Malaysia: Insurers pay more than US$1 bln in motor claims in 2017
Source: Asia Insurance Review | Apr 2018
Total motor insurance claims paid out by insurers amounted to MYR5.38 billion (US$1.38 billion) last year. On a daily basis, this works out to MYR14.7 million per day in claims for property damage, bodily injury and vehicle theft by all the motor insurers, according to the General Insurance Association of Malaysia (PIAM).
From Ministry of Transport data, the total number of accidents recorded in 2016 was 521,466 compared to 489,606 in 2015, a 7% increase. Total deaths caused by road accidents also increased by 7% to 7,152 in 2016 compared to 6,706 in 2015. The latest numbers (up to September 2017) revealed an alarming 5,083 deaths on the road from 400,788 road accidents.
PIAM Chairman Antony Lee said: “PIAM will intensify collaboration with all major stakeholders to reduce road accidents nationwide. The current trend of accidents and fatalities caused by heavy and commercial vehicles poses the gravest concern to all.”
He added that the Association has set a target of reducing national road accidents by 20% for 2018 and 50% from 2020 onwards.
On a positive note, the industry recorded a decline last year of 23% in motor theft counts to 15,323 for all classes of vehicles. A