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[…]

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[…]

Motor Insurance Claims Record Staggering Daily Pay Out Of RM13.8 Million In 2016

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[…]