Recently Malaysia was in news for introduction of phased liberalisation. Phased liberalisation has changed the face of insurance sector in Malaysia. It is expected to bring benefits for both insurance companies and consumers. Insurance companies can now calculate the premium on the basis of risk assessment as compared to fixed tariff method which was used earlier.
With insurance news about phased liberalisation, consumers are expecting a lot of reforms for themselves. Here’s a look at what risk assessment is and how it is beneficial for the consumers:
About Risk Assessment
The insurance risk assessment is an evaluation of the various types of risks faced by the insurance company. It includes various factors which can affect an individual or business. The factors depends on what you are getting insured. You may be familiar with some risks but may not be acquainted with all of them. Thus, the risk assessment is performed by the qualified individual who is aware of the nuances of the business. The main objective of risk assessment is to calculate the amount of premium that is to be paid by the individual on the insurance policy.
Here’s a look at how consumers can benefit from risk assessment:
- One of the first benefits of risk assessment is that once you get to identify the risks, you can follow preventive steps to mitigate them. With risk assessment you will get to know what you didn’t know before.
- Another benefit of insurance risk assessment is that you can save money on the insurance premiums. The insurance companies are doing nothing but placing a price on each type of risk. If you are able to reduce your exposure to each type of risk, you can benefit from paying lesser premium. The reward for lesser risk profile is lower premium.
- Having a lower risk profile not only helps in lowering the rate of premium but also helps in establishing a good will. If you have a good track record, it will help in having a good claim history so that you can always benefit from paying lower premiums on insurance policies.
- The final benefit of risk assessment based insurance premium is that it makes you responsible. If you are aware of the fact that risk assessment will consider your claim record, you will engage in more responsible driving behavior.
However, you can’t do anything about few factors of risk assessment such as age and gender which are considered when calculating the premium of your policy.
Explore the web for more information on insurance news in Malaysia to remain updated on the latest happening in the insurance sector.
Amarillo, TX Insurance Agents · West Texas Insurance AgencyWelcome to West Texas Insurance Agency!
We are a multi-line agency offering competitive personal and commercial coverage throughout Texas.
Our agency is staffed by proven insurance professionals committed to providing our clients with highly personalized service.
Starting modestly as an insurance company in 1995, we have continued to deliver integrated insurance policies and today, we are recognized as a giant in the Texas insurance industry.Our missionWTIA identifies and minimizes our clients' exposure to risk by placing emphasis on quality coverage, competitive premiums, and overall simplification of the insurance process.
We pride ourselves not only in providing the most comprehensive insurance coverages available but by building long term relationships with our clients.Our servicesDesigned in compliance with the Texas state insurance laws, our array of insurance policies cater for different sectors such as auto, homeowners, commercial, health, manufacturing, trucking motorcycle insurance, life insurance and more.We are glad you have found our website.
It is our intention to provide our clients, and prospective clients, with an understanding of some subjects we specialize in.
Amarillo, TX Insurance Agents · West Texas Insurance AgencyWelcome to West Texas Insurance Agency!
We are a multi-line agency offering competitive personal and commercial coverage throughout Texas.
Our agency is staffed by proven insurance professionals committed to providing our clients with highly personalized service.
Starting modestly as an insurance company in 1995, we have continued to deliver integrated insurance policies and today, we are recognized as a giant in the Texas insurance industry.homeowners insurance texas insurance companies texas auto insurance texas trucking insurance texas commercial insurance texasOur missionWTIA identifies and minimizes our clients’ exposure to risk by placing emphasis on quality coverage, competitive premiums, and overall simplification of the insurance process.
We pride ourselves not only in providing the most comprehensive insurance coverages available but by building long term relationships with our clients.Our servicesDesigned in compliance with the Texas state insurance laws, our array of insurance policies cater for different sectors such as auto, homeowners, commercial, health, manufacturing, trucking, motorcycle insurance, life insurance and more.We are glad you have found our website.
It is our intention to provide our clients, and prospective clients, with an understanding of some subjects we specialize in.
