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Oct 2020

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Malaysia: General insurance falls 3.6% during pandemic

Source: Asia Insurance Review | Sep 2020

The general insurance industry in Malaysia registered its steepest half-year drop in recent years as it bore the full brunt of the COVID-19 pandemic.
 
Latest figures from the General Insurance Association of Malaysia (PIAM) revealed that the gross direct premiums earned by the industry declined 3.6% to MYR8.6bn ($2.05bn) for the first six months of 2020 compared to the same period last year.
 
Looking ahead, PIAM noted that the business outlook will be extremely challenging given the COVID-19 pandemic which has yet to be fully played out. A 
 
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