Top 5 general insurers in Malaysia

There are about 22 general insurance companies in Malaysia. Some focus more on motor insurance, well other maybe are not so interested in motor insurance. But, motor insurance is highest premium contributor at about 48%, followed by fire insurance at about 19%.

Based on figures from PIAM (General Insurance Association of Malaysia), the following are the Top 5 Insurers in Malaysia for year 2019 for the motor insurance. Knowing the top 5 general insurers in Malaysia will help you to decide who you should insured your car insurance with.

Top 1 – Allianz General Insurance (16.3%)

Top 2 – AmGeneral (15.2%)

Top 3 – AXA Affin General (8.9%)

Top 4 – MSIG (7.3%)

Top 5 – Zurich General (6.6%)

Interestingly, the top 5 insurers already commanded over 54% of the total motor insurance market. Leaving the remaining 43% among the 17 insurers. Thus, if you are looking for insurer to insured your vehicle. Consider these Top 5, they are among the top for a reason. Either they are actively promoting themselves as a serious insurer or their service level must be good to be able to remain at the top position.

If you are comparing insurers, do not just look at price only. Pricing should not be the considering factors, you should also consider the following:

  1. Reputation – Insurer who promptly pay out claim without delay
  2. High service level – Insurer who are able to respond to you quickly
  3. Superior product – Added features, road assist, towing mileage etc
  4. Nationwide Network – Good choice of Panel workshops
  5. Financial Strength – Ability to pay fast

Like buying a car, you cannot expect the price of a proton and performance of an Audi. They are designed for different needs. Proton is build for the economy usage, easy available of parts while Audi is about speed, control and respond. Thus, if you can afford, stick to the more reputable insurers for a better piece of mind.

If you are not sure whom you should insure with, consult your agent, they would be in a better position to advice you. Sometime, you can get thing done faster and better with their professional help. This bring the next topic, should you renew insurance yourself or through an agent?