2015 Motor Insurance Award Malaysia

We are very proud to present to you the winner of Malaysia’s first Motor Insurance Award. The winner has been voted by you. No sponsoring or payment by insurance companies have influenced the outcome.

Have you ever wondered, why it is hard to find on the internet who the best car or motorcycle insurance company is in Malaysia? The simple answer is that we pay less attention to insurance, because the topic is difficult and we rely on insurance agent to help select the right insurance. Also in 2015, the price or premium for car insurance is almost the same across all insurance companies. Read our article on Detariffication to learn more.

Are all the insurance companies the same?

Let me tell you, it is not true. Malaysia has currently over 30+ companies that sell insurance. 27 companies are allowed to sell car insurance. 8 of those 27 companies are Takaful companies. Takaful means that the companies follow Islamic law and are mostly mandatory for Muslims. In the next graph, you can find the top 12 companies that make up 80% of the market motor insurance market.

If bigger would mean better, life would be much easier. You can choose the biggest company and be happy about it. But in Malaysia, the biggest insurance companies do not provide the best service. Our motor insurance survey shows that some smaller companies provide better service. We have asked over thousands of people like you what they think about their insurance company to find out who the best in Malaysia is. Below you will find the top 3 winners of our 2015 Motor Insurance Award Malaysia.

Why does the 2015 Motor Insurance Award matter?

It matters a lot, because your health and your money are at risk. If you buy cheap insurance and the service of the company is bad, you lose money and might have a lot of problems, when you have an accident. In the worst case, the insurance company refuses you the right treatment or medication, so that you suffer pain or permanent health damage.

Who provides the best service?

Over thousands of Malaysian’s car and motorcycle owners have voted and the below table shows, how the 12 insurance companies are ranked. 100 is the highest score. The average score of all companies is 67.

BEST SERVICE

1. TAKAFUL – Etiqa Takaful 76 service points
2. Pacific & Orient Insurance Co. 70 service points
3. Liberty Insurance (Uni.Asia) 70 service points
4. MSIG Insurance (Malaysia) 69 service points
5. AmGeneral / Kurnia Insurance 68 service points
6. AXA Affin General Insurance 68 service points
7. AIG Malaysia Insurance 67 service points
8. Lonpac Insurance 66 service points
9. Zurich Insurance Malaysia 64 service points
10. Tokio Marine Insurans (M) 64 service points
11. Berjaya Sompo Insurance 63 service points
12. Allianz General Insurance 62 service points

BIGGEST COMPANIES

1. AmGeneral / Kurnia Insurance 17% market share
2. Allianz General Insurance 13% market share
3. TAKAFUL - Etiqa Takaful 8% market share
4. Liberty Insurance (Uni.Asia) 7% market share
5. MSIG Insurance (Malaysia) 7% market share
6. Tokio Marine Insurans (M) 6% market share
7. AXA Affin General Insurance 6% market share
8. Pacific & Orient Insurance Co. 4% market share
9. Zurich Insurance Malaysia 4% market share
10. Berjaya Sompo Insurance 3% market share
11. AIG Malaysia Insurance 3% market share
12. Lonpac Insurance 3% market share
Source: ISM Statistical Yearbook 2014. Motor business only

The biggest learning you can make is that although insurance companies provide similar service and cover, the service standards are very different. If you have a car insurance with Etiqa Takaful, the survey shows that people are 20% happier with the service than Allianz. If the price of insurance is the same, we suggest you to go for the company that offers better service and makes customers happier.

What company should I buy from?

There is no specific answer at this point, because price and cover of the insurance matter. When you go for renewal, ask your agent or reach out to one of the top 3 companies on our list and compare. If the price and cover is equal, you should go for the company with the better service level.

Make your voice count and sign-up now

Don’t forget, you too can let your voice be heard. Let us know your experience with your motor insurance company. Sign-up now with your email address, so that when we start the 2017 Motor Insurance Survey you will be one of the first to know. All Malaysians above 18 years of age with a valid motor insurance policy can participate in.

[wd_hustle id=”mia-2016-page”]