The Persatuan Insurans Am Malaysia (PIAM), commonly known as the General Insurance Association of Malaysia, has formally announced the appointment of its board of directors for the tenure spanning 2024 to 2026. The new leadership officially commenced its duties from April 25.
Ng Kok Kheng, a seasoned figure within the insurance sector with over three decades of experience, has been designated as the chairman for a two-year term. Notably, Ng has served for 17 years as the CEO of Great Eastern General Insurance (Malaysia) Berhad.
Expressing his gratitude for the bestowed responsibility, Ng conveyed his eagerness to collaborate with the board in representing the general insurance industry’s interests. He emphasized the importance of adapting to regulatory reforms and swiftly evolving macro-environmental dynamics, pledging to focus on enhancing awareness regarding emerging risks and technological advancements. Ng underscored PIAM’s commitment to ensuring a robust general insurance industry, providing a diverse array of protection solutions and services catering to individuals, businesses, and communities.
Antony Lee, the CEO of AIG Malaysia Insurance Berhad, assumes the role of deputy chairman within the new board structure.
The composition of the newly appointed PIAM board for the term 2024-2026 is as follows:
- Gary Hoo, CEO of AIA General Berhad
- Antony Lee, CEO of AIG Malaysia Insurance Berhad (deputy chairman)
- Fukhairudin Mohd Yusof, CEO of Etiqa General Insurance Berhad
- Fabrice Benard, CEO of Generali Insurance Malaysia Berhad
- Ng Kok Kheng, CEO of Great Eastern General Insurance (Malaysia) Berhad (chairman)
- Puneet Pasricha, CEO of Liberty General Insurance Berhad
- Balasubramanian Nagarajan, head of Malaysian Branch at Swiss Reinsurance Co Malaysia
- Ng Hang Ming, CEO of Tokio Marine Insurans (Malaysia) Berhad
- Junior Cho, CEO of Zurich General Insurance Malaysia Berhad
In expressing his appreciation, Ng also acknowledged the retiring board members:
- Steve Crouch, CEO of Chubb Insurance Malaysia Berhad
- Noor Muzir Mohamed Kasim, CEO of Pacific & Orient Insurance Co Berhad
Jeremy Lee from Jason Teoh & Partners - PIAM, as the representative body for all licensed general insurance and reinsurance companies in Malaysia, currently encompasses a membership of 23 companies.
Projections indicate significant expansion within Malaysia’s general insurance sector, with forecasts estimating a market size of $6.8 billion by 2028, according to data from analytics firm GlobalData. The sector is anticipated to witness a compound annual growth rate (CAGR) of 7.8%, ascending from MYR22.6 billion (US$5.0 billion) in 2024 to MYR30.5 billion (US$6.8 billion) by 2028 in terms of direct written premiums (DWP).
GlobalData’s Insurance Database forecasts an 8.3% growth in the sector for 2024, with motor and property insurance expected to constitute 73% of the general insurance DWP for the same year.
Sneha Verma, an insurance analyst at GlobalData, noted a deceleration in growth within the sector in 2023 compared to previous years. However, she anticipates a rebound in 2024 driven by heightened premium rates across general insurance lines, attributed to increased claims, high inflation, and growing demand for natural catastrophe insurance amidst a rise in extreme weather events.
