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Measures Undertaken To Relieve Flood Victims’ Financial Burden
Kuala Lumpur, December 26, 2014 – The members of the General Insurance Association of Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have again joined forces to proactively assist flood victims around the country. This is to address the needs of flood victims in Kelantan, Pahang, Perak, Perlis, Sabah and Terengganu who have been evacuated to safer grounds.
In an effort to lessen the financial burden of businesses and hardships of individuals affected by the floods, members of PIAM and MTA will be adopting several measures. These include allowing the payment of annual premiums on an instalment basis and expediting the settlement of claims by the insureds. In the case of certain bigger claims which may require longer processing times, considerations will be given to allow for interim payments of a certain percentage of the total estimated loss pending full settlement later. Furthermore, insurance companies and takaful operators are committed to continue providing flood coverage for residents and businesses, when requested.
“The flooding this year is extremely severe and extensive, resulting in many people being evacuated from their homes. Business owners and home owners have been badly hit. Member companies of PIAM and MTA are on standby to help, and will implement measures to lessen the financial burden of all those whose livelihoods have been affected,” said the PIAM Chairman, Mr. Chua Seck Guan.
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. The PIAM Secretariat via email at firstname.lastname@example.org or call at Tel No.: 03 – 22747399. For takaful policyholders, the MTA Secretariat via email at email@example.com 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 29 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 15 member companies, comprising 8 composite Takaful operators, 3 family Takaful operators, and 4 retakaful operators. For further information about MTA, please go to www.malaysiantakaful.com.my.