AXA Affin: Over 80% of towed vehicles do not have flood cover

by S BIRRUNTHA / pic by TMR FILE

MORE than 80% of vehicles that AXA Affin General Insurance Bhd towed did not have flood insurance coverage during one of the floods that hit the country last year.

According to AXA Affin, there was a slight increase of take-up rate following the flood incident and about 3.9% of AXA Affin motor insurance policyholders have added on flood cover this year.

However, the insurer said that many Malaysians are still grossly under-insured and have low awareness towards the importance of flood insurance.

AXA Affin CEO Emmanuel Nivet said in truth, people only realise the importance of insurance protection after a significant incident, when they have no compensation or means of replacing their damage and losses.

“Such mindset should change as insurance is not about prediction or investment, but a precautionary measure to protect against unforeseeable risks and ensure greater financial protection and peace of mind,” he said in a statement today.

Commenting further, Nivet said flood insurance is a necessity, and it is important to adequately insure vehicles, homes and belongings to minimise the financial impact of such a peril, should it arise.  

He added that as flood is an optional cover under most comprehensive motor policies, Malaysians are advised to purchase or add on their insurance plan to include flood or special perils cover (which insures against not only flood, but also storm, landslide or other convulsions of nature).

With the coming of monsoon season and rainfall, flood risk is imminent and it will continue to pose a huge concern as many Malaysians are still uninsured against flood.  

Citing a staggering statistic from the General Insurance Association of Malaysia, only 4% of Malaysians nationwide have purchased flood insurance coverage.

AXA Affin’s flood cover for vehicle and home can be purchased directly from AXA Affin, its agents, partners or online insurance marketplaces.  

In the event of flood, AXA Affin is committed to render assistance to all policyholders by offering expedited and easy claims process, complimentary towing assistance, dedicated 24-hour hotline service and more.

Meanwhile, to foster greater awareness and adoption of flood insurance, AXA Affin has launched the #BeFloodSmart campaign on its social media platforms to share educational tips and information about flood and insurance protection.