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Insurance group: Estimated flood claims payout at RM3bln

Pix for representational purpose only.

PETALING JAYA: The General Insurance Association of Malaysia (PIAM) said it estimates payout from claims as a result of the severe floods recently could total RM3 billion.

The association also pledged to add RM2.43 million to its recently established flood relief fund to cushion the losses suffered by the motoring community during these difficult times.

“The additional fund is part of our corporate social responsibility (CSR) initiative.

“This CSR assistance will initially be in the form of a subsidy towards a clean-up at workshops for vehicles directly affected by the floods (note: not repairs at this stage), capped at a one-off per vehicle subsidy of RM500 for cars/commercial vehicles and RM100 for motorbikes.

“Claimants will need to produce requisite evidence of flood damage to their vehicles and proof of previous insurance cover. The said vehicle must be either currently insured (any type of motor policy with or without flood cover is eligible) or a vehicle that was last insured on June 1 2021,” PIAM said in a statement today.

The association said it will announce later the details of how affected motorists can apply for claims from the CSR initiative.

“In the interim, we would advise affected motorists to take note of the above claim requirements relating to eligibility and documentary/photographic evidence,” PIAM added.





Source: The Sun Daily

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