Malaysia’s general insurance premiums up 6.4% in 2013

Malaysia’s general insurance industry recorded agrowth of 6.4% in gross written premiums to RM16.2 Billion in 2013 year comparedwith RM15.2 Billion in 2012.In a statement, the General Insurance Association of Malaysia (PIAM) said the growthwas attributed to a relatively strong domestic demand, supported by ongoing mega projects, and increased consumer awareness on business and personal risks, aBernama news agency report said Wednesday.The motor insurance sector grew by 7.8% in gross premiums to RM7.5 Billion, intandem with the increase in the number of new vehicles registered during the year,which had exceeded 655,793 units.Fireinsurance rose 8.6% to RM2.79 Billion, while medical and health insuranceimproved to RM912 Million.PIAM Chairman Chua Seck Guan said despite a moderate economic growth, thegeneral insurance industry still managed to benefit from the sustained incomegrowth of the middle-class consumers and from the increase in domesticandforeigndirectinvestments.“Growth will be supported by domestic demand which is projected to grow by 6.9%this year. The upward trend in the Consumer Price Index inflation is alsoexpectedtodriveorganicgrowthasconsumersreviewtheirsuminsuredtoavoidunderinsurance,” he said.