LIAM committed to increasing life insurance penetration rate

The Life Insurance Association of Malaysia (LIAM) is committed to increasing the life insurance penetration rate in the country and is learning from experience. Vice-president Rangam Bir said to further boost the penetration rate especially among the B40 group, it had launched several initiatives in partnership with Bank Negara Malaysia and other stakeholders and it[…]

500 complaints against insurance agents

Malaysian consumers are being misled into purchasing products or services incorrectly. At the National Consumers Complaint Centre (NCCC), many people who sought help complained of agents from insurance companies who promised rebates or other benefits that were not valid. Sales agents have to reach targets set by their companies. To do so, the unethical ones[…]

Service quality & building trust amongst the key pillars for the insurance & takaful industry

The insurance and takaful industry players believes that establishing long term trust, improved customer satisfaction and better customer engagement can potentially drive insurance and takaful in Malaysia to greater heights. Thus, in 2017, the industry introduced its revised Customer Service Charter (CSC), that defines the minimum service level expected from insurance/takaful operators, taking account digital[…]

Govt wants national insurance penetration rate to breach 75pc mark in 2020

The government wants the national insurance penetration rate to breach the 75 per cent mark next year, says Finance Minister Lim Guan Eng. He said, to bring this about, the government must raise awareness of the benefits of insurance protection, including takaful among Malaysians. “Malaysia is a growing family takaful market that has tremendous potential[…]

Life Insurance records moderate growth in 2018

The life insurance industry recorded a moderate growth in coverage among Malaysians last year, rising 9.6 per cent to RM1.51 trillion in sum assured for all policies combined, compared to RM1.38 trillion in 2017. The Life Insurance Association of Malaysia (LIAM) said the overall life insurance industry registered a total of 12.65 million policies while[…]

MALAYSIAN MOTORISTS URGED TO BE RESPONSIBLE VEHICLE OWNERS

Kuala Lumpur, 2 October 2018 – Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) are encouraging vehicle owners to ensure their vehicles are in good running condition to reduce accident and fatality rates. Although common causes of accidents include speeding, using of mobile phones while driving, beating the red light, changing lanes without[…]