Marine and hull, oil and gas drives premium stagnation
Posted On: Feb. 24, 2017 5:00 AM CSTThe General Insurance Association of Malaysia has said that the nation's general insurance industry grew 1.1% in 2016, compared to more than 2% in 2015, Asia Insurance Review reported. Gross written premiums reached nearly 18 billion Malaysian ringgit ($4 billion) in 2016. Fire insurance premiums grew 5% to more than MYR 3 billion. Marine, aviation and transit insurance declined by almost 8%, with gross written premiums of MYR 1.6 billion due to reduction in marine hull insurance and contraction in the oil and gas sector.