Berjaya Sompo Insurance Berhad is offering a new Interim Claim Payment initiative to its corporate policyholders when they make an admissible property related claim for loss or damages caused by Fire, Machinery Breakdown and Equipment, to name a few, to help ease its corporate policyholders’ financial burden during the Covid-19 pandemic.
Under this new initiative, any corporate policyholder who makes a claim amounting to RM10,000 and above will receive a 20 percent Interim Claim Payment in advance depending on the assessed or recommended claim amount by the company’s adjuster.
Subject to its terms and conditions, the Interim Claim Payment will be paid out to the corporate policyholder within 3 working days for the amount below RM500,000 and 5 working days for the amount of RM500,000 and above.
While the General Insurance Industry recorded a flat Net Claims Incurred Ratio (NCIR) of 58.1 percent in 2019 compared to 2018 and the Fire claims ratio saw a slight decrease of 1 percent in 2019 compared to the preceding year, the Contractors All Risk (CAR) and Engineering claims ratio has risen significantly to 129.7 percent in 2019 from 64.3 percent in 2018.
As we approach Q3 of 2020, and as the country continues to ride through the wave of the current Covid-19 pandemic, Berjaya Sompo understands that some businesses may face cash flow constraints if an unfortunate event were to happen. The company believes that by offering its corporate policyholders an Interim Claim Payment will help them resume operation quicker and recover their losses.