Latest news with #ZurichMalaysia
The Star
3 days 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
28-04-2025
- General
- New Straits Times
Mayor launches resilience projects to strengthen KL's response to climate change
KUALA LUMPUR: The city's Urban Climate Resilience Programme marks a bold step towards localising climate goals by empowering communities to co-create solutions for a changing environment, said Mayor Datuk Seri Maimunah Mohd Sharif. Launching the Community Resilience Implementation Plans for Kampung Pasir Baru and PPR Beringin, she said, "We need to do this together with the communities living in the area as any action plan will depend on their cooperation, support, and most importantly, local knowledge." Kampung Pasir Baru is home to about 1,300 residents while PPR Beringin in Jinjang Utara provides affordable housing to more than 8,000 residents since its completion under the People's Housing Programme (PPR) in 2003. "Moving forward, DBKL together with our partners will mobilise resources and deliver early interventions in Kampung Pasir Baru and PPR Beringin," she said at the launch ceremony held at DBKL Tower 1 today. In conjunction with the Z Zurich Foundation, Zurich Malaysia, and C40 Cities, Maimunah added that, if successful, these community-led projects would serve as models for replication across Kuala Lumpur. Drawing from her experience as UN-Habitat executive director, Maimunah said, "I know first-hand that climate adaptation and mitigation must be affected through local action. It is at the city and community level that resilience is built; and it is in the communities that future-fit cities are made." "As Mayor, I am proud that these community-driven initiatives are fully aligned with the Kuala Lumpur Structure Plan 2040, our 15 flagship programmes, and our strong commitment to the Sustainable Development Goals," she added. Maimunah said that these efforts also position Kuala Lumpur as a regional leader in urban resilience ahead of its hosting duties for the Asean Sustainable Urbanisation Forum, the Asean Governors and Mayors Forum, and the Meeting of Governors and Mayors of Asean Capitals from Aug 10 to 15. In attendance were Z Zurich Foundation head Gregory Renand, C40 Cities East, Southeast Asia, and Oceania regional director Murali Ram, Zurich Malaysia Country Chief Executive Officer Junior Cho, and resident representatives from Kampung Pasir Baru and PPR Beringin.
