PIAM PROJECTS OVER 6PC INSURANCE GROWTH IN 2H
Source: Business Times, 11 September 2013 The General Insurance Association of Malaysia (PIAM) expects an industry growth of slightly higher than six per cent for the second half of the year, surpassing the first half’s growth but lower than the previous corresponding period. PIAM Deputy Chairman Kong Shu Yin, who is also RHB Insurance Bhd Managing Director and Chief Executive Officer, said the forecast is in line with the projected growth of the country's gross domestic product. He also added that there would be stiffer competition on all fronts within the industry when the detariffication of insurance premiums takes place in 2016. He said a price war will only come about if insurance companies choose to have a price war among themselves. Detariffing regime is where general insurance providers are given the freedom to decide the premium to be charged.