Categories: InsuranceTransport and logistics

FWD Takaful and AEON Insurance unite to bridge motorcycle protection gap

FWD Takaful partners with AEON Insurance Brokers to close the protection gap amongst motorcyclists in Malaysia offering coverage for the motorcycle owner's death, providing financial relief without medical check-ups

Kuala Lumpur, 17 JANUARY 2024 – FWD Takaful Bhd and AEON Insurance Brokers are in a partnership to offer an innovative micro-takaful solution geared towards protecting an underserved segment of road riders.

It includes a complimentary term takaful plan via AIBM’s participating motorcycle merchants, aimed at addressing the low protection rates amongst motorcyclists in Malaysia.

This collaboration is set to revolutionise the way motorcyclists experience safety and protection on the open road.

FWD Takaful-AIBM: A meaningful deal

In view of this, FWD Takaful and AIBM set out to play a more proactive role in protecting motorcyclists and their families.

Salim Majid Zain, Chief Executive Officer of FWD Takaful, says this micro-takaful plan is designed to be accessible and inclusive, catering to the underserved segment of motorcyclists.

“This partnership enables us to integrate the term takaful plan as part of a value-added service to protect motorcyclists and their families and to tap into a growing market.

“It also enable us to do our part in closing the protection gap amongst Malaysians by providing innovative protection products and solutions and support Bank Negara Malaysia’s target to increase the protection penetration rate to 75%, for both conventional and takaful segment.”

The plan offers comprehensive coverage for the motorcycle owner’s death, providing financial relief without medical check-ups for those purchasing through AIBM’s participating merchants.

FWD Takaful and AEON Insurance unite to bridge motorcycle protection gap

Support for motorcyclists

Motorcycles make up 46.6% of all registered vehicles in the nation with the number of registered sales in 2022 reaching an estimate of 720,000 units, or an almost 40% increase from the estimated number of 500,000 units sold in 2021. With around 83% of households owning a motorcycle, Malaysians’ usage and reliance on two-wheelers is high.

“Traditionally, motorcyclists have been greeted with accessories. Today, we are charting a new course. Instead of tangible gifts, we are offering something infinitely more valuable: a safety net, a promise and peace of mind. This partnership is a game-changer for motorcyclists.

“Our collaboration with FWD Takaful brings together the best in takaful, ensuring that motorcyclists have access to the support they deserve. We are thrilled to be a part of this journey to enhance their protection,” says Bruce Chen, CEO of AEON Insurance Brokers (M) Sdn. Bhd.

Datuk Wee Hong, Chairman of Malaysia Motorcycle & Scooter Dealers Association says this partnership marks a shift in the way the association caters to and safeguard motorcyclists.

“This partnership not only brings positive change to them but with a protection plan in place, they can also be assured of their family’s financial security, should anything unfortunate happen to them.”

To find out more about this term takaful plan, please visit https://aeoninsurance.com.my. Alternatively, please call 1300 13 7988 or email contact.my@fwd.com for more information.