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The Star
3 hours ago
- Business
- The Star
Millions of M'sian homes uninsured and vulnerable
PETALING JAYA: Day in, day out, stories appear about fires, flash floods or other catastrophes caused by extreme weather. Yet, few Malaysian homeowners seemed inclined to protect their homes against such calamities. 'More than 50% of Malaysian households remain uninsured against structural damage caused by fire, floods or severe weather conditions,' said the General Insurance Association of Malaysia (PIAM). According to its data, the take-up rate for fire and home insurance policies has remained at around 43% for the past two years. In 2023, only 3.89 million homes were insured out of the 8.88 million households. Last year, of the 9.1 million households, only 3.87 million had a fire and home insurance policy. As climate events grow more unpredictable and property values rise, PIAM said homeowners should reassess their protection strategies for their property and contents. Citing a 2024 climate resilience survey by Zurich Malaysia, PIAM said 54% of Malaysians feel unprepared for potential climate risks, with 38% citing financial constraints as a barrier to being adequately protected. 'Floods (75%), heatwaves (74%) and landslides (70%) are the top worries, while urban infrastructure risks, for example fallen trees and sinkholes, are becoming an emerging concern (67%), following recent incidents in Kuala Lumpur,' it said. PIAM, on its part, is raising awareness of the flood coverage options available for homeowners, citing policies that could be just RM14 a month (or 0.086%) of the sum insured for a RM200,000 property. 'The key advice is to contact your insurance provider or agent to learn more about fire and home insurance policies and how to best protect your home and belongings against potential risks,' it said. However, the association acknowledged that there had been a gradual increase in demand among Malaysians for more comprehensive home insurance plans, particularly those covering flood and climate-related risks. 'In the first half of 2023, the take-up rate for fire insurance policies with flood coverage increased to 33%, up from 31% in 2022,' it added. Some of the preferred coverages include the basic fire coverage, which covers damages from direct burning, heat, smoke, and extinguishing water, which can affect nearby properties. Financial institutions often mandate this for homes with mortgages. Aside from that, householder and house owner policies cover damages that are not only confined to the structure but also to contents and personal liability. 'These policies offer broader protection, particularly valuable given Malaysia's vulnerability to floods and fire,' it said.
New Straits Times
a day ago
- New Straits Times
Caterer tricked by AI deepfake of UiTM deputy rector
ALOR STAR: A young caterer avoided major losses after falling victim to an elaborate scam involving an artificial intelligence (AI)-generated video call impersonating a university official. The fraudster, posing as Universiti Teknologi Mara (UiTM) Penang deputy rector Dr Ahmad Asri Abd Samat, contacted 20-year-old Muhammad Danial Azim Mohd Yusof through text and a hyper-realistic AI video call to place a fictitious catering order last Tuesday. Danial said the scam began after he submitted a quotation for 100 meal packages worth RM4,500 for the university's programme at its Merbok branch. The impersonator then made an additional request to include door gifts and insisted that these be procured from a 'preferred vendor'. "I told him I already had a vendor, but he said the university only worked with their appointed supplier and that I needed to follow protocol," Danial told the New Straits Times after lodging a report at the Kota Setar police headquarters yesterday. He was then given the contact number of the so-called vendor, who demanded an upfront payment of RM14,400 and refused to accept a formal letter of order (LO), claiming they only dealt with private arrangements. "I told 'Dr Asri' about the vendor's demand. He said if there were no door gifts, there would be no programme. Later, the vendor offered to accept a 50 per cent payment of RM7,200 instead," he said. Growing suspicious, Danial refused to pay. However, having already prepared the food, he delivered it to UiTM Merbok on Saturday, only to learn he had been scammed. "The university's security guard looked at my LO and told me I'm the third person that day asking for Dr Asri — and the only one who actually brought food." Danial later found out that other vendors across Penang and Kedah had also been targeted in similar scams. The impersonation was so convincing that when the real Dr Ahmad Asri contacted Danial to clarify the matter, the resemblance stunned him. "He said, 'I'm the real one. Want to compare faces?' When I video called him, I was shocked — the AI scammer version looked exactly like him," he added. Danial said UiTM Merbok confirmed no such order had ever been made. The real Dr Asri has also lodged a police report after learning that his identity had been used in several impersonation scams. Meanwhile, Kota Setar police chief Assistant Commissioner Siti Nor Salawati Saad confirmed that a report had been received. The case is being investigated under Section 420 of the Penal Code for cheating. The offence carries a maximum penalty of 10 years' jail, whipping, and a fine.
New Straits Times
a day ago
- New Straits Times
Caterer duped by AI video call impersonating UiTM deputy rector
ALOR STAR: A young caterer avoided major losses after falling victim to an elaborate scam involving an artificial intelligence (AI)-generated video call impersonating a university official. The fraudster, posing as Universiti Teknologi Mara (UiTM) Penang deputy rector Dr Ahmad Asri Abd Samat, contacted 20-year-old Muhammad Danial Azim Mohd Yusof through text and a hyper-realistic AI video call to place a fictitious catering order last Tuesday. Danial said the scam began after he submitted a quotation for 100 meal packages worth RM4,500 for the university's programme at its Merbok branch. The impersonator then made an additional request to include door gifts and insisted that these be procured from a 'preferred vendor'. "I told him I already had a vendor, but he said the university only worked with their appointed supplier and that I needed to follow protocol," Danial told the New Straits Times after lodging a report at the Kota Setar police headquarters yesterday. He was then given the contact number of the so-called vendor, who demanded an upfront payment of RM14,400 and refused to accept a formal letter of order (LO), claiming they only dealt with private arrangements. "I told 'Dr Asri' about the vendor's demand. He said if there were no door gifts, there would be no programme. Later, the vendor offered to accept a 50 per cent payment of RM7,200 instead," he said. Growing suspicious, Danial refused to pay. However, having already prepared the food, he delivered it to UiTM Merbok on Saturday, only to learn he had been scammed. "The university's security guard looked at my LO and told me I'm the third person that day asking for Dr Asri — and the only one who actually brought food." Danial later found out that other vendors across Penang and Kedah had also been targeted in similar scams. The impersonation was so convincing that when the real Dr Ahmad Asri contacted Danial to clarify the matter, the resemblance stunned him. "He said, 'I'm the real one. Want to compare faces?' When I video called him, I was shocked — the AI scammer version looked exactly like him," he added. Danial said UiTM Merbok confirmed no such order had ever been made. The real Dr Asri has also lodged a police report after learning that his identity had been used in several impersonation scams. Meanwhile, Kota Setar police chief Assistant Commissioner Siti Nor Salawati Saad confirmed that a report had been received. The case is being investigated under Section 420 of the Penal Code for cheating. The offence carries a maximum penalty of 10 years' jail, whipping, and a fine.
New Straits Times
26-05-2025
- Business
- New Straits Times
Bursa Malaysia lower at midday on profit-taking
KUALA LUMPUR: Bursa Malaysia ended the morning session lower, dragged down by profit-taking in selected heavyweights amid a broadly weaker regional market performance following a Wall Street selloff overnight. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.23 points, or 0.21 per cent, to 1,532.15 from Friday's close of 1,535.38. The benchmark index opened 0.95 of-a-point higher at 1,536.33, and fluctuated between 1,530.75 and 1,537.27 throughout the morning session. Market breadth was negative with 554 decliners and 248 gainers, while 429 counters were unchanged, 1,199 untraded and 42 suspended. Turnover stood at 2.04 billion shares valued at RM792.32 million. Hong Leong Investment Bank Bhd in a note today said the FBM KLC is expected to remain choppy in the near term as investors stay cautious during the corporate earnings climax this week, compounded by renewed foreign net outflows. "Sentiment is likely to stay soft amid rising fears that a tariff-driven global slowdown could undermine Malaysia's economic momentum and corporate earnings. "Caution is likely to persist until a clear and sustainable trade agreement is reached between the US and its key partners, including Malaysia," it said. The investment bank said sentiment was further dampened by concerns over widening US fiscal deficit, erratic US trade policies, and the US Federal Reserve's data-dependent approach to interest rate decisions, all set against a backdrop of rising recession or stagflation risks. "These macro uncertainties are expected to limit near-term upside and restrain risk appetite," it added. Among heavyweights, Maybank and Tenaga Nasional were flat at RM9.88 and RM14 respectively, while Public Bank added three sen to RM4.43. CIMB and IHH Healthcare shed one sen each to RM6.93 and RM6.89, respectively. As for active stocks, Harvest Miracle, OCR Group and Sapura Energy were flat at 18 sen, 3.5 sen and four sen, respectively, while Tanco Holdings added one sen to 98.5 sen and Velesto inched up half-a-sen to 17 sen. On the index board, the FBM Emas Index lost 36.24 points to 11,437.81, the FBMT 100 Index shaved 33.73 points to 11,199.36, and the FBM ACE Index went down 30.68 points to 4,585.26. The FBM Emas Shariah Index decreased 55.35 points to 11,370.86 and the FBM 70 Index tumbled 89.43 points to 16,260.83. Across sectors, the Financial Services Index was 19.01 points better at 18,121.59, the Industrial Products and Services Index inched down 0.70 of-a-point to 153.34, the Energy Index eased 2.71 points to 708.06, and the Plantation Index increased 2.71 points to 7,333.02.
Barnama
24-05-2025
- Business
- Barnama
New Law Needs To Be Enacted To Manage Oil Palm Waste -- Abang Johari
LUBOK ANTU, May 24 (Bernama) -- A new law needs to be enacted to manage and optimise the utilisation of waste from palm oil mills in Sarawak as part of a strategic move towards a green and sustainable oil palm industry. Sarawak Premier, Tan Sri Abang Johari Tun Openg said a structured waste management would not only add value for oil palm operators but also help establish an agricultural sector that is aligned with environmental, social and corporate governance principles -- the international benchmark for sustainable investment. He said collecting the oil palm waste in large volumes – around 100 tonnes – was crucial to ensure the efficient and profitable production of downstream products such as biofuels, animal feed, organic fertilisers and hydrogen. 'The private sector and the government should work together to set up a dedicated entity to collect all waste from the 85 palm oil mills across Sarawak,' he said. Speaking at the launch of the Sarawak Land Consolidation and Rehabilitation Authority's palm kernel crusher plant here today, he said the matter would be discussed further with Sarawak Minister for Food Industry, Commodity and Regional Development, Datuk Seri Dr Stephen Rundi Utom, and the State Attorney General. Abang Johari said the proposed legislation should be seen in the context of Sarawak's oil palm industry's true capability and potential, noting that the state has now overtaken Sabah to become Malaysia's largest oil palm producer. He added that in 2023, Sarawak's oil palm export to the international market stood at around RM14.3 billion, and this amount is expected to increase if the state diversifies its oil palm output through the production of downstream products. 'Just imagine if we start producing downstream products from oil palm, the revenue could exceed RM14 billion. This is the direction we want to pursue … from exporting raw materials to creating added value,' he added. -- BERNAMA
