In The News

Liberty Insurance has launched Liberty Tenang insurance plan in support of the government’s Perlindungan Tenang (PT) initiative and to maximise coverage for the population.

With the annual premium amounting to RM75 or more depending on the amount of coverage, the insurance firm said in a statement that Liberty Tenang is the best insurance plan in the market.

“This insurance plan comes with a maximum coverage of RM60,000 for accidental death, permanent disability or double indemnity due to public conveyance accident. This plan also covers medical expenses due to accidents, dental or corrective surgery, prostheses, wheelchair benefit, ambulance fee, funeral expenses and bereavement allowance,” the statement said.

At present, more than half of Malaysians are uninsured which has prompted the government to assist in making insurance coverage more affordable, especially for those in the lower-income bracket. In Budget 2022, the government announced that those in the B40 group are eligible for a RM75 voucher, redeemable for the purchase of a PT plan.

Liberty said the initiative is to ensure that more people will get insured, especially the road users. According to Police Traffic Investigation and Enforcement Department’s Chief Assistant Director, Bakri Zainal Abidin, one person dies from a road accident every 84 minutes. Such occurrences often leave victims in a lurch, especially financially, with no means of paying high medical bills or even funeral expenses.

It added that one of the most common reasons why so many are uninsured is because insurance is too costly. Therefore, Liberty Tenang is designed with an affordable price with different plans tailored to suit each individual’s need. Additionally, the Perlindungan Tenang initiative also calls for the Sales and Service Tax (SST) waiver and Stamp Duty exemption, applicable for all applicants. For the B40 segment, this will be on top of the RM75 voucher.

According to Liberty, there are no lengthy application forms to be filled for PT. Instead, with just a few clicks, a client can get insurance protection immediately. Similarly, claims processes are hassle-free and efficient with the options of making claims right from the phone, through a dedicated hotline.

“There is no one right insurance package for everyone as all needs are different. Most insurance plans are flexible as insurance companies understand the different expectations and financial burdens that each individual has,” it said, adding that the PT can be tailored to suit an individual’s needs.

There is a 15-day Free-look Period, where the policyholder can cancel the policy. The policyholder will receive a full refund of the premium paid, as long as no claim has been made within this period.

 

Read the full article here

Subsequent Merger of Operations is Expected to Make Liberty Mutual the Largest Motor Insurer and a Leading General Insurer in Malaysia 

 

Kuala Lumpur (28 JULY 2022) – Liberty Insurance Berhad (LIB), an owned subsidiary of Liberty Mutual Insurance (Liberty), has completed the deal to acquire AmGeneral Insurance Berhad (AmGeneral) following the receipt of regulatory approval in Malaysia and signing of the share sale and purchase agreement with AmBank Group (AmBank). 

AmGeneral was previously 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group (IAG). With deal completion, Liberty Insurance Berhad (LIB) has acquired 100% of the shares of AmGeneral, and AmBank Group’s share of the sale proceeds are in the form of cash and consideration shares, which results in AmBank Group holding a 30% interest in the Liberty Insurance Berhad and AmGeneral businesses. 

As part of the transaction, the prospective merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank Group to distribute general insurance products. The AmGeneral and Liberty Insurance Berhad operations will, at a subsequent date, be formally merged.  

“This is an exciting moment for Liberty in Malaysia as we look to become the largest motor insurer and a leading general insurer in Malaysia,” said Defne Turkes, Liberty Mutual’s Global Retail Markets East President & Chief Operating Officer. 

“We recognize the great value of the AmGeneral franchise and the strong team behind it. AmGeneral is skilled in managing a large motor insurance portfolio, has strong established relationships, and deeply entrenched brand value amongst customers and intermediaries.  

“As we work toward integration, we will recognize the best insights and practices from both operations to co-create a better experience for our customers and business partners in terms of value, ease and access. I look forward to realizing all that we can accomplish together.” 

 

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About AmGeneral 

AmGeneral serves the Malaysian insurance market through approximately 1,400 employees at 33 branch locations. A top three motor insurer with a growing business in additional product lines, the company distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through more than 6,000 agents, brokers, car dealers, franchises and affinity partners, and its fast-growing digital and direct capabilities. 

About Liberty Insurance Berhad  

Based in Kuala Lumpur, Liberty Insurance Berhad (LIB) employs approximately 450 employees at six regional offices and 24 branches across Malaysia. The company distributes its personal, commercial and other product lines through multiple channels, including a 2,000-agent work force, plus franchises, car dealers and banca partners. LIB aims to provide a convenient and hassle-free service that is easily accessible from wherever you are.   

About Liberty Mutual Insurance 
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.  

In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 78th on the Fortune 100 list of largest corporations in the U.S. based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue.   

We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

Published in Focus Malaysia on 5th September 2022

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HAVE you ever wondered about the health status of your vehicle? 

Sure, we put a lot of thought and emphasis when it comes to our health but what about our four wheels that strive to keep us safe on the road? 

Just like us, our vehicles also need to undergo regular health checks to ensure it is operating at optimum safety levels at all times.  

With the upcoming school holidays and patriotic holidays – Malaysia Day on Sept 16 – vehicle health checks are even more crucial before driving off on a road trip with the family or for balik kampung journeys. 

This could potentially save you from being stranded on the highway due to a breakdown or accident, especially when the roads are going to be jam-packed with thousands of holiday-goers.  

To avoid such inconveniences, here are five basic vehicle health checks that should be done on a regular basis:

Always remember your tyres! 

Checking the condition of your tyres should be made a habit, no matter a long or short drive, as a tyre in a dire condition is a hazard to everyone on the road. 

Without healthy tyres, drivers may find themselves skidding on a slippery road or even find that the brakes do not grip as well. 

Aside from ensuring there’s a spare tyre in the boot and checking the tyre’s air pressure, drivers should also check the tyre alignment, the thickness of the brake pads as well as the tyre tread.   

Swish, swish goes the wiper blades 

Most drivers would not even think twice about the condition of their wipers as long as it is still swishing and wiping rainwater away. 

However, the health of wiper blades deteriorates too, especially when parked daily under the humid and hot sun. 

Look out for these signs and know when to get them changed: the rubber blades arecracked or peeling off, the blades leave streaks on the windshield, there is squeaking or the wiper frame is bent or looks damaged. 

Signal left or right, are your lights alright? 

Every single light on the exterior of the car is equally important and it should be in good working condition at all times. 

However, it can get a bit tedious when it comes to maintaining the lights because chances are drivers would not even know if they are faulty. 

Whenever possible, perform a simple check at home to ensure all lights are in good condition. 

Aside from the headlights, rear lights and fog lights, other more important lights to note are the indicator lights for switching lanes and brake lights to alert other drivers to slow down.  

Battery problems?  

One of the first signs that the car battery is about to die is when you have trouble getting the car to start. 

The moment when the car starts chugging or huffing as you turn the ignition on, drive to your mechanic to get those batteries checked and changed if necessary. 

It is also good to note the lifespan of your battery and make a note of it somewhere in the car or on your phone so that you can remember.  

Ensure a cooler vehicle for a cooler drive 

While checking engine oils, also check the coolant levels in the vehicle as it might trigger a fire when heat cannot escape from the engine bay due to overheating. 

In simpler words, the engine radiator and cooling systems are what prevent a vehicle from overheating.

The most common causes are faulty radiator fans, cooling system leaks and low coolant levels. 

Never remove a radiator cap when the engine is hot as hot liquid could squirt out and injure you. 

If unsure, it is best to seek professional help at the mechanic.   

Get motor insurance

In addition to performing these routine checks to ensure your vehicle is operating in tip-top shape, one other important measure to consider is getting motor insurance. 

Similar to how health insurance may potentially save your life and looming medical costs, motor insurance can do the same. It is like a safety net to ensure your motor vehicle, along with the driver and passengers, are well covered and insured.

At Liberty Insurance, our Private Car EZY Plus – Comprehensive insurance is a holistic coverage plan to get as it doesn’t provide coverage only against own damage and third-party losses but also covers medical expenses, permanent disability or death in the event of an accident on the road, as well as child seat replacement if the seat is damaged due to accident, theft or flood.   

In addition to this, you can also buy one of our bundle add-ons that include coverage on PA for passengers, flood allowance, 24-hour unlimited mileage towing, side mirror damage and others.   

Liberty Insurance also offers an efficient claim process with its Liberty Own Damage (OD) Express Claim that is only applicable with its Private Car EZY Plus – Comprehensive plan. Claims can be made via any smartphone and the accident must be reported within 48 hours for express claims disbursement.  

To find out more about Liberty Insurance’s motor insurance and its claims process, visit www.libertyinsurance.com.my — Sept 5, 2022

 

Liberty Insurance offers comprehensive insurance solutions with a variety of vehicle, travel, home, business and health plans. 

The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.

Published in thesundaily.my on 11th September 2022

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BUSINESS insurance, especially for small medium enterprises (SME), is one that has often been misjudged time and again. Unlike personal insurance, business insurance may seem a little confusing and challenging to business owners who have little to no understanding about it.

Most business owners choose to opt out of having business insurance because they do not see it as a necessity. However, business insurance is crucial to protect businesses from unforeseen circumstances.

Here are the top five most common myths about business insurance:

Myth 1 – Insurance is not a necessity for small businesses

This is a dangerous assumption to make because no business is too small or too big for insurance coverage. When it comes to risks such as fire, theft or flood, these perils do not choose their victims based on size; it can happen to anyone when least expected. Even with a small inventory or asset, a fire is fully capable of destroying it and everything you have worked for. This is why it is even more crucial for smaller businesses to get sufficient insurance coverage because they cannot afford to have their invested savings all wiped out by a fire with no insurance payout to help them restart.

Myth 2 – A home insurance covers home-based businesses

Insurers do not consider home and business insurance under the same category, even though your business is home-based. They are two separate entities and should be treated as such. For example, if a flood or fire damages business assets or equipment, general home insurance will void the claim because those items are not insured under the home insurance. With a separate business insurance, it will specifically protect your assets, equipment and any other losses related to your business.

There is also a misconception that business insurance only covers things like the business premises or other big machineries. However, this is not the case as believing it will potentially cause you and your business an even greater loss in future.

Myth 3 – Business insurance will burn unnecessary holes in pockets

This is not true as business insurance can actually be really affordable. Business insurance comes in many different options and prices that can normally be catered to suit your business. It is actually a small price to pay in return for safeguarding a business that was literally built with your blood, sweat and tears. Let’s reassess this in a different light, if you think that business insurance is expensive then what about the mounting cost for extensive repairs, replacement of damaged equipment, lawsuits, accidents and so on? Weigh it and you will realise that getting business insurance is worth it.

Myth 4 – Having legal protection for businesses is a waste

You must be thinking, “why would I need legal protection for my business if the chances of getting into legal trouble or being sued is very slim”. The truth is, when dealing with people, conflicts and disputes are bound to happen and when it blows up, chances are legal action might be taken – either by own employees or customers.

To safeguard your business, legal protection is needed as this gives business owners an added protection against financial losses from any potential lawsuits. Business owners can also put their mind at ease knowing that they would have the best legal consultancy services at their disposal.

Myth 5 – A company of only one worker can forgo a business insurance 

Be it one, five or 50 workers in a company, business insurance is still necessary even if it is just for a party of one and it does a lot more than just disburse claims when an unfortunate incident happens. A business insurance also shows others how serious and legitimate your small company is. It will also give other bigger companies a sense of confidence and reliability when going into a partnership or business deal.

Business insurance is also important for specialised companies that are engaged in risky business such as construction for example, and it can ensure proper and sufficient coverage even if it is only for one person.