Kuala Lumpur, 28 February 2019 – The General Insurance Industry registered a growth of 1.5% in 2018 on the back of higher premiums from its two largest classes of insurance, Motor, and Fire. Gross written premiums amounted to RM 17.92 billion. Motor remained the largest class with a market share of 47.3% followed by Fire at 19.6% and Marine Aviation & Transit (MAT) at 7.4%.
Motor insurance recorded gross written premiums of RM 8.47 billion with a growth of 1.8% supported by increases in new vehicle sales in both the private motor cars and commercial vehicles segments. In 2018, close to 600,000 new vehicles were sold compared to 580,000 in 2017 as a result of increased demand during the tax-free months from June to August 2018.
Fire insurance grew 2.8% and maintained its position as the second largest class with gross written premiums of RM 3.51 billion. MAT insurance declined 0.3% with gross written premiums of RM 1.33 billion owing to reductions in the Cargo and Offshore Oil Related classes. Medical and Health insurance (MHI) grew 5.2% to RM 1.16 billion while Personal Accident insurance rose 6.9% to RM 1.21 billion. The Miscellaneous Class recorded a dip of 4.8% with gross written premiums at RM 2.24 billion. Within this class Bonds, Liabilities, Engineering and Workmen’s Compensation insurances declined year on year. Uncertainty over some mega construction projects which are currently under review contributed to the slowdown.
PIAM also has an Accident Assist Call Centre (AACC) for help. The AACC toll-free hotline 15-500 operates 24/7 nationwide, providing emergency roadside assistance such as towing services and responding to insurance claims enquires from all motorists.
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