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Up to RM3 Billion payout for flood-related insurance claims and general insurance industry pledges additional RM2.4 Million CSR Initiative

Kuala Lumpur, Tuesday, 28 December 2021 – Due to unusually severe floods as widely reported in various parts of the country, the general insurance industry is potentially facing upwards of RM2 Billion - RM3 Billion in total flood-related claims exposure. These estimates include actual and potential personal lines and commercial risks claims directly resulting from the recent flash floods and the upcoming monsoon season in the weeks and months ahead.

In addition to above estimated total claims payout for this event, the general insurance industry is rising to the occasion and will be lending a helping hand by donating and contributing RM2.43 Million to a newly established Flood Relief Fund @ Dec 2021 (“the Fund”), as a Corporate Social Responsibility (CSR) initiative to support the adversely affected motoring community during these difficult times. This general insurance industry’s initiative will be over and above existing commitments by insurers, since the flood disaster occurred, to:

  • expedite claims settlement,
  • provide additional special relief measures, and
  • further ad hoc ex-gratia assistance, as determined by individual general insurers.

This CSR assistance will initially be in the form of a subsidy towards a clean-up at workshops for vehicles directly affected by the floods (note: not repairs at this stage), capped at a one-off per vehicle subsidy of RM500 for cars/commercial vehicles and RM100 for motorbikes.

Claimants will need to produce requisite evidence of flood damage to their vehicles and proof of previous insurance cover. The said vehicle must be either currently insured (any type of Motor policy with or without flood cover is eligible) or a vehicle that was last insured on 1st June 2021.

At this stage, the Fund will be closed once the pledged amount of RM2.43 Million has been exhausted.

In concert with its Corporate Social Responsibility objectives, PIAM welcomes contributions from other parties or industries towards this Flood Relief Fund which will extend the longevity of the Fund and consequently assist more affected motorists. Expressions of interest can be forwarded to the Association’s contact details below.

Operational aspects and details on how affected motorists can claim towards this CSR initiative will be announced soon. In the interim, we would advise affected motorists to take note of the above claim requirements relating to eligibility and documentary/photographic evidence.

BY PERSATUAN INSURANS AM MALAYSIA (PIAM)

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