Majority of homes are not covered by fire and flood Insurance in Malaysia

According to a study conducted by Zurich Malaysia, nearly 59% of homeowners in Malaysia are not covered by a fire insurance policy. This is alarming given the country's vulnerability to this type of risk. In 2020, the loss caused by fires amounted to 2.25 billion MYR (531.42 million USD).

In addition, nearly 74% of homeowners are not covered against flood risk. The Disaster Management Agency (NADMA) believes that 4.8 million people nationwide live in flood-prone areas.

The survey also shows that 50% of residents do not hold homeowners insurance policies.