New 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 launched
Home SafeGuard, a new home
As the 2nd largest Fire Insurer* in Malaysia, MSIG's Home
SafeGuard is a home insurance product that encourages the use of Persatuan
Insurans Am Malaysia's (PIAM's) online Building Cost Calculator (BCC) tool. Homeowners can obtain an estimated
rebuilding cost for their property based on the current market rates for labour
and materials. PIAM has engaged a
Professional Quantity surveying company to provide credible building cost index
data into the BCC on an annual basis.
Previously, homeowners could only obtain a rebuilding estimate through
a Registered Valuer and, as a result, many homeowners did not regularly update
their property's 'insured value' as engaging a Registered Valuer can be both
costly and/or time consuming. This is a problem because the costs of rebuilding
may rise every year due to increased cost of building materials and labour
charges. As a result, some homeowners, when struck by misfortune, could find
that their home insurance pay-out would not adequately cover the increased
costs, particularly if enhancements and renovations had been made to the
By using the PIAM's BCC tool to value their own properties, MSIG hopes
to simplify the renewal task, making it much easier for customers to review their
property sum insured and thereby having certainty of adequacy and avoid
underinsurance especially when a home is usually the single biggest investment
for most Malaysians.
To encourage consumers to use PIAM's BCC tool, MSIG is providing Home SafeGuard customers a significant up
to 30% discount on their premiums, as well as other new benefits.
- Constructive Total LossIf the cost of rebuilding
exceeds 75% of the sum insured (Agreed Value) in the event of a loss, MSIG will
pay the full agreed amount, even if the full rebuilding cost is not 100% of the
- Enhanced Coverage For Bursting or Overflowing of Water Tanks, Apparatus
or PipesMSIG's Home SafeGuard includes additional coverage (up to RM5,000) in the
event of an incident caused by burst water pipes, damaged water tanks. Standard
home owner insurance only covers the resulting damage (i.e. replacement of
damaged cabinets, etc.), but Home
Safeguard will also cover the complete cost of repair, including the cost
of any wall hacking, replastering, and painting required.
- Automatic Increase in Sum Insured
of Contents (applicable to Full Value Basis)Purchasers of Home SafeGuard also have the option to insure
their home contents at the same time. If customers opt to add-on home contents
insurance, MSIG will automatically increase the value of the contents sum
insured by 10% during the period of insurance. Everyone tends to purchase new items
throughout the year and may forget to declare these items to the insurer, but
with Home SafeGuard, customers are
still covered additionally up to 10% of the sum insured. However, MSIG does advise
that customers still report any purchases that may exceed the 10% value in
order to avoid underinsurance.
- MSIG Home AssistHome SafeGuard policyholders will
also be able to use the MSIG Home Assist app which provides customers with our value-added
services including referrals to qualified contractors as well as easy claims
submission and tracking.
Mr Chua Seck Guan, MSIG Malaysia Chief
Executive Officer explains why MSIG
introduced Home SafeGuard, "A fire or a flood can be really devastating
for homeowners, and sadly many are under-protected. Even those who have had the
foresight to take out insurance can discover that their insurance pay-out does
not adequately cover the rebuilding cost, especially if they do not review the
sum insured of their house. That is why we are delighted that PIAM developed
the Building Cost Calculator tool which makes it much easier for home owners to
calculate the current rebuilding cost for their homes. Our Home SafeGuard insurance leverages on PIAM's tool capabilities and
we are offering up to 30% premium discount in order to encourage home owners to
use it and ensure they are properly covered in the event of misfortune."
"We want to educate consumers about the importance of regularly
reviewing their home insurance and the sum insured, which is why we developed
the Building Cost Calculator to make it much easier for people to get a
realistic idea of the current cost of rebuilding their homes. And we are
delighted that MSIG Malaysia has decided to promote the usage of the tool in
their new product", said Mr Mark Lim, Chief Executive Officer of PIAM.
Mr Chua, concluded, "MSIG is one of the largest fire insurers in
the country and we have been protecting Malaysians for over 100 years. We are
very happy that the insurance detariffication, which took place last year, has
allowed us to develop new innovative products such as Home SafeGuard, which we believe offers Malaysians even more choice
and peace of mind than ever before."
you are interested in learning more about MSIG's Home SafeGuard Insurance, please contact a MSIG Insurance Adviser
or visit MSIG website at www.msig.com.my for further details.
here to watch MSIG Home SafeGuard
About MSIG Insurance (Malaysia) Bhd
Insurance (Malaysia) Bhd ("MSIG Malaysia") is a subsidiary of Mitsui
Sumitomo 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.
over 100 years of general insurance experience and a nationwide network of 20
branches in Malaysia, MSIG Malaysia is one the leading general insurers in
Fire, Engineering and Motor classes and No.1 in Marine Cargo, offering
extensive range of products and services for personal and business needs.
MSIG Malaysia was recognised as the "General Insurance Company of the Year" at
the Asia Insurance Industry Awards for efforts in advancing customer experience
and industry leadership in Enterprise Risk Management.
more information on MSIG Malaysia, visit www.msig.com.my
Global 500, 2017.