The General Insurance Association of Malaysia (PIAM) revealed that there was a 23% decline in motor theft counts last year compared to 2016. In total, 15,323 vehicles were stolen, led by motorcycles with 8,874 units, followed by private cars contributing 5,625 units and the balance 824 units of commercial vehicles.
In the report published by New Straits Times, the top 10 private cars that are stolen in Malaysia in 2017 are:
- Proton Wira – 654 units
- Toyota Hilux – 537 units
- Perodua Kancil – 378 units
- Proton Iswara – 340 units
- Perodua Myvi – 290 units
- Proton Waja -231 units
- Proton Saga – 214 units
- Honda Civic – 133 units
- Honda City – 119 units
- Toyota Vios – 117 units
Motor premiums increased to RM8.32 billion, a growth of 2.0% versus 2016, while on a declining new vehicle sales (TIV) in 2017.
PIAM said that in 2017, total motor insurance claims paid out by the industry amounted to RM5.38 billion, on a daily basis this works out to a staggering RM14.7 million per day in claims for property damage, bodily injury and vehicle theft by all motor insurers.
This is a 7.2% increase compared to RM5.02 billion in claims paid out for 2016.
PIAM CEO Mark Lim said the establishment of Vehicle Theft Reduction Council of Malaysia Berhad (VTREC) has shown to be effective in reducing vehicle theft, and commended the efforts of all parties and agencies involved.
VTREC is a multi-stakeholder platform comprising governmental agencies and the insurance companies working together to eradicate vehicle theft nationwide.
In an effort to reduce motor insurance fraud in Malaysia, the insurance industry has launched the Fraud Intelligence System (FIS) in October 2017. Deploying the latest data analytics technology, FIS will provide fraud alerts to insurers when a claim is first submitted by a motorist.
The system will help expose fraud syndicates at work and provide leads for detailed investigation by insurance companies eventually leading to their prosecution under the law.