InnovativeNew Product Incorporates PIAM Building Cost Calculator and
Offers up to 30%Premium Discount To Customers
 

KUALA LUMPUR, MALAYSIA - Media OutReach - 15 November 2018 - MSIG Insurance (Malaysia)Bhd (MSIG Malaysia) has launchedHome SafeGuard, a new homeprotection policy.

As the 2^nd largest Fire Insurer* in Malaysia, MSIG's HomeSafeGuard is a home insurance product that encourages the use of PersatuanInsurans Am Malaysia's (PIAM's) online Building Cost Calculator (BCC) tool. Homeowners can obtain an estimatedrebuilding cost for their property based on the current market rates for labourand materials.  PIAM has engaged aProfessional Quantity surveying company to provide credible building cost indexdata into the BCC on an annual basis.

Previously, homeowners could only obtain a rebuilding estimate througha Registered Valuer and, as a result, many homeowners did not regularly updatetheir property's 'insured value' as engaging a Registered Valuer can be bothcostly and/or time consuming. This is a problem because the costs of rebuildingmay rise every year due to increased cost of building materials and labourcharges. As a result, some homeowners, when struck by misfortune, could findthat their home insurance pay-out would not adequately cover the increasedcosts, particularly if enhancements and renovations had been made to theproperty.

By using the PIAM's BCC tool to value their own properties, MSIG hopesto simplify the renewal task, making it much easier for customers to review theirproperty sum insured and thereby having certainty of adequacy and avoidunderinsurance especially when a home is usually the single biggest investmentfor most Malaysians.

To encourage consumers to use PIAM's BCC tool, MSIG is providing Home SafeGuard customers a significant upto 30% discount on their premiums, as well as other new benefits.

These include:

• Constructive Total Loss
If the cost of rebuildingexceeds 75% of the sum insured (Agreed Value) in the event of a loss, MSIG willpay the full agreed amount, even if the full rebuilding cost is not 100% of thesum insured.

• Enhanced Coverage For Bursting or Overflowing of Water Tanks, Apparatusor Pipes
MSIG's Home SafeGuard includes additional coverage (up to RM5,000) in theevent of an incident caused by burst water pipes, damaged water tanks. Standardhome owner insurance only covers the resulting damage (i.e. replacement ofdamaged cabinets, etc.), but HomeSafeguard will also cover the complete cost of repair, including the costof any wall hacking, replastering, and painting required.

• Automatic Increase in Sum Insuredof Contents (applicable to Full Value Basis)
Purchasers of Home SafeGuard also have the option to insuretheir home contents at the same time. If customers opt to add-on home contentsinsurance, MSIG will automatically increase the value of the contents suminsured by 10% during the period of insurance. Everyone tends to purchase new itemsthroughout the year and may forget to declare these items to the insurer, butwith Home SafeGuard, customers arestill covered additionally up to 10% of the sum insured. However, MSIG does advisethat customers still report any purchases that may exceed the 10% value inorder to avoid underinsurance.

• MSIG Home Assist
Home SafeGuard policyholders willalso be able to use the MSIG Home Assist app which provides customers with our value-addedservices including referrals to qualified contractors as well as easy claimssubmission and tracking.

Mr Chua Seck Guan, MSIG Malaysia ChiefExecutive Officer explains why MSIGintroduced Home SafeGuard, "A fire or a flood can be really devastatingfor homeowners, and sadly many are under-protected. Even those who have had theforesight to take out insurance can discover that their insurance pay-out doesnot adequately cover the rebuilding cost, especially if they do not review thesum insured of their house. That is why we are delighted that PIAM developedthe Building Cost Calculator tool which makes it much easier for home owners tocalculate the current rebuilding cost for their homes. Our Home SafeGuard insurance leverages on PIAM's tool capabilities andwe are offering up to 30% premium discount in order to encourage home owners touse it and ensure they are properly covered in the event of misfortune."

"We want to educate consumers about the importance of regularlyreviewing their home insurance and the sum insured, which is why we developedthe Building Cost Calculator to make it much easier for people to get arealistic idea of the current cost of rebuilding their homes. And we aredelighted that MSIG Malaysia has decided to promote the usage of the tool intheir new product", said Mr Mark Lim, Chief Executive Officer of PIAM.

Mr Chua, concluded, "MSIG is one of the largest fire insurers inthe country and we have been protecting Malaysians for over 100 years. We arevery happy that the insurance detariffication, which took place last year, hasallowed us to develop new innovative products such as Home SafeGuard, which we believe offers Malaysians even more choiceand peace of mind than ever before."

Ifyou are interested in learning more about MSIG's Home SafeGuard Insurance, please contact a MSIG Insurance Adviseror visit MSIG website at www.msig.com.my for further details.

Clickhere to watch MSIG Home SafeGuardvideo: https://www.youtube.com/watch?v=fnxYTHTDzxg 

About MSIG Insurance (Malaysia) Bhd

MSIGInsurance (Malaysia) Bhd ("MSIG Malaysia") is a subsidiary of MitsuiSumitomo Insurance Company, Limited and a member of MS&AD Insurance Group Holding,Inc. (MS&AD), one of the top ten** general insurers in the world.

Withover 100 years of general insurance experience and a nationwide network of 20branches in Malaysia, MSIG Malaysia is one the leading general insurers inFire, Engineering and Motor classes and No.1 in Marine Cargo, offeringextensive range of products and services for personal and business needs.

In 2015,MSIG Malaysia was recognised as the "General Insurance Company of the Year" atthe Asia Insurance Industry Awards for efforts in advancing customer experienceand industry leadership in Enterprise Risk Management.

Formore information on MSIG Malaysia, visit www.msig.com.myor facebook.com/MSIGMalaysia.

*As ofDec 2017

**FortuneGlobal 500, 2017.