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

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Magazine Issue: 
Tomorrow’s reinsurance [3]
Magazine date: 
Dec 2021

fire fightingAccording 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.

Read also | Malaysian Takaful insurance market in the first half of 2021 [4]

Mon, 20/12/2021 - 09:55

Source URL: https://www.atlas-mag.net/en/article/majority-of-homes-are-not-covered-by-fire-and-flood-insurance

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-186-december-2021
[4] https://www.atlas-mag.net/en/article/malaysian-takaful-insurance-market-in-the-first-half-of-2021