AmGeneral Insurance: Motor insurance liberalisation to drive fairer ways of pricing

PETALING JAYA: The liberalisation of motor insurance will drive fairer ways of pricing based on an individual’s risk profile, said AmGeneral Insurance Bhd CEO Derek Roberts.

He said in a statement that insurers will also be able to charge premiums that are in line with broader risk factors inherent in a group of policyholders being insured as well as sell new products that are not defined under the tariff.

“Consumers will now be able to enjoy a wider choice of motor insurance products at competitive prices as liberalisation encourages innovation and healthy competition among insurers.”

Effective July 1, prices of motor insurance products will no longer be determined based on motor tariff, but by individual insurers.

To kickstart the change, AmGeneral’s “TALK TO US” campaign takes the lead, aimed at encouraging the public to call their friendly and approachable agents first to get all the information they need to choose the best plans.

“We are fully committed to continuously deliver our valued services with our two strong brands, AmAssurance and Kurnia through liberalisation – services we have built over the years for our customers,” explained Grace Quah, chief distribution officer of AmGeneral Insurance Bhd during the kick-off of the liberalisation campaign.

As the number one private car insurer in Malaysia, AmGeneral Insurance insures one in every six cars in the country. It is one of the leading general insurers in the industry, which underwrites policies with over RM1.2 billion on motor insurance premiums.

“As we lay the infrastructure for customer focused solutions, efficient processes and responsiveness, our goals are simple, and that is to deliver the best service, the best value and build lasting customer relationships. We are positioned perfectly to deliver this through our network of 7,000 agents and partners nationwide. Let us embrace the new opportunities made available with liberalisation and continue to be the most trusted insurer in Malaysia,” Roberts said.