The General Insurance Association of Malaysia (PIAM) has reviewed its 2014 performance, and found that motor insurance has achieved a steady 5.4% growth.
Chua Seck Guan, Chairman of PIAM said, “The Malaysian general insurance industry has proven its resilience once again to emerge relatively unscathed from last year’s challenging economic and difficult operating environment. We believe demand for insurance protection and products will grow steadily, driven largely by individual and business needs for better protection, and increased awareness about insurance benefits to mitigate risks in an increasingly uncertain world.”
Meanwhile, Chief Executive Officer of PIAM, Mark Lim said, “The motor sector continues to bear the heavy burden of increased claims cost. During 2014, the industry paid out RM5.04 billion in motor insurance claims. This represents a staggering RM13.8 million paid out daily as compensation for bodily injuries and property damages caused by road accidents as well as vehicle theft. Motor claims increased by 5.4 % from 2013 with the rising trend showing no sign of abating. PIAM will continue to focus on inculcating road safety and good driving habits among all motorists to minimize accidents and fatalities on Malaysian roads. At the same time the industry will implement a fraud intelligence system to combat the high incidence of fraudulent and inflated claims in the market.”
Lim added, “Vehicle theft showed a 15% reduction from 2013 for all classes with theft of private cars reduced by 5% in 2014. PIAM applauds and compliments the on-going efforts of the Police, Customs and law-enforcement agencies in arresting and convicting the theft syndicates. Moving forward the Association will do more to bring down the high vehicle theft rate in Malaysia. It will work closely with the Vehicle Theft Reduction Council (VTREC) which brings together all stakeholders nationwide to collaborate on several joint initiatives to combat the problem.”
PIAM also unveiled a new logo, with a stylized and bold letter P which reflects the dynamism and vibrancy of the insurance industry, while embracing the future with confidence, professionalism and commitment.
