Chubb’s Malaysian business has announced the launch of its first non-tariff rated motor insurance policy.
The policy, called MY Car Insurance, has been developed under the phased liberalisation of motor insurance in Malaysia with changes in the market enabling insurers more flexibility to develop and package motor insurance products in the country.
The policy will be available in two plans as a way to meet the budget needs of customers as coverage extends to loss or damage of a vehicle in an accident, third party liability and flood. The cover will also extend to minor road-side repairs, unlimited towing services year-round and cost of accommodation and temporary car replacement in the event the policyholder is stranded.
Steve Crouch, country president for Chubb in Malaysia, said that the firm had viewed the liberalisation of the motor insurance market as an opportunity for innovation and to meet the evolving needs of customers.
“To craft the MY Car Insurance policy, we conducted extensive studies on the various experiences Malaysian drivers go through and designed an all-in-one solution encompassing coverage for inconveniences in the event of a vehicle breakdown, accident or flood,” Crouch said.
Liberalisation of the motor market in Malaysia was first introduced in July 2016, with premium pricing for comprehensive motor cover, and third party fire and theft products to be determined by individual insurers from July 01, 2017.
The motor product is distributed via agents throughout the country.
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