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Malaysia floods: estimated insured losses

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Magazine Issue: 
Insurance: the new trends [3]
Magazine date: 
Jan 2022

malaysia floodIn December 2021, Malaysia experienced the worst flooding in decades. Several states were affected, forcing more than 71 000 people to evacuate their homes and seek shelter in safe areas.

The General Insurance Association of Malaysia (PIAM) estimates the insured losses at 3 billion MYR (717 million USD). PIAM has taken into account future compensation claims for the upcoming monsoon season.

It should be noted that a Flood Relief Fund has been created on 21 December 2021. Malaysian insurers are injecting 2.43 million MYR (580 000 USD) in donations to help the stricken populations.

Read also | Majority of homes are not covered by fire and flood Insurance in Malaysia [4]

Fri, 07/01/2022 - 11:01

Source URL: https://www.atlas-mag.net/en/article/malaysia-floods-estimated-insured-losses

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