General insurance premiums up 5.9% to RM17b in FY14 (Update)

KUALA LUMPUR: Total gross written premiums (GWP) of the general insurance industry is expected to grow by between 5.5% and 6% this year amid the global headwinds fuelled by lower crude oil prices and the weaker ringgit, according to the General Insurance Association of Malaysia (PIAM).

PIAM chairman Chua Seck Guan said despite the global headwinds, the industry is still resilient due to strong domestic consumption as well as the Government’s initiatives to ensure sound economic growth under its 2015 revised budget initiatives.