News Non-Life27 Aug 2019

Malaysia:General insurance industry slows by 1.4% in 1H2019

From left to right: Vehicle Theft Reduction Council of Malaysia consultant and coordinator Mohd Yusof, PIAM deputy chairman Ng Kok Kheng, PIAM chairman Antony Lee, PIAM CEO Mark Lim

Challenged by the twin challenges of a low penetration rate and escalating claims, the general insurance industry in Malaysia recorded a drop of 1.4% with gross direct premiums of MYR8.92bn ($2.12bn) for the first six months of 2019 compared to the same period last year according to the latest figures released by Persatuan Insurans Am Malaysia (PIAM).

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