KUALA LUMPUR: Liberty General Insurance Bhd is exploring product offerings for electric vehicle (EV) owners as Malaysia’s EV landscape continues to mature and diversify with European and Chinese brands entering the domestic market.
CEO Puneet Pasricha (Pasha) said that while Liberty’s InsureMyTesla – a tailored product for Tesla vehicles – has been a success, the company is evaluating the evolving landscape and the specific needs of owners of other EV models.
“Our plans include exploring the feasibility of introducing additional specialised insurance products or expanding the scope of existing products to cater to a broader range of EVs in Malaysia.
“This would involve understanding the unique features, repair ecosystems and potential risks associated with different EV manufacturers to provide comprehensive, relevant, and sustainable coverage,” he told SunBiz.
He said Liberty is focused on a multi-pronged approach to drive awareness and adoption of EV insurance in Malaysia.
This includes partnering with EV manufacturers, expanding digital education through its platforms, continuously enhancing EV insurance products with features that address the specific concerns of EV owners and integrating EV insurance awareness into key customer touchpoints.
“Yes, we are currently assessing product features that address specific EV risks like battery degradation and cyber threats associated with connected vehicles,” Pasha said when asked about Liberty’s EV insurance products that address emerging risks such as battery degradation and charging station liability.
“These are part of our roadmap to ensure our EV insurance remains future-ready and value-driven. That said, we have begun insuring some of the charging station liabilities, for data gathering purposes.
“Any upcoming enhancements will be carefully considered to ensure they provide meaningful value to EV owners and are sustainable for the insurance business,” he said.
When asked about Liberty’s plan to expand its EV insurance offerings beyond Malaysia, considering the broader Asean push for EV adoption, Pasha said Liberty has already introduced InsureMyTesla in markets such as Singapore and India, which demonstrates the company’s regional commitment to supporting the EV transition.
“As EV adoption gains momentum across Asean, we are exploring opportunities to expand our EV insurance offerings further. Our experience in these markets positions us well to scale relevant, tech-forward insurance solutions across the region, adapted to each country’s specific ecosystem and regulatory landscape,” he added.
Touching on how Liberty assesses the demand for MSME-focused insurance products in Malaysia, Pasha said the company recognises the significant contribution of MSMEs to the Malaysian economy and the growing demand for insurance solutions that address their specific risks, particularly business interruption.
“To cater to this segment, Liberty has launched products like SME BI 365, a simplified and affordable business interruption coverage designed for Malaysian SMEs, complementing our fire insurance policies. This product directly addresses the need for financial protection against operational downtime following insured events.
“We are also focused on simplifying policy wordings, offering flexible coverage options, and providing accessible customer service to meet the specific needs of MSME owners, ensuring they understand the crucial protection offered by SME BI 365,” Pasha said.
He added that MSMEs in Malaysia often face challenges in adopting insurance, particularly due to affordability concerns when considering comprehensive coverage such as business interruption.
Traditional business interruption policies are complex, which can discourage uptake, while many MSME owners underestimate the financial impact of business disruption or view such coverage as a low priority.
To address these barriers, Pasha said, Liberty has introduced SME BI 365 with simplified terms and conditions for easier understanding, is actively educating the market on the importance of business interruption coverage, and is working to change perceptions by demonstrating the affordability and tangible benefits of SME BI 365 in ensuring business continuity.
To note, Liberty has integrated insurance awareness into the financial ecosystem in India. When asked about similar initiatives planned for Malaysia to enhance MSME awareness and accessibility to insurance, Pasha said, “Yes, we are working on building similar ecosystems in Malaysia.
“Products like SME BI 365 are part of this effort – it’s designed not just to provide insurance, but to serve as an educational entry point for MSMEs who may be new to insurance.
“By embedding awareness into the MSME journey, we aim to position insurance as a strategic business tool, not just a safety measure,” he said.
In response to a question about how Liberty sees potential collaborations with Malaysian government agencies or industry bodies to enhance MSME resilience through insurance, Pasha said the company recognises the crucial role of government agencies and industry bodies in fostering a resilient MSME ecosystem in Malaysia.
“We are open to engaging with relevant government agencies and industry bodies in Malaysia to explore such collaborations and contribute to strengthening the resilience of the MSME sector through effective insurance solutions.
“Whether it’s through awareness programs or input into national policy frameworks, Liberty sees collaboration as a key driver for making insurance more accessible and impactful for small businesses,“ he said.
