Allianz Insurance expects smart home cover to boost premium income

KUALA LUMPUR: Allianz Malaysia Bhd expects its Smart Home Cover insurance to boost the group’s total premium to between 10 per cent and 12 per cent from the current five per cent in the next 24 months.

Chief Executive Officer of Allianz Malaysia and Allianz General Insurance Company (Malaysia) Bhd Zakri Khir said the Smart Home Cover provides coverage for the house owner, household content, mortgage loan instalment, repairs and maintenance, including malicious damage by the tenant.

Policy holders can tailor the insurance coverage according to their requirements.

“We will study the demand for home insurance, including bundling the package with other services for similar products in the future,” he told reporters after the launch of Smart Home Cover here, yesterday.

Allianz General aims to maintain a gross written premium of RM2.08 billion from its general insurance business in the financial year ended Dec 31, 2017.

“The market is down due to the economy. Currently, there is no demand for insurance products. We hope to spur demand by introducing new and innovative products,” he added.

Allainz General Insurance recorded an operating revenue of RM565.3 million for the three months ended March 31, 2017 compared with RM563.7 million in the same period last year. — Bernama