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Motor Insurance Malaysia Piam – The General Insurance Association of Malaysia (PIAM) and the Malaysian Takaful Association (MTA) recently came together to launch the year-long PIAM-MTA National Road Safety Campaign 2022 in Kuala Lumpur.
The campaign with the motto “Steadybrader” aims to educate and remind road users about the importance of road safety. The overall number of road accidents and fatalities is also expected to positively encourage motorists to drive safely and consistently on the road.
Motor Insurance Malaysia Piam
Key government institutions, university academics, organizations, representatives of member companies of various organizations and other media representatives participated in the event through the virtual platform Zoom.
De-tariffication Of Motor Insurance In Malaysia
PIAM President Anthony Lee began his speech by emphasizing the importance of road safety not only locally but globally. He said road safety was one of the reasons why the World Health Organization (WHO) declared the problem a public health crisis.
He said that according to the World Health Organization (WHO), 1.25 million people die every year due to road accidents. It is also the leading cause of death in young people aged 15 to 29. By 2030, the WHO predicts that road accidents will be the fifth leading cause of death.
He also added that “the latest Royal Malaysian Police (PDRM) figures from 2019 confirmed a total of 6,167 deaths due to road accidents; where 17 traffic accidents kill people every day. According to the Ministry of Transport, more than 80% of road accidents are caused by “negligence”.
YBhg. gave an important speech. Road Transport Department (RTD) enforcement department director Datuk Lokman Bin Juman cited some of the main causes of road accidents including speeding, using mobile phones while driving, driving under the influence of drugs or alcohol and driving against the flow. Traffic and wild curves. He reiterates the importance of road safety.
Motor Insurance Decisions…
Before the work was completed, a panel discussion entitled “Road Safety – A Shared Responsibility” took place as part of the promotion of the campaign. YBhg is also on the list of panelists for the discussion session. Datuk Lokman Bin Juman, Director of Enforcement Department, Road Transport Department (JPJ), YDH. Supported by Dr. Bakri bin Haji Zainal Abedin, Chief Assistant Director (Enforcement), Royal Malaysian Police Traffic Investigation and Enforcement Division, Bukit Aman (PDRM), Mr Anthony Lee, PIM Chairman; and Anak Mohammad Sabri Bin Ramli, Vice Chairman of MTA.
At the conclusion of the event, PIAM and MTA agreed that the fight to reduce road accidents is the shared responsibility of ministries, government agencies, the private sector, non-governmental organizations and ordinary citizens. PIAM and MTA also welcome government agencies and the private sector to help save lives by sharing their ideas to reduce traffic accidents. The General Insurance Association of Malaysia (PIAM), the national trade association representing all insurance companies in the country, announced this today. Statistics for the first half of 2017.
It was reported that the general insurance industry fell by 1.9% in 2017 compared to the same period last year. Gross written premium stood at RM9.17 billion, down 1.9% from RM9.34 billion in the first half of 2016.
Motor insurance was again the largest share of the pie at 45.8%, with premiums totaling RM4.19 billion, up 1.8% compared to the first six months of last year. This is well ahead of the second largest category, fire insurance, which collected RM1.79 billion (2.4% higher year-on-year).
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Regarding insurance claims, PIAM said the industry continues to experience a deteriorating trend, with the overall net claims expense ratio increasing from 53.8% in the first half of 2016 to 57.4% in the first six months of 2016 . At 71.4% for car insurance. , compared to 65% during the same period in 2016.
Motor insurance claims paid by policyholders in 1Y2017 amounted to RM2.68 billion, of which RM14.7 million was for property damage (own vehicle, third-party vehicle), personal injury and vehicle theft. The rate for the first half of this year is higher than the rate of RM13.8 million per day recorded in 2016.
There has been an improvement in vehicle thefts this year, with vehicle thefts down 25 percent. The total number of stolen vehicles across all classes is 7,897, down from 10,551 in the same period last year.
Of these, 2,925 are cars (4,026 as of 1st 2016), 4,546 are motorcycles (5,782) and 426 are commercial vehicles (743), which corresponds to a decrease of 27%, 21% and 43% respectively.
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The association has also announced the top 10 most stolen vehicle models (by cases reported) for the first half of 2017, with the Proton Vera topping the list, as in the first half of 2016, although fewer units were stolen this year. of 338 compared to 498 last year.
Next was the Toyota Hilux with 286 vehicles stolen in 2017, a lower theft rate than the same period in 2016 when 378 such pickups were lost. In percentage terms, this corresponds to a decline of 24%.
Other popular models on the hit list include Perodua Kancil and Myvi as well as four other Proton models, Iswara, Saga, Waja and Satria. The list includes the popular commercial vehicles Nissan Vent and Honda Civic.
At today’s media briefing, PIM said the number of stolen vehicles returned from Thailand and Singapore from 2012 to August this year is 188, or 24 units from each country.
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Anthony Lim believes there is nothing better than a good smoke and a car with character. Parts with good handling are at the top of the price list. After spending more than a decade and a half reading a daily English tabloid, he never fully understood the meaning of brevity or brevity and angrily kicked his tail against the idea of packaging cars and their interiors – in more detail. . As part of Bank Negara Malaysia’s (BNM’s) ongoing efforts to ensure that all players in the insurance and takaful industry meet their obligations and provide services in accordance with their Customer Service Charter (CSC), BNM and Association Boards and Management Committees ( MTA /LIAM/PIAM) commissioned NielsenIQ as a research agency to conduct the Customer Satisfaction Survey (CSS) 2024/25. Malaysia agreed to the appointment. Further information can be found on our classifieds page.
By now, you must know that our motor insurance started with the liberalization/removal of road transport on July 1, 2017. What is motor liberalization/deterrence, you may ask?
Tariff liberalization means the abolition of the tariff structure or the liberalization of fixed premium rates so that insurance companies can charge premiums that are consistent or compatible with the risk profile of consumers.
Piam 1h 2017 Results-13
On June 30, 2016, Bank Negara Malaysia announced a phased liberalization of motor vehicle and fire service tariffs before moving to a fully liberalized market.
As per the new guidelines, the insurance company will have the flexibility to calculate motor vehicle premiums based on its business risk model and policyholders’ risk profile.
In the first phase, insurers will gradually offer consumers new products at standard market prices from July 1, 2016. Existing lines of insurance such as liability insurance, comprehensive insurance and fire and theft liability insurance continue to be available to consumers.
In the second phase, from July 1, 2017, the premium rates for fully comprehensive and liability insurance against fire and theft will be liberalized. However, the liability insurance rates do not change and are based on the motor vehicle tariff and any progressive tariff adjustments specified by Bank Negara Malaysia for the identified vehicle classes.
Motor Insurance / Takaful Liberalisation
To find out more about the gradual liberalization of motor vehicle tariffs, please click on the following link:
If you have any questions about the gradual liberalization of motorcycle tariffs, you can contact our customer service.
