MALAYSIA: NON-LIFE GWP HIT US$4.9 BLN IN 2013

Insurance - - INDUSTRY UPDATES - Source: AIR edaily, 4th April

The Malaysian gen­eral in­sur­ance in­dus­try recorded a growth of 6.4 per­cent in gross writ­ten pre­mi­ums to MYR16.2 bil­lion (US$4.94 bil­lion) last year, com­pared with MYR15.2 bil­lion in 2012. In a state­ment, the Gen­eral In­sur­ance As­so­ci­a­tion of Malaysia (PIAM) at­trib­uted the growth to rel­a­tively strong do­mes­tic de­mand, sup­ported by on­go­ing mega projects, and in­creased con­sumer aware­ness of busi­ness and per­sonal risks. The mo­tor in­sur­ance sec­tor grew by 7.8 per­cent in gross pre­mi­ums to MYR7.5 bil­lion, in tan­dem with the in­crease in the num­ber of new ve­hi­cles reg­is­tered dur­ing the year, which had ex­ceeded 655,793 units. Fire in­sur­ance rose by 8.6 per­cent to MYR2.79 bil­lion, while med­i­cal and health in­sur­ance im­proved to MYR912 mil­lion. PIAM chair­man, Mr Chua Seck Guan, said that de­spite mod­er­ate eco­nomic growth in the coun­try, the gen­eral in­sur­ance in­dus­try still man­aged to grow be­cause of sus­tained in­come growth of mid­dle-class con­sumers and from an in­crease in do­mes­tic and for­eign di­rect in­vest­ments. Go­ing for­ward, he said the in­dus­try is pro­jected to be on a firm ex­pan­sion path this year. "Growth will be sup­ported by do­mes­tic de­mand which is pro­jected to grow by 6.9 per­cent this year. "The up­ward trend in the Con­sumer Price In­dex in­fla­tion is also ex­pected to drive or­ganic growth as con­sumers re­view their sums in­sured to avoid un­der­in­sur­ance," he said.

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