The Best Insurance Company in Malaysia
Udan Udin - In everyday life, unexpected conditions can occur in the form of falling ill, motorcycle theft, natural disasters such as floods or landslides that hit houses, car accidents and so on.
What is insurance?
Insurance is an agreement between two or more persons in which the insured party pays dues/contributions/premiums to be reimbursed for the risk of loss, damage, or loss, which may occur as a result of an unexpected event. The term insurance itself comes from the English, namely "insurance" and Dutch, assurance or verzekering.
Insurance cannot eliminate the risk of unexpected events, but insurance can reduce the impact of losses that arise from such events, either on a small or large scale. Now insurance has become part of financial planning for some people for the long term.
Another definition of insurance is a risk from the first party to the other party. The submission is controlled by the rules of law and the enactment of universal principles and teachings embraced by the first party and the other party.
In terms of economy, insurance means a fundraiser that can be used to cover or compensate people who experience losses.
What are the benefits of insurance?
In addition to being a form of risk control (financially), insurance also has various benefits that are classified into main functions, secondary functions, and additional functions.
The main function of insurance is as a balanced transfer of risk, fundraising and premiums. The function of secondary insurance is to stimulate business growth, prevent losses, control losses, have social benefits and savings. While the additional function of insurance is as an investment fund and invisible earnings.
Elements in Insurance
Premium. Premium is an obligation paid by the insured to the insurer (insurance service provider) as a risk transfer service. Payment of this premium must be repaid by the insured party to be able to use the insurance benefits when needed.
Insurance policy. An insurance policy is a legal document that becomes the legal basis of the relationship between the insured party (customer) and the insurer (service provider/insurance company). The policy acts as a basis for paying compensation costs for damages or losses suffered by the insured party. The policy is made by agreement and must be made in writing.
Claim. The insurance claim is an official application submitted by the customer against the insurance company to make payment as a form of compensation for damages or losses under the provisions of the insurance policy. Before making the payment, the insurance company will check the validity of the claim first.
The Best Insurance Company in Malaysia
1. Allianz General Insurance Company (M) Sdn. Bhd.
In a culture where people and performance are important to their lives, we form a HOME FOR THOSE WHO DARE. Home is a solid foundation we can build – a friendly and caring work environment. By demonstrating Collaborative Leadership and Trust, everyone creates a real HOME. Online is the key to the challenges we face every day. By striving for Customer Excellence &Market and Entrepreneurship, we support the ONLINE culture.
2. Persatuan Insuran Am Malaysia
The General Insurance Association of Malaysia (PIAM), the General Insurance Association of Malaysia, dates back to the founding of various insurance and tariff associations established in 1885 that served as the collective voice of the insurance industry in Malaya and Singapore, shortly after Malaya's independence in 1957. In June 1961, the Malayan Insurance Association was formed to maintain tariff discipline, respond to new insurance laws and promote health insurance practices. For the first time, the Association was established in Kuala Lumpur to protect the public insurance interests of the country.
3. AIG Malaysia Insurance Berhad
AIG is a Global Company with a commitment to serve you. AIG offers an extensive range of products and services, including auto insurance, property, travel, health, and identity theft products, deep insurance claims expertise, and excellent financial strength.
Globally, we are a network of approximately 65,000 people in more than 100 countries and jurisdictions who come together every day to face the world's new challenges. More than 60 years of commitment to Malaysia.
AIG has been serving the Malaysian community since 1953, offering innovative solutions to the changing needs of individuals and corporate clients. AIG Malaysia operates from 15 offices across the country and is supported by a professional network of Agents, Brokers, Schemes, and has the Direct ability to serve your insurance needs as you see fit.
4. Life Insurance Association of Malaysia (LIAM)
Formed in 1974, the Malaysian Life Insurance Association (LIAM) is a trade association registered under the Societies Act 1966. LIAM has a total of 16 members, 14 of which are life insurance companies and 2 life reinsurance companies.
LIAM's goal is to promote a progressive life insurance industry; increase people's understanding and appreciation of life insurance; improve the image and professionalism of the life insurance industry and support regulators in developing a strong industry.
5. Pacific Insurance
Pacific Insurance Berhad has its roots back to the 1950s when it was the Malay business arm of the Dutch Insurance Company. On March 24, 2011, Fairfax Asia Limited, a wholly-owned subsidiary of Fairfax Financial Holdings Limited acquired 100% equity from The Pacific Insurance Berhad. Fairfax Financial Holdings Limited, founded in 1985 and with its headquarters in Toronto, is the financial services holding company listed on the Toronto Stock Exchange. It is a financial services holding company that, through its subsidiaries operating in more than 100 countries with annual premiums exceeding $9 billion, Fairfax is engaged in its worldwide general insurance and reinsurance business, with total assets exceeding $45 billion and shareholders' equity exceeding $10 billion as of June 2017.
6. Chubb Insurance Malaysia Berhad
Chubb is the world's largest public property and accident insurance company. Operating in 54 countries and territories, Chubb provides commercial and personal property and accident insurance, personal accident insurance and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. As an underwriter company, we assess, underwrite, and manage risk with insight and discipline. We service and pay our claims fairly and immediately. The company is also defined by its extensive product and service offerings, extensive distribution capabilities, outstanding financial strength, and local operations globally. Chubb Limited's parent company is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb has executive offices in Zurich, New York, London, Paris, and other locations, and employs approximately 33,000 people worldwide.
7. ACP Group of companies (ACPG)
ACP Group of Companies (ACPG) is a locally owned company founded in 1989. Established for trading in the insurance business, such as property, fatalities, general, commercial, life, and health. Starting with married couple Anthony Chin (AC) and Anna Sim with the perseverance and hard work of their trusted and loyal spouses and employees, the company grew into a multimillion-dollar operation in a short period.
Anthony Chin (AC) is the Founder and Chief Executive Officer of ACP Group of Companies (ACPG) and he works with a dedicated team of insurance business partners committed to excellence in the Insurance business and client satisfaction.
ACPG represents its clients in the arrangement, negotiation, and purchase of all classes of insurance from the general insurance and life insurance markets.
8. Foreign Worker Insurance
Smart Synergy Management Services is a professional handling Foreign Labor Insurance in Malaysia. We Provide Foreign Labor Insurance covered by Chubb Insurance Malaysia Berhad (formerly known as ACE Jerneh Insurance Berhad) in Malaysia. We are their official agents.
We offer Foreign Labor Insurance to governments, large corporations, small and medium-sized enterprises. In addition, we also provide training for the development process and consulting advisors.