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PRESENTATION ON MODULE 3 From Malaysia

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 ON MODULE 3 From Malaysia

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  1. PRESENTATION ON MODULE 3 From Malaysia

  2. 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.

  3. 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.

  4. QUESTION NO. 3 • The retention on general cat XOL cover had been stable for the last 5 years.

  5. 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.

  6. QUESTION NO. 5 • Yes, the rates were tariff rated. • These rates were computed based on data provided by the industry.

  7. QUESTION NO. 6 • Government relief disaster fund • Risk transfer – by reinsurance • Compulsory cat pool.

  8. PROS • Easily available fund in case of natural disaster. • Mitigate losses. • To minimize long economic disruptions

  9. 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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