General Insurance Association of Malaysia (PIAM) chairman, Chua Seck Guan ( left ) and CEO Mark Lim briefing on the performance of the general insurance industry
KUALA LUMPUR: The General Insurance Association of Malaysia (PIAM) has revised downwards the projected growth for the general insurance industry to between 3% and 4% for 2015.
It previously set a growth rate of 5.5% to 6.5% for the year.
PIAM chairman Chua Seck Guan said on Thursday the target was revised after factoring the present challenging and operating landscape.
He said the general insurance industry grew by 2.3% to RM9.07bil in gross written premiums from January to June 2015 compared with the same period a year ago.
"The half yearly growth rate was at a slower pace against the 6.4% achieved in the first half of 2014 over 2013," he told a media briefing at PIAM's half year general industry results here earlier.
One of the factors that had severely impacted the industry was the Goods and Services Tax that was implemented on April 1, said Chua, adding that people's purchasing power had reduced considerably due to the new tax.
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