AMMB gets nod to sell unit to Liberty Insurance

Melodyinter.com

Tuesday, 28 June 2022

 

PETALING JAYA: AMMB Holdings Bhd subsidiary AmGeneral Holdings Bhd has obtained approval from the Minister of Finance for the sale of its wholly owned subsidiary AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). 

AmGeneral Insurance is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group. Upon completion of the deal, Liberty Insurance will acquire 100% of AmGeneral Insurance’s shares, while AMMB will receive a share of the sale proceeds and 30% consideration shares. The signing of the sale and purchase agreement and other transaction agreements will be in July 2022. 

As part of the transaction, AMMB will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AmGeneral Insurance and Liberty Insurance will be formally merged at a subsequent date. 

AMMB Group CEO Datuk Sulaiman Mohd Tahir said the partnership with Liberty Mutual is key to propelling its general insurance business to greater heights. 

“We are optimistic on the sustained growth opportunities that this dynamic union will bring about,” he added. 

Liberty Insurance has 450 employees across six regional offices and 24 branches in Malaysia. It distributes personal, commercial, and other product lines through multiple channels including a 2,000- agent workforce as well as franchises, car dealers and banca partners. 

“This is a transformational moment for Liberty in Malaysia. This approval solidifies our path toward deal completion and integration with AmGeneral, and realising the possibilities of what we can accomplish together,” said Liberty Mutual global retail markets east president & COO Defne Turkes.

 

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Kemalangan Maut Setiap 84 Minit. Lindungi Diri Dengan Liberty Tenang, Bermula Rm75 Sebulan

Setakat hari ini, separuh daripada populasi Malaysia tidak mempunyai perlindungan insurans. Kadar yang membimbangkan ini telah menyebabkan kerajaan mengambil pelbagai langkah untuk membantu menjadikan insurans lebih mampu milik, terutama dalam kalangan mereka yang berpendapatan rendah.

Dalam pembentangan belanjawan 2022, kumpulan B40 layak untuk menebus baucar bernilai RM75 untuk membeli pelan Insurans Perlindungan Tenang.

Inisiatif itu adalah untuk memastikan lebih ramai warga Malaysia dapat memiliki insurans. Ia pastinya mampu melindungi mereka daripada kejadian yang tidak diingini.

Ketua Penolong Pengarah Jabatan Siasatan dan Penguatkuasaan Trafik, Bakri Zainal Abidin memberitahu, statistik menunjukkan seorang pengguna jalan raya meninggal dunia akibat kemalangan dalam setiap 84 minit dan kebanyakannya adalah penunggang motosikal.

Kemalangan mengejut biasanya akan menyebabkan mangsa ditimpa kesusahan, terutama dari segi kewangan untuk membiayai bil perubatan yang tinggi, atau kos pengebumian.

Sebab kenapa anda tidak patut lepaskan peluang ini:

1. Mampu Milik – Peluang Yang Tidak Harus Dilepaskan • Salah satu sebab utama mengapa terdapat ramai masih belum memiliki perlindungan insuran adalah kerana kos insurans yang tinggi. Liberty Tenang telah direka dengan harga mampu milik dengan pelan-pelan yang berbeza, disesuaikan mengikut keperluan individu.

• Inisiatif Perlindungan Tenang juga dikecualikan daripada cukai Jualan dan Perkhidmatan (SST) dan Duti Setem buat semua pemohon. Bagi golongan B40, ini melibatkan baucar RM75 yang boleh digunakan untuk membeli pelan tersebut.

Pelbagai Manfaat – Jaringan Keselamatan lebih mantap • Dalam masa yang memerlukan, produk ini melindungi mangsa kemalangan dan keluarga mereka dengan meringankan beban kewangan dan mengurangkan tekanan.

• Selain daripada perbelanjaan perubatan, sesetengah pelan juga menawarkan perlindungan untuk kos ambulan, perbelanjaan penginapan hospital serta pendapatan dalam tempoh rawatan di hospital akibat kemalangan. Tidak lupa juga perbelanjaan pengebumian jika diperlukan, hilang upaya kekal dan pembedahan pergigian atau pembedahan pemulihan akibat kemalangan.

3. Proses semudah A, B, C • Tiada borang permohonan yang panjang untuk diisi, malah dengan hanya beberapa klik, anda akan mendapat perlindungan insurans dengan serta-merta. Begitu juga dengan proses tuntutan yang lancar dan efisien, dengan pilihan membuat tuntutan menggunakan telefon atau menerusi talian utama yang dikhaskan.

4. Pelan mengikut keperluan • Tiada satu pakej insurans yang mampu memenuhi setiap individu kerana kita mempunyai keperluan yang berbeza. Perlindungan yang mencukupi bagi sesetengah orang mungkin tidak memadai bagi orang lain.

• Kebanyakan pelan insurans adalah fleksibel kerana syarikat-syarikat insurans memahami akan jangkaan dan kemampuan kewangan setiap individu adalah berbeza.

Bagi menyokong inisiatif Perlindungan Tenang oleh kerajaan dan memastikan anda dan orang tersayang mendapat perlindungan daripada kejadian kecemasan yang tidak dijangka, Liberty Insurance telah melancarkan pelan insurans Liberty Tenang.

Dengan jumlah premium tahunan hanya RM75 atau lebih, bergantung kepada jumlah perlindungan yang diperlukan, Liberty Tenang merupakan pelan yang terbaik untuk semua pada masa sekarang.

Pelan insurans ini menawarkan perlindungan maksimum RM60,000 untuk kemalangan jiwa, kehilangan upaya kekal atau indemniti berganda akibat kemalangan di tempat awam.

Ia juga membiayai perbelanjaan perubatan akibat kemalangan, pembedahan gigi dan pemulihan, anggota palsu, manfaat kerusi roda, kos ambulan, perbelanjaan pengebumian serta elaun berkabung.

Terdapat tempoh “free-look” selama 15 hari, yang mana pemegang polisi boleh membatalkan polisi di dalam tempoh 15 hari daripada tarikh penerimaan polisi.

Selepas pembatalan, pemegang polisi akan menerima pulangan penuh bagi premium yang telah dibayar, jika tiada tuntutan dibuat dalam tempoh tersebut.

Bagi mereka yang masih belum menebus baucar Perlindungan Tenang, jangan berlengah lagi. Bertindak sekarang dengan memilih Liberty Tenang sebagai pilihan terbaik.

 

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Liberty Tenang, An Insurance Plan for All

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.

 

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PIAM RM2.4 Million CSR Flood Relief Fund

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

 

 

Should I Buy a Home or a Car First?

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.

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