Motor insurance claims are on the rise yet again. Net claims paid out for bodily injury and property damage due to road accidents has increased to RM1.384 billion in the first quarter of 2014, from RM1.319 billion in the same period in 2013, the Persatuan Am Insurans Malaysia (PIAM) has revealed.
This follows on a report earlier in the year stating that net claims incurred by general insurers and takaful operators in the first nine months of 2013 had shot up to RM4.1 billion, compared to RM3.68 billion in the same period in 2012.
In a statement, the association said that the general insurance and takaful industry is committed to promoting safe driving habits and road safety among Malaysian motorists, and urged all road users to adopt a positive and defensive road safety attitude in order to ensure their own safety and the safety of other road users.
It added that it was perturbed by the increase in road accident fatalities, citing a recent report by the Malaysian Institute of Road Safety Research (MIROS) which said over 2,000 people perished as a result of road accidents in the first four months of 2014.
“It is indeed a worrying trend with the escalating number of fatal road accidents involving road users due largely to some road users’ lackadaisical attitude and plain recklessness in many cases,” said PIAM chairman Chua Seck Guan.
The PIAM comment echoes that said recently by the Road Safety Department (JKJR) – the department stated that rising road accident rates are caused by, among other things, the attitudes of road users who believe that it would not happen to them. According to JKJR director-general Datuk Dr Tam Weng, it is because of this mentality that road users neglect the rules, contributing to increased crashes and fatalities.
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i wonder how many of it is self arson car to claim insurance
Tan Sri Zeti, the figure above is RM1.38 billion for Q1. The actual figure is only about RM500 million or lesser than that
To all the insurance companies, pls don’t pretend to be innocent. You all know damn well that every adjuster of yours is working hand in hand with the police, investigation officer and the car workshop to get kickbacks. I myself had many accidents.
Infact the last accident I had, I sent my car to my own friend workshop, he said he will repair everything for RM1000. I thought, nevermind, I will send for insurance claim and I can save the RM1000.
So, I sent the car to the panel workshop. After repairs and all that, out of curiosity, I simply called the insurance company up to find out how much was the bill, it was shockingly RM8000. Yes, 8x the actual amount if I had the car repaired by myself.
We all know what happens. The IO (Investigating Officer), the Adjuster, as well as the bengkel and the ulat ulat will get their kickback. Biggest kickback would be the adjuster. At least he makan few thousand for his personal pocket.
The Insurance companies know about all this. Hundreds of cases happen everday. But they close an eye. They pass the problem and burden to the consumer with higher premiums. Zeti, you know this happens but you too close an eye. This results in higher burden and premiums for the public.
Bank Negara, please read the above. I repeat, you also know about all this. But BNM just keeps quiet. You all just close an eye because the problem now goes back to the consumer with higher premiums.
With all this shit going on, last year, the Insurance industry dare to increase the car premiums for the motor industry.
That is Malaysia for you. The rakyat suffer the most because there is no proper enforcement and the insurance industry is full of cheats.
Everybody suffers when everybody along the line gets kickbacks from the police office, the police cameraman, the adjuster, the bengkel and the runner boys (ulat ulat).
The Motor Insurance Industry collected no less than RM100 billion in premiums last year. It is not fair that we public have to pay higher premiums because they cannot sort out the fraud in their own backyard.
Many of us aspire to be a millionaire. Very easy. Join Polis Trafik or become Insurance Adjuster in Malaysia.
I personally know a few insurance adjuster with millions in their bank account. In any insurance claims, the adjuster is King. Nobody can question him. He solely decides what you get, if you get it.
The insurance industry and PIAM are so dirty, they get away with murder in Malaysia. Every fiber of the insurance industry is drowned in corruption and it is dirty as hell.
Do you know how many crook trafik polis officers pakat with the adjuster and also the claimant to claim car was stolen? When the car was happily released to syndicates to be sent to Thailand?
Not just accidents alone. Everyday over 100 cars get stolen in Malaysia. It is a well organised crime that includes and organised by the polis officers and the PIAM cowboys.
Go and ask any Insurance Adjuster what really goes on!
This is the outcome when the drivers are educated to:
1. Better handling (120km/h cornering)
2. Smoke others
3. 5 star safety
4. Tuned by Lotus
When you encourage your customer to drive recklessly, you expect the accident rate and compensation amount to raise every year.
On public road, no need to smoke others and show off. You don’t get your pride/ego by endanger others on the road.
It is all about comfort, fuel saving, good build quality. I am happier driving 60km/h with Lexus rather than doing 120km/h cornering with Preve.
User neglected the rules? Then pls tell us how to overcome?
I guess insurance will surely increase as past few years seem to indicate. If they really want to promote safe driving then please give higher percentage of NCD as an incentive
This is the most fredulant industry….everything is fake …reciepts, amounts,….everybody know it, bt everybody in dis industry is a benificiary so no one is complaining. …
Wait till the EBOLA virus spreads throughout the while world including malaysia. Mother nature will wipe out all the cronies. The world needs a fresh start
Hey, Persatuan Am Insurans Malaysia (PIAM). Please la…..Don’t play innocent…..
Life insurance companies oso play the same game….
The insurance company only care about their profit…
Somebody please correct me if I am wrong..
There are roughly 20 million cars on the Malaysia road. Multiply that by an average insurance premium paid to the Insurance company.. let say RM 1000. = RM 20 billion.
The claim is only RM 1.4 billion in Q1 2014, total year will be only RM 5-6 billion.
They still making a good profit!!
Untung lagi banyak dari bayar claim tak mau cerita!!!
Why more accidents occur yearly…simple logic; same road system but componded by additional thousands of new cars pouring into the congested road networks daily! More vechicals more premium income… why aren’t genuine claims paid out?