Insurance, Takaful Products Not Attractive To Large Segments Of Population

Insurance and takaful products are still not attractive to large segments of the population of Malaysia as many of them are too complex and unaffordable, said Bank Negara Malaysia’s (BNM) Governor, Tan Sri Muhammad Ibrahim. He said the industry should concentrate on the underserved segment to allow them to be protected by at least one[…]

General Insurance Industry’s 1H17 Gross Written Premiums Fall To RM9.17 Bln

The general insurance industry declined by 1.9 per cent during the first half of 2017 (1H17) as compared to the same period last year, with gross written premiums slipping to RM9.17 billion from RM9.34 billion year-on-year (y-o-y). General Insurance Association of Malaysia (PIAM) Chief Executive Officer Mark Lim said the industry was weighed down by[…]

Insurance companies and takaful operators denied requesting for “cuts” from hospitals

LIAM, PIAM and MTA would like to confirm that none of their member insurance companies and takaful operators have requested for “cuts” from hospitals for the medical expenses incurred by their policyholders. The three Associations view such unfounded allegations made by the hospitals with serious concerns. Insurance companies and takaful operators through LIAM, PIAM and[…]

Motor Insurance Liberalisation Benefits Consumers – Hamzah

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[…]