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Author: Persatuan Insurans Am Malaysia

Website: https://www.piam.org.my/

About Author: PIAM Insurance makes the renewal of your motor & car insurance more reliable and offer the best insurance policy online in Malaysia.

Published articles: 14

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5 Factors That Impacts the Process of Insurance Risk Assessment

February 11, 2019 | Posted in Insurance

Malaysia was in the news for the introduction of phased liberalisation for fire and motor insurance. This has led to a revolution in the insurance sector. Insurance companies can now charge premiums based on the risk profile of the individual instead of the fixed tariff structure that was practiced previously wherein everyone was charged the …

Implementation and Impact of Phased Liberalisation in Malaysia

February 9, 2019 | Posted in Business

Malaysia was recently in the news for the introduction of phased liberalisation in motor and fire insurance. Not many people are aware of what exactly phased liberalisation is. The liberalisation of the tariff means a removal of the tariff structure or freeing up the fixed premium rates. It enables the insurance companies to charge premiums …

5 Key Factors That are Taken into Account When Assessing Risk Profile

December 28, 2018 | Posted in Insurance

Risk profiling is nothing more than an assessment of the risk to be insured in the event of an accident when claims are made from the insured risk. As per the motor insurance policies in Malaysia, various factors are considered while calculating the risk profile of the individual. This helps the insurance company in determining …

Everything You Need to Know About the Detariffication in Malaysia

September 16, 2018 | Posted in Insurance

Recently, Malaysia was in news for phased liberalisation of motor and fire insurance. The phased liberalisation is also known as detariffication or simply put, the act of removing all regulations on pricing of the insurance cover which was previously created by Bank Negara Malaysia. For 30 years, the motor insurance premium in Malaysia had been …

4 Key Factors That Affect Two-Wheeler Insurance Premiums in Malaysia

September 16, 2018 | Posted in Insurance

Having your own two-wheeler is almost a necessity given the issues with public transportation. Your own motorcycle ensures freedom, convenience, and availability at all times. But it is important to keep your vehicle guarded by insuring it. You need a comprehensive plan which covers you against man-made and natural mishaps. When you are secured under …

All You Need to Know about De-tariffication of Motor Insurance in Malaysia

August 11, 2018 | Posted in Insurance

The detariffication of the motor insurance in Malaysia is also known as the liberalisation of motor insurance tariff which was introduced in the year 2016. Prior to the liberalisation, motor insurance premiums in Malaysia were regulated by a fixed tariff structure and controlled by Bank Negara Malaysia. The insurance premiums were calculated based on 2 …

How is the Risk Profile Assessed on the Basis of Individual Risk Factors?

August 9, 2018 | Posted in Insurance

Risk assessment is one of the primary tasks to be performed by insurers. Also, known as underwriting, it is a detailed methodology which helps the insurer in evaluating and assessing the risk associated with the insurance policy. The main purpose of the assessment is the calculation of the correct premium amount for the insured. The …

Malaysian Insurance Industry Needs More Improvement for Better Growth

March 29, 2018 | Posted in Insurance

The insurance sector of Malaysia has a long way to go to achieve a 75% penetration rate by 2020. Bank Negara Malaysia (BNM) believes that the insurance industry needs to more improvement to strengthen market participation and encourage better development of the sector. Last year in July, the central bank announced the phased liberalisation of …

Motor Insurance Dominates the Insurance Industry in Malaysia

March 1, 2018 | Posted in Insurance

The insurance sector is one of the most important growth drivers of the financial services sector in Malaysia. The insurance sector contributes about 20.9 percent to Malaysia’s total gross national income (GNI) in 2016. The country’s insurance industry is now going through one of its most significant transformation, after remaining stagnant for the last few years. Motor insurance, the largest …

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