Malaysian insurtech company PolicyStreet is launching a limited-time promotion, offering free road tax (up to RM177, approximately US $38) to consumers who purchase its Drive+ membership. The event will be held from June 24th to 25th, aiming to alleviate the cost pressure that car owners may face due to the fuel subsidy reform. The original price for Drive+ membership is RM99.90, but the limited-time purchase price is only RM9.90. It includes installment payment plans, road tax updates, coupons, and claim assistance services. Yen Ming Lee, the CEO of PolicyStreet, said that this move is aimed at helping car owners manage vehicle expenses more flexibly during periods of economic uncertainty.
Data from the General Insurance Association of Malaysia (PIAM) shows that the general insurance industry grew by 6.9% in 2024, reaching 23.1 billion ringgit (approximately 5 billion US dollars), with auto insurance making a significant contribution, with premiums increasing by 6.7%. The registration of new cars rose by 2.1%, further promoting the development of the market. PolicyStreet’s promotional activities align with this trend, providing more convenient insurance and road tax management solutions for approximately 17 million private car owners in the country.
GlobalData predicts that the auto insurance market in the Asia-Pacific region will grow ata compound annual growth rate of 5.6%, with total premiums expected to reach 301.7 billion US dollars by 2029. The growth in electric vehicle sales, policy reforms and the application of digital technologies are the main driving forces. PolicyStreet’s move reflects how insurtech companies utilize innovative services to respond to market changes and meet consumer demands.
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