Zurich: Majority Of Malaysian Homes, Assets Not Insured For Flood Damage
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(Image: AFP/Arif Kartono)

Zurich Malaysia has once again expressed concern over the fact that a majority of Malaysians continue to remain uninsured or underinsured against flood coverage, especially home and car owners. Specifically, one in every two Malaysians do not have insurance coverage for their homes, and 74% of homeowners are not insured against floods.

Citing data from an earlier survey conducted back in September 2021, chief executive officer of Zurich General Takaful Malaysia, Shamsul Azman also noted that 43% of homeowners are not aware that the content of their homes are not necessarily covered under home insurance or takaful. Meanwhile, 59% of vehicle owners do not have adequate protection against flood damage.

Given the annual occurrence of floods, Shamsul shared his misgivings for these unprotected assets. “The overall losses from the major floods that hit the country last year were estimated to be worth RM6.1 billion. Damage to homes caused losses of RM1.2 billion while damage to vehicles was estimated at RM1 billion,” he said, adding that the burden of these losses could be minimised with the help of insurance or takaful coverage.

As such, Shamsul urged both home and vehicle owners to consider taking special perils coverage to better protect their assets from damages caused by such disasters. They should also take note of key features of the policies that they buy; for instance, the special perils coverage offered by Zurich Malaysia under its vehicle insurance provided protection for both vehicles that are being driven or are in static mode (stationary/parking).

Similarly, Zurich Malaysia also offers a conventional and shariah-compliant Z-Home Protect Takaful plan that protects both the policyholder’s home and the content within.

(Source: Malay Mail)

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6 months ago

The blog post on RinggitPlus sheds light on a concerning issue: the lack of flood insurance coverage for Malaysian homes. The author’s use of statistical data effectively highlights the extent of this problem, emphasizing the vulnerability of homeowners to potential flood-related losses. The post serves as a wake-up call for Malaysians to prioritize flood insurance and take necessary steps to protect their homes and assets. It is an important reminder of the importance of being prepared for unforeseen events and mitigating financial risks. Thank you to RinggitPlus for addressing this crucial topic and raising awareness about the need for flood… Read more »

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