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Overseas Insurance Coverage | Overseas Locations and Contingency Business Interruptions

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Approximately 2/3 of Bangkok was submerged under water for more than a month

Share Is your company providing coverage extension for overseas location? What about extension for Customers’ premises and Suppliers’ premises in respect of Business Interruption or Consequential Loss Insurance cover? The recent massive flooding in Thailand has caused havoc to reinsurers operating within the region. Expected insurable losses amounted to some USD19.5 billion (Thailand’s Office of Insurance Commission). Issues relating to Solvency Margin and Inadequacy Capital Many Thai insurers are already facing solvency problem with...

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Trade Credit Insurance | An Important Trade Receivables Protection

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marine cargo insurance

Share What does Trade Credit Insurance means to business organisations, in particularly for those that operate in Malaysia? Trade Credit Insurance was developed to provide solutions to inherent risk of buyers defaulting and/or insolvency. Trade Credit Insurance is also a financial risk management tool which covers the losses sustained by a firm because of the non-payment of a trade debt.It is really about according protection to a business organisation’s trade receivables….. The following are...

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Predicting Earthquake Insurance Payout in Japan

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The government-run scheme

Share On 21 March, The Nikkei reported that the Japanese non-life insurance industry would made a loss estimate of 1 trillion yen (approx. 12.5 billion USD) for the total insured loss from the series of earthquake and tsunami. The impact seems to be so huge, and the market is a bit concerned aboutthe solvency of the Japanese insurers and re-insurers in abroad. Indeed, the stock price of major Japanese non-life insurers, fell sharply right...

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Energas Captive Insurance captured its A rating

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Energas Insurance Logo

Share Energas Insurance (Labuan) Limited (Energas), the Captive Insurer of Malaysian energy giant, Petronas National or PETRONAS was granted an “A” (excellent) financial strength rating from AM Best. A.M. Best Co. has assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a” to Energas (Malaysia). The outlook for both ratings is stable.  The ratings reflect Energas’ adequate capitalization, strong reinsurance protection and its unique role as the primary insurance...

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Labuan Captive Insurer…… from reinsurance captive to fronting insurer?

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Labuan Offshore Financial Services

Share Pardon my ignorance! But seriously…. very few practitioners actually knew about a major change having made to the section 140(1) of  Malaysian Insurance Act 1996 back in March 2009. Let’s revisit relevant subsections of section 140 of the Insurance Act prior to 31st March 2009: Section 140 Insurance Act 1996 – Insurance of property and liability (1) Except with the prior written approval of the Bank, no person shall insure or cause to...

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Piracy update – Effect of US Executive Order on ransom payment

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HANDS UP! NO MORE RANSOM....

Share What impact will the new US Executive Order have on piracy in Somalia? (Adapted from an article written on May, 5 by Jai Sharma, director of Casualty & GA Department, Dolphin Maritime and Aviation Services Ltd) In spite of attempts to control piracy off Somalia, it continues to be a major issue for shipowners and insurers of ships and cargoes, with the risk to the life of the crew and costs of release...

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Piracy-ransom payments not contrary to public policy and recoverable!

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piracy affecting marine insurance

Share The subject of piracy has been the subject of much debate given the numerous hijackings off Somalia and elsewhere over the last 18 months or so.     As far as we are aware, none of these cases have resulted in any decisions in the English Courts until the recent decision from the High Court in Masefield AG v Amlin Corporate Member Ltd. (A special thanks to Jai Sharma for putting this write-up...

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FM Global is now a Labuan Offshore Financial Services’ registered reinsurer!

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FM Global

Share 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, where making underwriting decision can be a real challenge. The FM Global’s set of IAR wordings is very difficult...

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A single-Project (Design & Construct) Professional Indemnity prerequisite……

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Sultan Mizan Stadium - Design failure or Shoddy workmanship?

Share Your company is the owner of the project with one of the main building having just collapsed, or something like the collapsed roof belonging to the Terengganu Stadium (The Sultan Mizan Zainal Abidin Stadium). On the other hand, what if you are the contractor or consultant for that project…. probably having many nightmares by now. Leaving aside the Sultan Mizan Stadium, you would probably be spending alot of time re-looking at the insurance...

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What do you mean by FRONTING a risk?

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fronting the insurance risks

Share   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 too concern with what they think or the academic sides of things but more on what I think from...

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