KUALA LUMPUR, April 19 -- In 2023, daily motor insurance claims in Malaysia - covering private cars, motorcycles, and commercial vehicles - averaged RM15.1 million, equating to approximately RM629,000 per hour for the nation's largest insurance sector.

This figure represents a significant jump from the RM13 million daily average recorded in 2022 and marks the highest increase in five years, according to the General Insurance Association of Malaysia (PIAM).

PIAM chief executive Chua Kim Soon said that alongside the soaring number of registered vehicles in Malaysia, the average cost for Own Damage (OD) claims also rose, primarily due to increasing repair costs.

OD refers to making a claim on one's own insurance policy in the event of an ...