Non-life GWP Reaches US$4.9bn In 2013
News: The total gross written premiums (GWP) in the Malaysian general insurance industry increased 6.4% year-on-year (y-o-y) to MYR16.2bn (US$4.94bn) in 2013, compared with MYR15.2bn (US$4.62bn) in 2012. The rise has been attributed to strong domestic demand supported by ongoing mega projects and improved consumer awareness of business and personal risks. Motor insurance sector's gross premiums rose 7.8% to MYR7.5bn (US$2.28bn), while fire insurance increased 8.6% to MYR2.79bn (US$849.29mn) and medical and health insurance reached MYR912mn (US$277.62mn). Additionally, the projected 6.9% growth and upward trend in the Consumer Price Index inflation is expected to boost expansion of the sector in 2014 as well, according to the General Insurance Association of Malaysia (PIAM)'s Chairman Chua Seck Guan.