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Exploring Home Insurance Awareness among Flood Victims in Malaysia

Author

Listed:
  • Ahmad Shazrin Mohamed Azmi

    (College of Built Environment, Universiti Teknologi MARA (UiTM), 40450 Shah Alam, Selangor, Malaysia)

  • Anis Shumaira Mohamad Asnadi

    (College of Built Environment, Universiti Teknologi MARA (UiTM), 40450 Shah Alam, Selangor, Malaysia)

Abstract

This study aims to explore the awareness of flood victims in Malaysia about home insurance, especially with special coverage for perils. Insuring houses properly against perils is crucial because natural disasters like major flooding regularly hits Malaysia and causes huge losses to the victims and country. This study has prepared some literature describing the impact of regular flooding in Malaysia, which is considered as among the expensive losses in natural disaster. The literature then has explained the importance of insurance as an instrument to mitigate the risk of homeowner during flooding and relate it to a low percentage of special coverage insurance take out in Malaysia. Data collection was conducted quantitatively solely using a survey. The survey was able to get 315 responses, which could give some indications of awareness level among Malaysian towards home insurance. The survey from this study has shown that half of the respondents did not insure their house and only a quarter of the respondents have bought additional coverage for perils like flooding. Based on the results from the survey, this study can mention five reasons contributing to the situation that make people unaware of this insurance coverage. Also, this study has suggested five strategies to encourage people to buy home insurance as protection against flood in the future.

Suggested Citation

  • Ahmad Shazrin Mohamed Azmi & Anis Shumaira Mohamad Asnadi, 2024. "Exploring Home Insurance Awareness among Flood Victims in Malaysia," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(12), pages 3417-3429, December.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:12:p:3417-3429
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    References listed on IDEAS

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    1. Aglaia Petseti & Milton Nektarios, 2013. "Earthquake insurance for Greece: comparative analysis and pricing issues," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 14(3), pages 251-265, May.
    2. Wan Norhayate Binti Wan Daud & Fakhrul Anwar Zainol & Fauzilah Salleh & Ahmad Shukri Yazid & Ahmad Zawawi Jamal, 2016. "Developing microtakaful flood model in Malaysia - its relevance and policy impacts," International Journal of Business Continuity and Risk Management, Inderscience Enterprises Ltd, vol. 6(3), pages 197-208.
    3. A. Olaleye & O.J. Adegoke, 2009. "Homeowners' perception of insurance of real estate development in Lagos, Nigeria," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 2(2), pages 179-189, May.
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