The Persatuan Insurans Am Malaysia (PIAM), also known as the General Insurance Association of Malaysia, has confirmed the appointment of its board of directors for the term spanning 2024 to 2026, with the new leadership taking effect from April 25.
Ng Kok Kheng (pictured) has been appointed as chairman for a two-year period.
Ng brings extensive industry experience, having spent over three decades in the insurance industry, including 17 years as the CEO of Great Eastern General Insurance (Malaysia) Berhad.
“I am honoured to be entrusted with the leadership role by my fellow board directors. I look forward to collaborating with the board to represent the general insurance industry in optimising opportunities and strengthening awareness of emerging risks and new technologies brought about by regulatory structural reform and an accelerated pace of macro-environment changes in recent years. Importantly, PIAM and its members will continue to work to ensure Malaysians benefit from a financially strong general insurance industry offering a wide range of insurance protection solutions and services for individuals, businesses, and communities alike,” he said.
Antony Lee, the CEO of AIG Malaysia Insurance Berhad, served as deputy chairman.
The newly appointed PIAM board of directors for 2024-2026 comprises:
Ng also expressed his gratitude to the retiring board directors:
PIAM represents all licensed general insurance and reinsurance companies in Malaysia, with a current membership of 23 companies.
The general insurance sector in Malaysia is forecasted to expand significantly, with projections indicating it will reach $6.8 billion by 2028, as per data from analytics firm GlobalData.
The market is expected to grow at a compound annual growth rate (CAGR) of 7.8%, increasing 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).
According to GlobalData’s Insurance Database, the sector is projected to grow by 8.3% in 2024, with motor and property insurance anticipated to constitute 73% of the general insurance DWP for that year.
Sneha Verma, an insurance analyst at GlobalData, said the sector saw slower growth in 2023 compared to the previous year. However, she expects a rebound in 2024, driven by higher premium rates across general insurance lines due to increased claims and high inflation, alongside rising demand for natural catastrophe insurance as extreme weather events become more common.
