Poultry and padi field insurance cover

The Agriculture and Agro-based Industry Minister wants to provide insurance coverage for chickens as well as padi fields that are destroyed during calamities.

Details such as the premiums will be worked out to ensure that it benefits both the insurers and the farmers.

Source: The Star

Impact of economic downturn on GI industry

The general insurance industry is predicting the following impact of economic downturn:

• Rise in claims (e.g. vehicle theft claims, fire, robbery, other property theft claims), due to increase in crime rate
• Cost cutting by companies, hence preventive measures will be deferred
• Increase in moral hazards, e.g. fire claims

Source: Business Times

Industry New Business Statistics

The general insurance industry grew 3.2% in 2008 recording RM10.5 bil gross direct premium, contributed strongly by the non-motor sector.

Other industry statistics:

• Medical & health grew 16.7%
• Liabilities grew 10.5%
• PA grew 9.2%
• Life insurance NB annual premium equivalent: RM7.2 bil (2008), RM7.6 bil (2007)
• Ordinary life: 18.6% growth

Source: The Star