The general insurance industry in Malaysia saw a 10% increase in gross direct premiums to MYR19.4bn (USD4.4m) for 2022, outpacing the country's GDP growth rate for the first time in years. However, underwriting profit declined by 23% to MYR1.56bn due to losses in Motor and Medical and Health Insurance lines of business. The Motor portfolio recorded a loss after two years of profit, with the number of accidents increasing by 58% in September 2022 compared to the same period in 2021. Motor and Fire lines of business remained the top premium contributors, while Personal Accident insurance saw a significant growth in premiums due to the Perlindungan Tenang Voucher program. More consumers are buying insurance online, with daily claims payouts at MYR19m in 2022.
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