Malaysia Insurance Information - Learn more about Life & General Insur...

More creative motor insurance products with lower prices are expected to roll out following the liberalisation of the motor tariff which came into effect on July 1, 2017, said General Insurance Association of Malaysia (PIAM).
PIAM Deputy Chairman Chua Seck Guan said the detariffication of motor insurance had led to a noticeable increase in product innovation....

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 coverage....

Malaysia’s life insurance registered a 6.9 per cent growth in new business premiums to RM5.9 billion from January to July 2017, supported by the growth of investment-linked policies.
The Ministry of Finance (MoF) said the industry’s new business premiums went up 5.9 per cent to RM5.5 billion in the same period last year....

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 the 13.2 per cent y-o-y drop in marine aviation and transit (MAT) insurance to RM820 million from RM944 million....