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[…]
With the Employment Insurance System (EIS), some 6.5 million workers in the private sector will be protected, in case another recession sets in. Due to the current challenging times, the Government is doing all it can to help lessen the people’s burden. But resources are scarce due to a drop in crude oil price and[…]
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[…]
The general takaful industry is on track of reaching 20 per cent market share in the insurance sector by 2020 from 12.6 per cent now, said Hong Leong MSIG Takaful Bhd. Head, General Takaful Operations, Suparno Ahmad, said although it was still new in the market, the industry was having an interesting moment among the[…]
The Malaysian insurance market is expected to grow by 5.8 per cent annually over the next decade, in tandem with global growth which is anticipated to climb to almost six per cent over the next ten years. This recovery mirrored the return of the global economy to normal growth and inflation rates, Alliainz SE Chief[…]
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[…]
SEATTLE: Fully self-driving cars aren’t quite here yet, but they’re coming. Governor Jay Inslee signed an executive order earlier this month welcoming companies to use Washington roads as a testing ground for driverless cars. With the vast majority of collisions caused by human error, self-driving cars carry the potential to dramatically decrease crashes on the road.[…]
Think twice before you run a red light or drive recklessly – you could end up paying more for your future motor insurance. Insurance companies are expected to take into account a motorist’s driving history following the liberalisation of motor insurance tariffs set to take effect on July 1. “The traffic violation records and history[…]
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.[…]
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[…]