General insurance sector gross premiums up 10.3% in 1H22
According to PIAM, the PA premium has seen significant growth of 44% year-on-year, largely due to the Perlindungan Tenang Voucher program launched with the Ministry of Finance.
KUALA LUMPUR: The general insurance sector recorded an increase in gross direct premiums of 10.3% to RM9.8 billion for the first six months of 2022 compared to the same period last year.
However, underwriting profit contracted 21.2% to RM810 million, largely due to losses in motor, medical and health insurance businesses, the General Insurance Association of Malaysia said. (PIAM) in a press release.
As far as premiums are concerned, automobile remained the main branch of activity with 43%, followed by fire (29%) and miscellaneous (14%).
PIAM said the personal accident (PA) premium has seen a significant growth of 44% year-on-year (year-on-year), largely due to the Perlindungan Tenang Voucher program launched with the Ministry of Finance .
Premiums from the fire insurance business rose 5% to RM2 billion in the first half of 2022 (H1 2022) from a year ago, with its underwriting profit improving 23% year-on-year.
PIAM said the first half of 2022 premium for aviation and marine transit (MAT) insurance also increased by 7% to RM900 million, while medical and health insurance contracted 6%. to reach RM550 million from the first half of 2021.
The industry paid RM15.2 million in claims per day in 2021, with motor accounting for a significant majority of the total at RM12 million per day.
“Due to heightened consumer awareness of the risk of property and asset damage caused by flash floods in recent memory, the (Global) automobile flood turnout more than doubled to 12% in 1H22 from 5 % for the whole of 2021,” it said. — Bernama