General insurance premiums to remain stable

  • Business
  • Tuesday, 13 Sep 2011

KUALA LUMPUR: The premium for general insurance in Malaysia, with the exception of motor and fire insurance, is expected to remain stable due to competition.

The Chief Executive Officer of the Malaysian Insurance Institute (MII), Khadijah Abdullah said premiums for motor and fire insurance, was controlled in Malaysia.

According to the General Insurance Association of Malaysia (PIAM), for 2010, the total general insurance gross premium was about RM13 billion, of which the agent's contribution was RM7.4 billion.

"As an industry as a whole, we are driving higher professionalism as well as quality standards and in this respect, all stakeholders have to work together to achieve aims and objective," she said during the General Insurance Agents Convention 2011 here today.

The event was attended by 500 participants comprising Malaysian Insurance agents.

Meanwhile, the Deputy minister of Human Resources, Senator Datuk Maznah Mazlan said in her speech that with a low insurance market penetration of only 42 per cent, there is yet a huge section to consider, particularly in the life insurance sector.

Her speech was read by the Secretary-General of the Ministry of Human Resources, Datuk Seri Zainal Rahim Seman.

In her speech, Maznah also said that the other form of social security protection applicable to foreign workers employed in Malaysia, was the payment of Workmen's Compensation administered by the Department of Labour, Ministry of Human Resource under the Workmen's Compensation Act 1952.

"This Act requires employers engaging foreign workers to insure their foreign workers with a workmen compensation insurance policy which may be acquired from any insurance company appointed by the Minister of Human Resource.

"At present, 30 insurance companies in Malaysia have been appointed to manage insurance coverage for the foreign workers," she added.

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