Lack of interest makes it more difficult to encourage Malaysians obtain additional insurance against calamities such as floods, says association CEO
KUALA LUMPUR: Low insurance coverage among those affected by floods highlights the need for greater public awareness on financial safeguards against natural disasters, said the General Insurance Association of Malaysia.
Its CEO Chua Kim Soon said the low figure reflected a broader challenge, with insurance penetration in Malaysia remaining low compared with global standards and neighbouring Singapore.
He said the lack of awareness and interest in purchasing insurance in the first place made it even more difficult to encourage Malaysians to obtain additional protection against natural disasters such as floods.
