SMIs urged to consider insurance as protection of assets
Sep 26th, 2007 by 1takaful
Source: The Star, 25th September 2007
Players in the country’s small and medium industries (SMIs) should not consider insurance as an expense but as protection for their assets.
Raj Nanra, chief executive officer and managing director of ACE Synergy Insurance Bhd, said this was because insurance, part of risk management, was an important aspect to ensure the sustainability and longevity of their business.
At the moment, the level of penetration of insurance among the SMI players was still low, Nanra said.
“This is because they consider it as an expense and try to reduce it as much as possible,” he told reporters after the signing of a memorandum of understanding between ACE Synergy Insurance and the SMI Association of Johor Selatan recently.
Under the agreement, ACE Synergy will work closely with the association to assess the insurance needs of its 400 members and provide appropriate advice and cover to meet their identified risk management needs.
The insurance company will also provide complimentary personal accident coverage to all association members for a 12-month period. – Bernama