Home > News > Nation
Monday January 27, 2014 MYT 12:00:00 AM
Monday January 27, 2014 MYT 7:12:28 AM
KUALA LUMPUR: Malaysians can expect an increase in insurance premiums this year.
At the same time, industry players said there will be new and innovative products in tangent with the increase and in line with the expected positive economic growth in the country.
General Insurance Association of Malaysia (PIAM) chairman Chua Seck Guan added, however, it has not been determined yet by how much the premiums would go up.
Meanwhile, in a press statement here, Chua quoted a recent Fitch Rating Agency report that the demand for insurance products would grow in the near-term because of steadily rising disposable incomes and private consumption.
He said motor insurance would again be the fastest growing sector, attributed to a rebound in vehicle sales.
He said other key areas of growth would be in medical and health insurance, as well as liability and disaster related insurance.
Chua said because of cases of natural disasters in past years, more people and businesses would take up insurance coverage as a risk management.
“The industry is also looking into educating the public on how to use insurance as an effective risk management tool. Adequate insurance protection could save them from financial ruin,” he said.
In another development, Chua said nett claims paid out for body injuries and property damage due to road accidents in the first nine months of last year rose to RM4.1bil, compared to RM3.68bil in the same period in 2012.
He said road accidents continued to rise during festive seasons, advising motorists to practise safe driving.
Chua said this during the launch and promotion of the PIAM-Malaysian Takaful Association (MTA) Accident Assist Call Centre at the Sungai Besi toll plaza yesterday.
Tags / Keywords:
Property, Transport Safety, insurance, accidents, sungai besi
Be your kids’ action hero
Seberang Prai fast rising
Sunsuria in property deal
PR1MA housing too expensive for rakyat, claims Azmin
Investors and consumers maintain cautious stance
Concertgoers upset over 11th hour cancellation
Nepal quake: Michelle Yeoh, husband Jean Todt among those stranded
Cordyceps capsules caused Chong Wei’s suspension, says Khairy
Next stop – Sensational Singapore
How Malaysians abroad are bridging a skills gap
10 ways to discover Cairns and the Great Barrier Reef
Attack of the killer shoes
McIlroy grouped with three Americans at Match Play event
Visa-free access for 30 countries to Indonesia
Copyright © 1995-2015 Star Publications (M) Bhd (Co No 10894-D)