 per cent growth anticipated for 2016, driven by improving consumer confidence. Malaysian Insurance Institute (MII) Chief Executive Officer Datuk Syed Moheeb Syed Kamarulzaman said the market saw better car sales towards the end of last year and this[…]
Malaysia’s insurance industry wrote itself a new chapter in its transformation journey with the introduction of the first phase of liberalisation of motor and fire insurance tariffs on July 1. The detariffication exercise was finally put into action after discussions between industry players and Bank Negara Malaysia (BNM) was initiated in 2013. With the first[…]
The Malaysian life insurance industry saw new business weighted premium rise 18.3 per cent to RM3.68 billion in the first three quarters of 2016 from RM3.11 billion recorded in the same period last year. Life Insurance Association of Malaysia (LIAM) President Toi See Jong said investment-linked business contributed 54.9 per cent of the new business[…]
BARELY two years since the last price hike, policyholders are again forced to pay more for medical coverage as insurers battle with inflation. A check with agents from several companies reveals that at least five insurers have either increased their charges and premiums or repriced their medical card, by up to a whopping 30% since[…]
The country’s insurance and takaful industry offers stable career prospects with ample job opportunities as it currently employs over 30,000 people and hires over 190,000 agents. The General Insurance Association of Malaysia (PIAM), Life Insurance Association Malaysia (LIAM) and Malaysian Takaful Association (MTA), in a joint statement, said in inculcating employment vibrancy, insurance and takaful[…]
Takaful and insurance operators must focus on talent development, leverage new technologies and improve trust among customers to ensure sustainable growth in the industry, Bank Negara Malaysia (BNM) said. Its Governor, Datuk Muhammad Ibrahim said the insurance and takaful sector, which boasted huge growth potential, were becoming stagnant in recent years. “Total assets for the[…]
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[…]