Insurance Services

General Insurance Division

KGMB provides all class of insurance coverage which is underwritten Berjaya Sompo Insurance Berhad members can utilize this service to meet their Insurance needs.  Members can enjoy 5% rebate while non-members only get 2% rebate. Also, members can pay their insurance amount via Insurance Loan Facility.

Commercial /General Insurance

(Examples of Non-Life Insurance)

These are many of the non-life insurance policies that completely justify the meaning of the term. General insurance policy examples are homeowners’ policies, motor insurance policies, marine insurance, damage coverage from fire, calamities, theft, travel insurance or even online breach incident related to cyber- security.  It is very difficult to measure the amount of damage caused by such incidents as the probability of occurrence of these risks is extremely difficult to ascertain. However, these can be covered with the help of a non-life insurance policy.

Key Features & Benefits of Non-Life Insurance Policies:

Non-life policies features include the following:

• The amount specified in the policy is the sum insured which, during the policy period, symbolizes the insurer’s maximum                  liability for claims. The insurer may specify the available amount of sum insured.
• The policy period of a non-life insurance plan is usually short, i.e., one year. The duration can be longer depending upon the              type of insurance.
• The premium of the policy is paid right before the insurance company issues the policy. When an application for insurance is            received by the company, they assess the risk involved depending upon the type of cover required. For example, under health        insurance, the age, medical history and current medical status of a person will be taken into account before the insurance              policy is issued.
• Any claim is not fully borne by the insurance company. The policyholder needs to pay a small share; this share is called a                 deductible.
• If no claims are made under a general insurance policy, then the policyholder is awarded a discount called No Claim                            Bonus/discount, under the Vehicle insurance coverage. This is a cumulative discount on the premium of the policy that                    increases till it reaches a certain number of years.