KUALA LUMPUR: The general insurance industry has registered an increase in gross direct premiums of 10.3 per cent to RM 9.8 billion for the first six months of 2022 compared to the same period last year.
However, underwriting profit contracted by 21.2% to RM 810 million, largely due to losses in motor, medical and health Insurance business, the General Insurance Association of Malaysia (PIAM) said in a statement today.
In relation to premium, motor remained the largest business line at 43 per cent, followed by fire (29%) and miscellaneous (14%).
PIAM said personal accident (PA) premium saw significant growth of 44 per cent year-on-year (YoY) largely due to the Perlindungan Tenang Voucher programme launched with Finance Ministry.
Premium from fire insurance business rose by five per cent to RM2 billion in the first half of 2022 (H1 2022) versus a year ago, with its underwriting profit improving by 23 per cent per cent YoY.
PIAM said the H1 2022 premium for marine aviation and transit (MAT) insurance also notched up seven per cent to RM900 million, while medical and health insurance contracted six per cent to RM550 million compared to H1 2021.
The industry paid out RM15.2 million of claims daily in 2021 with motor representing a significant majority of the total at RM12 million per day.
"Owing to raised consumer awareness of the risks of damage to property and assets from flash floods in recent memory, motor (comprehensive) flood take-up rate more than doubled to 12 per cent in H1 2022 compared to five per cent for full year 2021. - Bernama
