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PIAM Hopes For Affordable Insurance Premiums N 3-5 Years
Last update: 26/04/2017

KUALA LUMPUR, April 26 (Bernama) -- The General Insurance Association of Malaysia (PIAM)†hopes††general insurance premiums can be reduced in three to five years, driven by liberalisation efforts†put in place by Bank Negara Malaysia and the†adoption†of financial technology (fintech).

PIAM†Chairman†Antony Lee said by making insurance premiums more affordable, the industry could†increase insurance penetration among the lower income group, which was,†currently, a large†untapped market.

"The central bank†is also pushing this initiative and†liberalisation is a big component of allowing greater freedom of pricing.

"Furthermore, the adoption of†fintech by the insurance industry will†also help in cost reduction,"†he told reporters after delivering a†keynote address at the two 2017 International Claims Convention†here today.

While fintech development was still in its early days, even globally, †Lee said the†industry was keen on this†emerging trend with some local insurers already commencing†pilot initiatives†in this field.

On outlook,†he expected†the†general insurance industry to experience†tepid growth this year given the slower growth expected in the†external environment.

In 2016, he said the†general insurance industry grew †1.1 per cent with gross written premium income at RM17.67 billion, underpinned by motor insurance, which maintained its dominant market share of 46.2 per cent.

"Motor insurance growth is directly linked to auto sales and at the moment, we are seeing it growing slightly higher than last year, albeit, not significantly," he added.

The two-day†2017 International Claims Convention, organised by the Malaysian Insurance Institute,†attracted over 150 industry professionals to discuss topical issues and look for new approaches to claims management.



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Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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