MSIG Insurance (Malaysia) Bhd has introduced a fire insurance package targeted at social enterprises, beginning with Orang Asli housing projects built by Epic Homes.
Epic Homes provides a platform for sponsors to fund homes for the indigenous Orang Asli, and for people from different walks of life to work together to raise living standards for marginalised indigenous communities. It has so far built over 140 dwellings across Malaysia.
To gain an understanding of Epic Homes’ operations and the potential risks and insurance needs it faces, MSIG Malaysia sent 33 employees to experience a home build first-hand. The insurance coverage must take into account three stakeholders – protecting the work of the social enterprise, the Orang Asli homeowner, and the sponsorship of the building cost by generous corporate or individual sponsors.
Epic Homes is now offering the dedicated insurance package to corporate sponsors and partners, including those who assisted in the construction of its first 136 homes for the Orang Asli, allowing them to sponsor the insurance for homes that are currently uninsured. Now it is encouraging partners to help fund the fire insurance package, which will contribute to the longevity and sustainability of these projects, while giving the Orang Asli residents the peace of mind that insurance gives to regular homeowners.
“We are very happy to be working with MSIG Malaysia, which shares our vision of developing community-based housing solutions for the Orang Asli communities,” said Johnson Oei, founder and CEO of Epic Homes. “All our partners bring something different and valuable to the table and so has MSIG Malaysia. This bespoke fire insurance product, will make our projects more sustainable and assuring to our sponsors – which ultimately benefits the Orang Asli residents too.”
“The experience from this project has allowed us to create this unique fire insurance product for marginalised communities,” said Chua Seck Guan, CEO of MSIG Malaysia. “We are open to extend this fire insurance product to any other social enterprise or NGO that may work on similar models in providing houses, schools, or any buildings that serve the under-served.”
