General Insurance Association of Malaysia (PIAM) Chief Executive Officer Mark Lim was quoted in a report in The Star Online as saying that for the first half of 2016, the insurance industry incurred claims amounting to RM2.41 billion.
“This equates to a staggering RM13.2 million per day payout in motor claims for property damage, bodily injury and vehicle theft.”
However, Lim pointed out that there was a drop in car theft cases in the first quarter of this year compared with the same period last year.
“The total number of stolen vehicles for all classes in the first half of this year was 11,796 vehicles compared with 12,412 for the same period in 2015.
“This represents a five per cent reduction in the number of vehicle thefts,” Lim said when releasing the industry’s half-year report here Wednesday.”
According to the Star Online, Malaysia was ranked sixth in the world for car theft last year.
The Vehicle Theft Reduction Council of Malaysia (VTREC) reported that a total of 4,539 private vehicles, 7,122 motorcycles and 751 commercial vehicles were reported stolen in the first quarter of 2015.
In the same period this year, a total of 4,472 private vehicles, 6,502 motorcycles and 821 commercial vehicles were reported stolen.
Despite the high auto theft rates, PIAM Chairman Antony Lee said the general insurance industry recorded a moderate growth rate of three per cent for the first quarter this year, with gross written premiums of RM9.34 billion compared with RM9.07 billion for the same period last year.
Among the top 10 car models preferred by car thieves in 2014 were the Proton Wira (1,268), Toyota Hilux (762), Proton Iswara (717), Proton Waja (694), Perodua Kancil (638), Perodua Myvi (477), Proton Saga (414), Proton Satria (273), Toyota Vios (252) and Proton Perdana (243).
In 2015, the top 10 cars stolen were the Proton Wira (1,214), Toyota Hilux (595), Proton Iswara (552), Perodua Kancil (550), Proton Waja (538), Perodua Myvi (379), Proton Saga (318), Proton Satria (238), Nissan Vanette (208) and Honda Civic (200).