General insurance industry 1H growth at 6.4%


The general insurance industry grew by 6.4% to RM8.98.9bil in the first half of 2014, with motor insurance continuing to be a key segment, registering an increase of 8.3% in gross premiums, says Piam chairman Chua Seck Guan.

The general insurance industry grew by 6.4% to RM8.98.9bil in the first half of 2014, with motor insurance continuing to be a key segment, registering an increase of 8.3% in gross premiums, says Piam chairman Chua Seck Guan.


The Malaysian general insurance industry posted a steady growth in the first half of 2014, with gross written premiums growing by 6.4% to RM8.98.9bil from RM8.3bil in the corresponding period last year.

During the period under review, motor insurance saw an increase of 8.3% in gross premiums, with liabilities and medical/health insurance recording impressive gains of 13.9% and 10.9% respectively.

Fire or property insurance grew 4.2%, while personal accident rose 4%.

General Insurance Association of Malaysia (Piam) chairman Chua Seck Guan said motor insurance business continued to be a key segment for the industry, owing to the increasing numbers of new vehicles being registered. 

Other personal and commercial line products have shown strong potential to be the new catalyst for future growth.

Chua said this in a statement when commenting on the outlook of the general insurance in the first half of the year. Piam expects the general insurance industry to continue its growth momentum in the second half of this year.