KUALA LUMPUR: Jerneh Insurance Bhd is aiming for 10% growth in gross premiums this year, supported by its partnership with the Automobile Association of Malaysia (AAM).
“That is our target but we have to be conservative and realistic about the economic situation. It is challenging but there is always an opportunity,” chief executive officer Lim Sun said after sealing the partnership document with AAM on Wednesday.
Representing AAM was its chairman Tunku Mudzaffar Tunku Mustapha.
The partnership has resulted a new product called AAMJ2U, a comprehensive motor insurance policy. Exclusively offered to AAM members, AAMJ2U provides policy holders various benefits including door-to-door insurance and road tax service, accident assistance, and post repair inspection.
Lim said the partnership was also expected to help increase Jerneh Insurance’s market share in the motor insurance business.
The general insurer currently holds a 2%-3% share of the motor insurance market currently. Motor insurance makes up about 30% of Jerneh Insurance’s total general insurance portfolio, while its largest portfolio is properties which account for 34% to 40%.
A member of the Kuok Group, Jerneh Insurance is a subsidiary of Jerneh Asia Bhd, an investing holding company whose primary activity is the underwriting of general insurance business in Malaysia, Hong Kong, Thailand and Indonesia.
Tunku Mudzaffar said due to the challenging business environment, AAM was constantly coming up with new products and putting more value and creativity into its products and services.
“The launch of the AAMJ2U is a manifestation of the many initiatives that are being carried out to serve our members better. More importantly, it reinforces AAM’s aim of becoming the most dynamic automobile association in Malaysia,” he said. — Bernama