: Premiums for takaful or insurance coverage against floods will not increase, but instead will remain under control even if many people opt to buy the policies to protect houses and vehicles.
“More people opting to get coverage will result in lower premiums due to competition among insurance companies offering more attractive packages,” board member Zainudin Ishak said in a webinar session titled “Importance of Flood Insurance/Takaful Coverage” jointly organised by the Financial Education Network, PIAM, and the Malaysian Takaful Association today.
“Hence, takaful or insurance coverage for floods is important, no matter where we live, be it on high- or low-lying areas because there will be loss of properties and other unexpected losses after the floods. Zainudin, who is also the president and chief executive officer of Malaysian Reinsurance Bhd, appealed to the public to be cognisant of the fact that the government faces constraints in providing aid due to floods as there maybe many victims who need attention and support.
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