3 out of 5 Malaysian motorists lack flood insurance

Only 34% are covered by flood damages such as falling trees.

As much as 59% of Malaysian motorists are not covered against flood damage, according to a survey by Zurich Malaysia.

The Impact of Pandemic on Protection survey by Zurich Malaysia revealed that in addition to flooding, landslides, and falling trees are potential perils that Malaysian motorists are not prepared for, with only one in three active motorists (34%) reported having coverage for storms including falling trees, and only 29% are covered for landslides.

The insurer said this is a cause for concern because Malaysia regularly experiences monsoon seasons, such as the current Northeast Monsoon season from November until March next year. 

The Malaysian Meteorological Department has warned certain states are expected to have higher than average rainfall of between 450 mm and 1,000 mm in November and December.

The survey also found that in terms of renewing their motor vehicle insurance and takaful, Malaysians still engage agents to do so. Out of 990 respondents who own a motor vehicle, 38% chose to go through an agent despite the availability of online portals. 

However, online portals were the most preferred method with 43% of the motorists utilising them. 

“This shows the importance of digital tools in today’s market. Meanwhile, 16% of Malaysians opted to visit a physical kiosk or post office themselves to renew their insurance personally,” Zurich Malaysia said.

In terms of motor insurance and takaful coverage, a trend was revealed by the survey that most Malaysians prefer plans that cover all drivers (36%) instead of just named drivers in the policy (34%). 

The Impact of Pandemic on Protection survey was conducted in late September 2021 in which 1,201 Malaysians from all states were engaged. Out of 1,201 Malaysians, 990 were vehicle owners.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The new Singapore head has been with Chubb since 2014.
The insurance veteran will also lead AIA’s Group Strategy and Corporate Development.
Policies bought by Mainland visitors also decreased due to travel restrictions.
The Singapore-based reinsurance broker has set up a new subsidiary in the country.
Mitsui plans to rebrand the Singaporean broker.
Insurance income soared 37.3% for the first nine months of the year.
This is despite the prediction that the industry would reach $313b by 2025.
The life insurance subsidiary grew by 8.2% in the first nine months of 2021.
It is expected to grow at a compound annual growth rate of 5%.
The plan offers protection for major critical illnesses such as cancer and heart diseases.
It plans to position the new insurtech as the digital R&D hub of the group.
Only 4% of surveyed homeowners knew precisely what it construe.
The insurer also plans to become a financial group.
This is to encourage them to obtain and retain their private health insurance.
It will become the first wholly foreign-owned life insurance company in China.