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Insuring your Pets ? Sorry not in Malaysia .

| Blog | February 5, 2014

Your Pets maybe expensive . You would like to insure it against theft or injury etc , sorry no insurance companies in Malaysia will insure your Pet .

The following article is copied from the Star of Feb 5 2014 :

” No-go for quirky insurance requests “”

by zora chan

PETALING JAYA: One badminton player wanted to insure his arm. A pet lover tried to buy insurance coverage for her dogs.

Quirky insurance policies, however, are not the norm yet in Malaysia.

“Malaysians in general still are not a litigious society and requests for uncommon insurance policies are very few in the country,” said General Insurance Association of Malaysia (PIAM) chairman Chua Seck Guan.

For instance, he said, those into parachuting like personnel from the air force or armed forces had special insurance coverage but the amount involved was small, just between RM100,000 to RM200,000.

“For pets, few companies here offer coverage,” he said, adding that requests from celebrities to insure their body parts were rare, unlike in Western countries.

“For other special coverage not available in the country, clients could get them from overseas,” he said in an interview.

On Jan 22, AP reported that an average American wedding could hit US$26,000 (RM86,736), thus insurers had been selling more policies to protect against losses from extreme weather and illness.

In one recent case, the report said that an American woman spent US$500 (RM1,650) to cover her daughter’s US$50,000 (RM166,975) wedding in New Orleans because she was worried about a possible hurricane.

However, Chua said no company could insure weddings in Malaysia, at least for now.

He said motor insurance, medical and health remained the common policies here.

Concurring with Chua, Sarawak Insurance Society president Datuk Patrick Liew said the industry had yet to reach such an innovative stage as the Americans and Europeans.

“In other parts of the world, if the price is right, everything is possible,” he said.

He said a person such as a celebrity who wished to insure a particular body part would have to undergo a risk assessment before a company could establish the pricing or premium agreeable to both parties.

“Our capacity is still limited compared to overseas. Besides, Malaysians are not so fond of suing one another,” he said.

Kho Ee Mei, an insurance agent of six years, said the most common policy among the people, particularly the young, were comprehensive life saving, motor, investment link and personal accident.

She said she had a query from a badminton player who wanted to insure his arm before but her company could not provide the coverage.

Another agent, Hillary Wong, said she wanted to buy medical insurance for her dogs but could not find a company, including hers, that provided such a policy.

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