Flood is one of the most common natural disasters in Malaysia with its equatorial climate and presence of two monsoon seasons. It is made worse in recent years due to the fallout from global climate change, as evident in the unprecedented flood disaster that has hit both urban and rural areas early this year. 

With the coming monsoon season and rainfall, flood risk is imminent. It will also continue to pose a huge concern once again as many Malaysians are still uninsured against flood. Citing a staggering statistic from the General Insurance Association of Malaysia (PIAM), only 4% of Malaysians nationwide have purchased flood insurance coverage. 

KUALA LUMPUR, MALAYSIA, 3 June 2022: More than three quarters (77%) of Malaysian consumers want their bank or financial institution to become more sustainable in the future, and 65% would consider switching to a bank with a stronger commitment to sustainability, according to a new report from cloud banking platform Mambu.

The Is the grass greener on the sustainable side? report surveyed over 6,000 consumers globally, and over 500 from Malaysia, on their attitudes to green finance globally. It reveals that, while most consumers are in favour of greener financial options, they have little trust in the industry’s sustainability credentials, with 74% of Malaysian consumers and 67% of global consumers believing their current financial institution is guilty of greenwashing.

By Professor Dr Hafezali bin Iqbal Hussain, Head of Research, Taylor’s Business School

Fuel subsidies have become the talk of the nation in recent weeks since Tengku Zafrul announced that it would cost more than RM 28 billion to government coffers for the year of 2022 alone if the price of crude oil remains above $100. In providing the breakdowns, the finance minister further elaborated that for every RM 1 spent on subsidies, 52 cents went to the T20 whilst only 15 cents benefitted the B40.