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PRESENTATION ON MODULE 3 From Malaysia. QUESTION NO. 1. Malaysia is geographically a natural disaster free country/ we are away from the earthquake zone However, we did experienced natural disasters such as flood and storms but on a small scale.

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Presentation Transcript

PRESENTATION ON

MODULE 3

From

Malaysia


QUESTION NO. 1

  • Malaysia is geographically

    a natural disaster free

    country/ we are away from

    the earthquake zone

  • However, we did experienced

    natural disasters such as flood

    and storms but on a small scale.


QUESTION NO. 2

  • There was no available

    statistics on insured economic losses due to the minimal exposure on natural disasters

  • However, most of commercial

    properties and about 25% of

    private properties in Malaysia

    were insured against natural

    disaster.


QUESTION NO. 3

  • The retention on general

    cat XOL cover had been

    stable for the last 5 years.


QUESTION NO. 4

  • The current retentions

    were adequate, because at

    most the retention were

    pegged at 2% of

    shareholders fund.

  • In general, the insurance

    company in Malaysia were

    risk average.


QUESTION NO. 5

  • Yes, the rates were tariff

    rated.

  • These rates were computed

    based on data provided by

    the industry.


QUESTION NO. 6

  • Government relief disaster

    fund

  • Risk transfer – by

    reinsurance

  • Compulsory cat pool.


PROS

  • Easily available fund in case

    of natural disaster.

  • Mitigate losses.

  • To minimize long economic disruptions


CONS

  • Over reliance on government

    subsidy & limit government

    fund for development.

  • Increase in premium will

    increase in cost of good sold

    & as a result our product become

    less competitive

  • Public have to bear the cost

    of the fund.


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