Motor policy complaints in Malaysia drop over past five years
Complaints fell to 1,025 in 2020 from 2,159 in 2016.
The number of complaints and disputes on motor insurance policies and certificates in Malaysia have been dwindling over the past five years, despite an increase in policies being issued, according to a statement from the Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA).
Citing data from the Bank Negara Malaysia and Ombudsman of Financial Services (OFS), the number of complaints fell to 1,025 in 2020 compared to 2,159 in 2016, with dispute cases filed in the OFS also dropping to 147 in 2020 from 446 in 2016.
The total number of complaints and disputes represented less than 0.006% and 0.001% respectively of the total 18 million motor policies/certificates issued in 2020, the statement explained.
The average motor premiums for all types of motor policies have also been on a declining trend over the past five years, notwithstanding yearly underwriting losses in motor between 2011 to 2019.
In the same statement, both PIAM and MTA assured clients that the industry places great importance on overall customer experience which would include efficient complaints handling.
“Complaints received, particularly on Motor insurance/takaful being the largest industry sector, are vital for the industry to understand issues consumers are facing for improvement purposes. This will help our member companies in achieving greater customer satisfaction which is essential in building customer loyalty, retention and advocacy.”