However, underwriting profit contracted by 23 per cent to RM1.56 billion mainly due to losses in both motor as well as medical and health insurance lines of business.
Following the full reopening of the economy in 2022, the economic outlook, however, is tempered by forecasted risks of global economic recession and other global headwinds, PIAM said. Meanwhile, premium for fire in 2022 rose by six per cent to RM3.82 billion versus 2021 with underwriting margin improving to 39.1 per cent owing to improved claims experience.
Medical and health insurance saw a one per cent rise in premium to RM976 million compared to 2021. However, MHI underwriting margin more than halved to five per cent in 2022 from 12.1 per cent in 2021 due to higher claims.
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