Etiqa launched the ‘All Risk – Byke’ bicycle insurance at L’Etape Malaysia race event at Desaru, Johor Bahru in conjunction with ‘World Bicycle Day’. The product is specially made to protect cyclists’ equipment from theft, accidental damages and loss up to RM60,000 and will be made available via YAS Malaysia’s website starting today, and will be available via their mobile application starting from July 2022.
With All Risk – Byke, cyclists’ bicycles and parts with a maximum age of 7 years can get protection from any risk of theft, accidental damages and loss for their bicycle and its parts with premiums as low as RM65. The plan options that are made available for cyclists are coverage for either Quarterly, Half Yearly, or Yearly coverage, as listed in the table below:
4% of bicycle agreed value or a minimum premium of RM250
2% of bicycle agreed value or a minimum premium of RM130
1% of bicycle agreed value or a minimum premium of RM65
Fukhairudin Mohd Yusof, Chief Executive Officer of Etiqa General Insurance Berhad (EGIB) said, “There is an uptrend where more and more Malaysians have taken up cycling in order to keep fit. Due to that, we saw an opportunity for EGIB to come in and offer bicycle insurance to the cycling community. In addition, the cycling’s nature of being zero carbon emissions is in line with Etiqa’s corporate vision of ‘Making the World a Better Place’.
“Partnering with YAS to market All Risk – Byke has been wonderful due to their brand’s niche market among the active lifestyle community. YAS’ mobile application helps customers to get their hands on All Risk – Byke within a click away which simulates Etiqa’s commitment of delivering ‘Fast & Easy services, while giving Best Advice to fulfil the needs of customers (FEBA). In addition, EGIB and YAS have launched a ‘pay as you use’ Personal Accident – Actyve insurance where coverage are provided based on activities of the insured.”
Combining YAS’ expertise in on-demand insurance with Etiqa’s innovative insurance solutions, particularly for new generations, the partnership aims to accelerate product innovation and drive financial inclusion in high-growth Malaysian markets.
Andy Ann, Chief Executive Officer of YAS said “The joint partnership will enable us to take a significant step towards realising on demand insurance with protection anytime, anywhere. It will also strengthen our distribution network that is core to our South East Asia strategy, building super user-friendly insurance products and making every moment matter. We are delighted to have Etiqa as partners and believe their product innovation and financial strength will add tremendous value to our businesses.”
YAS Malaysia Country Head, Zaryl Tan added “We are excited with our launch, smart insurance at your fingertips from the sign-up to claim. The products we offer match the Malaysian lifestyle with no long commitment and you only use it when you need it.”