The acronym, LSR is commonly used for large and specialised risks category in the Malaysian insurance market. LSR simply means those risks falling within the Central Bank’s (or Bank Negara Malaysia) circular – JPI/GPI 11, which was issued back in 1993.
FM stands for Factory Mutual - basically FM is a mutual insurance company with headquarter in Johnston, R.I., US. Globally, FM is known as FM Global, to some, it’s FMG. I have came across the FM Global’s Industrial All Risks’ (IAR) wordings (the Large & Specialised Risks’ (LSR) version) throughout the last three years,...
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Having sat in numerous meetings involving discussions on subjects relating to Risk-based Capital (RBC) and Risk Management & Compliance (mainly to do with the BNM’s directive in respect of JPI/GPI 22) I noticed people having differing understanding and opinion when articulating the subject concerning “fronting” a risk. In this blog I am not...
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A recent very large loss (estimated at RM95.5 million) stemming from damages to a transformer over at a Independent Power Producer (IPP) GB3 station at Pantai Remis, Perak did raise some eyebrows…. In just about half the calender year of 2009, two major losses were reported giving a total claims amounting to RM110.9 million. Comparing the previous...
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Since the Large and Specialised Risks (LSR) Scheme was introduced in 1994, Scheme managers have continually displayed increased flexibility in screening the insurance coverage for LSRs as adopted by the leading insurer and the broker. This is in line with the 1994’s objectives of developing a healthy and responsive Malaysian insurance industry by enhancing...
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