PETALING JAYA: More road accidents mean rising insurance costs for Malaysian motorists, who claim an average of RM15.1mil a day according to United Kingdom-based research house Global Data .
Owing to the rising number of road accidents, she said insurers will have to reassess their risk exposure and increase premium rates this year. Based on data from the Malaysian Automotive Association , she said total vehicle sales reached 202,245 units in the first quarter of the year – an increase of 5% from 192,615 units during the same period last year.
According to PIAM figures, the recent surge in torrential rain across Malaysia had increased demand for flood coverage by 33% in the first half of last year, an increase from the 31% increase from the corresponding year-ago period. "This is expected to increase the premium rates in 2024 and support property insurance to register a compound annual growth rate of 9.8% during 2024-2028," she said.
"PA&H insurance is expected to grow at a compound annual growth rate of 3.1% during 2024-28," she said.
Motor Insurance Accidents Rising Costs Premiums Property Personal Accident And Health Global Data Research Company Sneha Verma
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