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[…]

Who’ll be responsible when self-driving car crashes?

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.[…]

Insurance firms to take into account motorists’ driving history

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[…]

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[…]