Insurance - - INDUSTRY UPDATES -

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.

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