According to General Insurance Association of Malaysia (PIAM), a total of RM5.04bil motors claims was paid out in 2014 as compensation for bodily injuries and property damages caused by road accidents as well as vehicle theft. This claim payout is an increase of 5.4% from 2013.
“PIAM will continue to focus on inculcating road safety and good driving habits among motorists to minimise accidents and fatalities on Malaysian roads. At the same time the industry will implement a fraud intelligence system to combat the high incidence of fradulent and inflated claims in the market,” said Mark Lim, PIAM CEO
Lim also mentioned that vehicle theft registered a 15% reduction from 2013 for all class, with theft of private cars reduced by 5% in 2014. As for flood coverages cases, about 4,000 flood-related claims amounting to RM220mil has been lodged with PIAM members companies.