AXA Affin General Insurance Bhd revealed that more than 80% of the vehicles that it towed during one of the floods in Malaysia last year are not protected against flood damages. More specifically, only 18% of them had opted in for flood or special perils coverage.
The insurer noted that although there was a slight uptick in the take-up rate of flood coverage among its policyholders after such catastrophes – with 3.9% of AXA’s motor insurance policyholders adding on flood cover this year – most Malaysians were still grossly under-insured. Worse, many are also unaware of the importance of flood insurance.
Chief executive officer of AXA, Emmanuel Nivet commented that the public often recognise the importance of insurance protection only after it is too late, when they do not have the means to replace their damages 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.
Nivet further stressed the necessity of flood insurance, and reminded the public that flood and special perils coverage is usually offered as an optional protection under most comprehensive motor policies. As such, you must request to add on this coverage.
Separately, the General Insurance Association of Malaysia also found that only 4% of Malaysians nationwide are protected against flood damages – which hints at the need to increase awareness among the people.
(Source: AXA Affin General Insurance)
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