In The News

Liberty Insurance is the Malaysian operations of the Liberty Mutual Insurance Group from the US, the sixth largest global property and casualty insurer. Liberty Mutual ranks 71st on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. Puneet Pasricha will give his views on the insurance industry and how it has evolved including the challenges faced during the pandemic, the company’s efforts in digital transformation.

Watch the video here.

PRESS RELEASE BY PERSATUAN INSURANS AM MALAYSIA

Kuala Lumpur, Tuesday, 28 December 2021 – Due to unusually severe floods as widely reported in various parts of the country, the general insurance industry is potentially facing upwards of RM2 Billion - RM3 Billion in total flood-related claims exposure. These estimates include actual and potential personal lines and commercial risks claims directly resulting from the recent flash floods and the upcoming monsoon season in the weeks and months ahead.

In addition to above estimated total claims payout for this event, the general insurance industry is rising to the occasion and will be lending a helping hand by donating and contributing RM2.43 Million to a newly established Flood Relief Fund @ Dec 2021 (“the Fund”), as a Corporate Social Responsibility (CSR) initiative to support the adversely affected motoring community during these difficult times. This general insurance industry’s initiative will be over and above existing commitments by insurers, since the flood disaster occurred, to:

• expedite claims settlement,
• provide additional special relief measures, and
• further ad hoc ex-gratia assistance, as determined by individual general insurers.

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 1 st June 2021.

At this stage, the Fund will be closed once the pledged amount of RM2.43 Million has been exhausted.

In concert with its Corporate Social Responsibility objectives, PIAM welcomes contributions from other parties or industries towards this Flood Relief Fund which will extend the longevity of the Fund and consequently assist more affected motorists. Expressions of interest can be forwarded to the Association’s contact details below.

Operational aspects and details on how affected motorists can claim towards this CSR initiative will be announced soon. In the interim, we would advise affected motorists to take note of the above claim requirements relating to eligibility and documentary/photographic evidence.

Published on PropertyHunter.com.my - read the full article here

This article also appears on AutoInternational.com.my - read the full article here

Here are some fundamental points for consideration before making the all-important decision.

In life, we go through many milestones, and few are as liberating as entering the workforce. For many, it is a rite of passage that brings with it greater independence, with increased ability to stand on one’s own feet. A regular income also brings with it increased spending power. But with the current economic landscape, spending decisions have to be made very wisely, especially when considering the purchase of big-ticket items, such as a home or a car.

While there is no right or wrong answer, there are several factors that need to be considered prior to making this very important decision.

Purchasing a home

It is said, “home is the starting place of love, hope and dreams”. Indeed, the purchase of one’s first home is a major decision that can have a significant impact on one’s life. Buying the right home early can undoubtedly prove to be a great life investment as its value would typically appreciate over time, garnering good capital returns.

Nevertheless, buying a home would involve a much higher investment as it includes a down payment and payments for monthly loan instalments (for a tenure up to 35 years) which incur interest. On top of that, there are other costs that are not always considered when purchasing a home such as stamp duties, maintenance, repair, and assessment taxes.

Another important decision to consider is whether to purchase a landed property or a strata (high-rise) property such as an apartment or condominium unit.

A landed property would typically cost more than a strata property, but generally have more living space and a higher appreciation and resale value than a strata property. Strata homes, on the other hand, are generally more affordable for younger homebuyers with the convenience of shared amenities, with better rental yield. However, they are usually smaller and therefore more restricted. Most units would incur regular management fees, which go towards the maintenance of common and shared areas and amenities within the property.

Another alternative to buying a home is renting, which brings its own pros and cons. Renting property involves lower initial costs and paperwork, more flexibility while incurring little to no maintenance-related costs, which is borne by the owner. All these make it an ideal and alluring option for many. On the flip side, renters would have to face a potential increase in monthly rentals. Moreover, the homeowner may choose to sell the property, which may require the tenant to move out, if the new other chooses not to continue renting out the home. Renters also do not receive any tax benefits or equity on their homes, which homeowners enjoy.

However, whether buying or renting, it is a very good (and prudent) practice to protect your home, in the event of unfortunate circumstances. Many insurance companies offer both homeowners and renters solutions, with the added peace of mind of knowing that their assets and personal effects are protected at all times.

For instance, Liberty Insurance’s Houseowner insurance policy protects homeowners against a host of perils, including natural disasters, sudden impacts and accidents, that may cause damage to the home’s structure. Meanwhile, with Liberty Insurance’s Householder insurance, policyholders (including renters) can protect every aspect of their home against natural perils, sudden disasters, and any unforeseen circumstance that may arise over time, including loss or damage to residence contents due to fire or theft.

Purchasing a car

Buying a car involves a considerably lower overall investment than buying a home.

However, car owners will have to factor in other maintenance costs such as service and repairs, petrol, parking, toll charges, road tax and faster depreciation, amongst others.

Car buyers also have the option of whether to buy a brand-new car or a second-hand car.

Both have their own sets of pros and cons. A second-hand car may cost less than a brand new one, but maybe less reliable, involving higher maintenance costs. In this regard, those looking to purchase a car, be it new or second-hand, should also consider its quality and long-term prospects. A good and well looked after car will also generally have better resale value.

Currently, those in the market for a brand-new car can benefit from government incentives such as the waiving of Sales and Service Tax (SST) for vehicle purchases until the end of 2021. Many car dealers and manufacturers also offer new owners added benefits and savings such as additional rebates and free periodic servicing up to a certain amount of time.

The vehicle market in Malaysia has shown encouraging signs in recent times, which bodes well for those in the market for a new car. With plants and showrooms allowed to resume operations in mid-August, new car sales in Malaysia have picked up significantly. Data from the Malaysian Automotive Association (MAA) showed 44,275 vehicles delivered in September 2021, marking a 153% increase in sales from the month before it.

Meanwhile, positive signs are also seen in the used car market, with increased sales brought about in part by evolving consumer preferences, incentives by the government, and the increased buying and selling of used cars via online platforms.

Whether buying a new or used vehicle, owners should pay careful attention to motor insurance coverage, which is compulsory in Malaysia. Considering a driver usually spends an average of nine hours a week on the road, having a good and reliable insurance policy is an essential part of car ownership. Liberty Insurance’s EZY Plus Comprehensive policy offers car owners total assurance with guaranteed protection and comprehensive coverage.

Besides protection against bodily injury, disability and death, the policy also protects owners against third party costs, fire and theft. Furthermore, policyholders will also be covered for flood and side mirror damages, along with 24 hours of towing assistance for breakdowns and accidents, and a warranty for workmanship repairs.

Driving it home

Ultimately, the choice to buy a home or a car is a highly personal one, based on individual need, desired lifestyle and personal preference. No matter what the decision, it is very important to live within one’s own means. To make the best possible decision, it would help to spend substantial time to conduct personal research and weigh options based on need, affordability and preference. And once you do have your prized possession – don’t forget to protect your hard-earned investment!

For more information on Liberty Insurance’s offerings for house and car owners, visit www.libertyinsurance.com.my.

Kuala Lumpur, Friday, 7 Jan 2022 – Persatuan Insurans Am Malaysia (PIAM) and its members in response to the recent flooding affecting at least 7 states in the country have set up a CSR Flood Relief Fund (“CSR Fund”) with contribution of RM2.43 million to alleviate the hardship faced by the car owners whose vehicles were inundated under flood water.

The CSR Fund in the form of subsidy for mechanical clean-up cost (excluding repair) at any competent workshops is provided by the general insurance industry over and above existing commitments by insurers to expedite payment of flood claims settlement, waiver of certain mandatory claims documentations, simplified claims process, additional special relief measures that may be provided by individual insurer.

At this stage, the CSR Fund will be closed once the pledged amount of RM2.43 million has been exhausted.

The subsidy is given on per vehicle basis to motorcycles, private vehicles including commercial vehicles irrespective of the types of motor policy i.e. comprehensive cover with or without special perils extension, third party fire and theft, and third party. The motor policy must be valid at the time of flooding and in the event of lapsed motor policies the vehicles must be at least last insured on or after 1 Jun 2021. The subsidy will be based on actual cost incurred basis, and is capped at maximum of RM100 per motorcycle, and maximum of RM500 per private / commercial vehicle. A successful claim for subsidy will not affect your No Claim Discount (NCD).

Eligible policyholders can apply for the subsidy by submitting online via the portal MyCSR-Flood.my effective from 15 January 2022 by following the simple steps below.

• Step 1: Log in to the portal at MyCSR-Flood.my
• Step 2: Complete the name, contact number, email address (if any), NRIC / Passport / Business Registration number, vehicle number, banking details (for claims payout purpose), vehicle type, date of loss, amount of claim information fields in the portal. No claim form is required
• Step 3: Upload pre and post clean up photographs that clearly identify the vehicle including the receipt / cash bill issued by workshop
• Step 4: You can check your claim status within 14 days after submission by contacting your insurer

The claim payout to eligible claimant who fulfils all the CSR Fund eligibility criteria and requirements, will be credited directly to the bank account that you provided. If you have provided your e-mail address, you will be notified by email once the payment has been made. Further information can be accessed through the portal at MyCSRFlood.my and your insurer which contact details are provided below:

 

No.	Insurers	Hotlines
1.	AIG Insurance Malaysia Berhad	General Hotline: 1800-88-8811 or 603-21180188
2.	AIA General Berhad	General hotline: 1300-88-1899
3.	Allianz General Insurance Company (M)Berhad	Allianz Road Rangers (24-hours Accident/Roadside Assistance): 1-800-22-5542
4.	AmGeneral Insurance Berhad	General hotline: • Kurnia: 1800-88-3833 • Amassurance: 1800-88-6333
5.	AXA Affin General Insurance Berhad	Flood Claims 24/7 Hotline: 03-7989 0310
6.	Berjaya Sompo Insurance	Catastrophe Loss Management Hotline 24-hours and 7 days a week: • Non-motor: 1800-18-8010 • Motor: 1800-18-8033
7.	Chubb Insurance Malaysia Berhad	General Hotline: 03-20583000 / 1-800-88-3226
8.	Etiqa General Insurance Berhad	Flood Claims Careline: • 03-26928188 for Kuala Lumpur, Selangor, Perak, Kedah, Penang, and Perlis • 03-42707735/5068 for Kelantan, Terengganu, Pahang, Johor, Melaka, Negeri Sembilan, Sabahand Sarawak.
9.	Great Eastern General Insurance (Malaysia) Berhad	General Claims Hotline: 1300-13-1088
10.	Liberty Insurance Berhad	General hotline:1300-88-8990
11.	Lonpac Insurance Berhad	General Hotline: 03-22628666
12.	MPI Generali Insurans Bhd	General Hotline- 03-20349888
13.	MSIG Insurance (Malaysia) Bhd	MSIG 24 Hour Home Assist Line: 1-300-88-0863
14.	Pacific & Orient Insurance Company Bhd	General Hotline- 1800-88-2121
15.	Progressive Insurance Bhd	General Hotline- 1800-88-8458
16.	QBE Insurance (M) Berhad	General hotline: 1-300-88-4847
17.	RHB Insurance Berhad	24/7 Hotline: 1300-88-0881 or WhatsApp: 012-6031978
18.	The Pacific Insurance Berhad	General Hotline- 1800-88-1629
19.	Tokio Marine Insurans (M) Berhad	Catastrophe Claims Handling Process- Whatsapp: 03-20278488
20.	Tune Insurance Malaysia Berhad (Tune Protect Malaysia)	• Available 24/7 Flood Claims for motor vehicle: 1800-22-8863 • Available 24/7 Flood Claims for your Residential / Commercial Property: 03-79890310
21.	Zurich General Insurance Malaysia Berhad	General hotline: 1-300-888-622
22.	Malaysian Motor Insurance Pool	General hotline: 03-2080 6000

 

 

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

Kuala Lumpur (28 June 2022) – Liberty Insurance Berhad (LIB), an owned subsidiary of Liberty Mutual Insurance (Liberty), has received approval from the Minister of Finance to acquire AmGeneral Insurance Berhad (AmGeneral).  

AmGeneral is currently 51%-owned by AmBank Group (AmBank) and 49%-owned by Insurance Australia Group (IAG). Upon deal completion, which is subject to customary closing conditions, LIB will acquire 100% shares of AmGeneral, and AmBank’s share of the sale proceeds will be in the form of cash and consideration shares, which will result in AmBank holding a 30% interest in the LIB and AmGeneral businesses. We anticipate signing the sale and purchase agreement in July 2022. Further announcements will be made in due course. 

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

“This is a transformational moment for Liberty in Malaysia,” said Liberty Mutual’s Global Retail Markets East President & Chief Operating Officer, Defne Turkes. “This approval solidifies our path toward deal completion and integration with AmGeneral, and realizing the possibilities of what we can accomplish together.”

 

---

 

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 our 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.