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MEMBERS OF PIAM AND MTA TO PROACTIVELY ASSIST FLOOD VICTIMS
Measures Undertaken To Relieve Flood Victims’ Financial Burden
Kuala Lumpur, 10 December 2013 – The members of the General Insurance Association of Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have joined forces to proactively assist flood victims around the country. This is to address the needs of flood victims particularly in the East Coast, Johor and Malacca as a result of the northern monsoon season, which usually occurs between the months of November and March every year.
In an effort to alleviate the financial burden of businesses and individuals affected by the floods, members of PIAM and MTA will be implementing several measures. These include allowing the payment of annual premiums on an instalment basis and expediting the settlement of claims by the insured. In the case of certain bigger claims which may require longer processing time, considerations will be made to allow for interim payments of a certain percentage of the total estimated cost pending full settlement. Furthermore, members of PIAM and MTA are committed to continue providing flood coverage for residents and businesses.
“This is a difficult time for business owners and homeowners whose livelihoods are affected by the flood. Both PIAM and MTA are concerned for their wellbeing and believe that the measures implemented with the help of our members will significantly reduce the financial burden of those affected,” said PIAM Chairman, Mr. Chua Seck Guan.
For those who are not affected by the floods but are in danger of being victims of this occurrence, the Associations have recommended the following preparatory measures if you are located in a flood prone or low lying area:-
i) Prepare waterproof containers for valuables and important documents;
ii) Be ready to evacuate to higher ground if you are staying/situated in a low lying area;
iii) For homeowners, when evacuating, secure your furniture and empty the refrigerator and cupboards and leave the doors ajar
iv) Electrical appliances which can be carried should be moved to higher ground
v) Disconnect electrical appliances which cannot be carried
vi) Take care of personal hygiene by ensuring drinking water is boiled
vii) Stay away from fallen power lines or buildings which are flooded
As circumstances of each case/claim may differ, the public who are affected and unsure of their position can contact the PIAM Secretariat or MTA for more information and clarifications. Please do contact the PIAM Secretariat at its Complaints Action Bureau at complaints_action_bureau@piam.org.my or at Tel No.: 03 – 22747399 or the MTA Secretariat at enquiries@malaysiantakaful.com.my or at Tel No. : 03 – 20318160.
About the General Insurance Association of Malaysia (PIAM)
PIAM is the national trade association of all licensed direct and reinsurance companies for general insurance in Malaysia. Currently, PIAM has 30 member companies. More information on PIAM can be obtained from its Web site: www.piam.org.my.
MTA is a trade association for all licensed Malaysian Takaful operators and Retakaful. It has 16 member companies, comprising 8 composite Takaful operators, 4 family Takaful operators, and 4 retakaful operators. For further information about MTA, please go to www.malaysiantakaful.com.my.