AmGeneral sees 3pc growth in gross written premium

KUALA LUMPUR: AmGeneral Insurance Bhd is targeting to increase its gross written premium (GWP) by two to three per cent for the financial year ending March next year, from RM1.6 billion currently.

The motor insurance segment represented the lion’s share of the GWP, at RM1.3 billion, as of the end of its last financial year.

“The motor insurance is a tough industry to be in, especially with the decreasing car sales and the detariffication.

“The industry used to be able to grow up to nine per cent yearon-year. However that’s no longer possible as we are operating in a low growth environment.

“As such, we are expecting to grow between two and three per cent in this financial year,” said its chief executive officer Derek Roberts.

He said AmGeneral’s focus on motor would continue despite the challenging environment as it had always been the company’s traditional business segment.

“We are always looking at opportunities to expand our business... (such as) at the fire segment. We are also looking at utilising digital aid to improve our business and better support our agents over the next six months,” he said.

Earlier, Roberts and AmBank Group chairman Tan Sri Azman Hashim launched AmGeneral’s latest motor offering, the Auto365 Comprehensive Premier.

“We are targeting new and up to three-year-old cars that are insured up to RM50,000 with this new offering,” said Roberts. Lidiana Rosli