Allianz General sees 22% take-up for special perils cover

by ANIS HAZIM / pic by TMR FILE

ONLY 11% or approximately 123,000 out of 1.11 million insurance policy holders chose special perils cover as part of their private car comprehensive cover last year.

However, following the flood disaster last year, Allianz General Insurance Malaysia Bhd saw a take-up rate of 22% or approximately 15,000 out of 68,000 customers including new and renewals between Jan 1 to 17 alone.

Its CEO Sean Wang said the floods vividly confirm that insurance is necessary, especially when there are assets to protect.

“Yet, Malaysians are grossly under-insured as people favour a cheaper policy when choosing to forgo flood cover.

“There is a need to break the vicious cycle of economising our insurance policy. Either that or we risk continuing to be under-insured and short-changing ourselves in the process,” he said in a statement yesterday.

He noted that insurance for homes or vehicles can be purchased directly from the insurance provider, through intermediaries or via platforms like Pos Malaysia Bhd, online insurance marketplaces or insurtech start-ups.

Meanwhile, for the motorcycle insurance, Allianz General has built-in special perils cover for Allianz Motorcycle Plus product, launched in 2019, at no extra charge for customers.

Allianz General has also provided towing assistance to 1,590 customers whose vehicles were affected by the floods up until Jan 16, with only 193 vehicles (178 private cars and 15 motorcycles) having valid flood cover as part of their insurance policies.