About Liberty ,Kurnia & Am General Insurance 

Liberty General Insurance is a major subsidiary of the Boston-based Liberty Mutual Group, a leading global property and casualty insurer established in 1912. Operating across 30 countries with over 50,000 employees globally, Liberty provides comprehensive personal and commercial insurance, including auto, property, and specialty lines. 

Global Presence and Background

• Parent Company: Liberty Mutual Group is ranked as the sixth-largest global property and casualty insurer based on 2021 gross written premiums.

• Global Reach: The Group operates in over 900 offices worldwide.

• Market Position: It holds a strong presence in Asia, the Americas, and Europe. 

Liberty General Insurance Berhad (Malaysia) 

• Expansion: In 2023, Liberty Insurance Berhad strengthened its Malaysian footprint by acquiring AmGeneral Insurance Berhad, becoming a top insurer with access to brands like Kurnia and AmAssurance.

• Offerings: The company provides motor, personal accident, fire, health, and travel insurance.

• Network: It operates through a vast network in Malaysia, including 5 regional offices, 25 branches, POS Malaysia outlets, and a large agency force. 

Core Values and Sustainability

• Customer-Centric: The company focuses on providing "Protection for the unexpected, delivered with care".

• Sustainability: Initiatives include community support, such as book donations, elderly care, and supporting the National Kidney Foundation.

• Values: Key pillars include responsibility, openness, simplicity, and putting people first. 

Liberty General Insurance focuses on providing robust protection for personal and commercial needs, combining over a century of experience with a strong commitment to local communities and customer experience. 

• For Businesses: Premiums for fire, motor, burglary, and public liability insurance on business assets are fully tax-deductible as business expenses.
• For Individuals: Personal property or motor insurance premiums are generally not deductible from personal income tax, unlike life or medical insurance which have specific relief limits. 

• Fire/Property Insurance: Deductible if covering business premises, machinery, or inventory.
• Motor Insurance: Deductible for vehicles used for business purposes.
• Casualty/Liability Insurance: Professional indemnity, burglary, and public liability insurance are deductible. 

• It is a pure term life or accident policy (no investment or cash value).
• The company is the beneficiary, and the proceeds stay with the company.
• Note: If the insured director is also a shareholder, LHDN may disallow the deduction, viewing it as a personal benefit. 

• Group Insurance: Premiums for group accident/medical insurance for workers are fully deductible for the employer and not treated as a perquisite (taxable benefit) for employees.
• Foreign Worker Insurance: Mandatory insurance is tax-deductible for employers. 

• Medical & Education Insurance: Up to RM3,000 in relief.
• Life Insurance/EPF: Up to RM3,000 for non-civil servants. 

• Tax Treatment of Proceeds: If you claim a deduction for a premium, any payout received from that policy later is considered taxable business income.
• Service Tax: As of 1 March 2024, the service tax rate on taxable insurance policies (like general insurance) increased from 6% to 8%.
• Sole Proprietors: Insurance on personal, non-business property is not deductible.