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Dec 2019

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Malaysia: Only 15% of SMEs have flood insurance

Source: Asia Insurance Review | Dec 2019

With only around 15% of small and medium enterprises (SMEs) having flood insurance, more than 80% of businesses are severely at risk from natural disasters, according to AIG Malaysia.
 
Concerns about increased flooding in the country were raised after the Malaysian Meteorological Department said that the northeast monsoon season – which lasts from November to March – could worsen by around 20% to 40% in the eastern coastal states of Peninsular Malaysia, the Malaysian Reserve reported. Major cities such as Kuala Lumpur, Kuching, and Penang have also experienced more flooding due to rapid urbanisation.
 
“It is important that SMEs take the right steps to protect their businesses in the event of flooding, which has become more prevalent in the country over the years,” said AIG Malaysia CEO Antony Lee.
 
In 2014, flooding in the state of Kelantan affected over 13,000 SMEs, or almost 38% of all such businesses in the state, according to the Ministry of International Trade and Industry. A 
 
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