Malaysian insurance group estimates flood claims payout at RM3b
KUALA LUMPUR, Dec 28 ― The General Insurance Association of Malaysia (PIAM) today said it estimates payout from claims as a result of the devastating floods that swept across the peninsula could total RM3 billion.
As such, it pledged to add RM2.4 million to its recently launched flood relief fund to cushion the losses suffered by motorists with water-damaged vehicles.
It said the additional fund is part of its corporate social responsibility (CSR) initiative,
It also promise to speed up the settlement of claims and ad hoc ex-gratia assistance given 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 June 1 2021,” PIAM said in a statement.
The association said it will announce later the details of how affected motorists can apply for claims from the CSR initiative.
“In the interim, we would advise affected motorists to take note of the above claim requirements relating to eligibility and documentary/photographic evidence,” PIAM added.
The group also said it welcomed contributions from any other party or industry to increase its flood relief fund.
Previously, PIAM and the Malaysian Takaful Association assured policy holders insured against flood damages that they would expedite the claims process, and that “special considerations” will be given on a case-by-case basis.
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