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Motor Insurance Liberalisation To Drive Fairer Pricing
Last update: 03/07/2017

KUALA LUMPUR, July 3 (Bernama) --†The liberalisation of†motor insurance in Malaysia which began on July 1 will†drive fairer ways of pricing based on individual's risk profile, said AmGeneral Insurance Bhd.†

In a statement today, it said the price of motor insurance products would no longer be determined based on motor tariff (a set fixed price list)†but by individual insurers.†

"Consumers will be able to enjoy a wider choice of motor insurance products at competitive prices as liberalisation encourages innovation and healthy competition among insurers.

"Insurers are able to charge premiums that are in line with broader risk factors inherent in a group of policyholders being insured, and also sell new products that are not defined under the tariff,"†it said.

To kick start†the change, AmGeneral†is organising a†'Talk To Us' campaign, aimed at encouraging the public to call their agents first to get all the information they need†to choose the best plans.

AmGeneral†is among the leading general insurers in the industry which underwrites policies with over RM1.2 billion in motor insurance premium under its two brands, AmAssurance and Kurnia Insurans.



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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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