Category: Large & Specialised Risks

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.

Challenges Ahead for Marine Insurance Underwriters

The marine insurance sector is undergoing a period of change. We need to ensure we fully understand the risks our industry is facing and offer products that match these new trends and deliver adequate cover needed.

Insurance of New Constructed Power Plant

The MAJORITY of new, international power plant and other process types of projects being constructed using unskilled and largely unsupervised construction labor suffer from sloppy workmanship which does not comply with the codes, standards and best industry practices required in the construction contract(s).

Malaysian Airline System (MAS) – Boeing 777-200ER Date of Loss: 17th July 2014

If it is confirmed that the aircraft was shot down then the aircraft hull will be covered by Hull War (Re)insurers. The passenger legal liability would be covered by Liability (Re)insurers….

Overseas Insurance Coverage | Overseas Locations and Contingency Business Interruptions

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

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…

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

FM Global

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’…

What do you mean by FRONTING a risk?

fronting the insurance risks

  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…

Writing the Malaysian Power Plants… The leader in One-eyed Jack?

power plant insurance losses

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…

LSRs’ Scheme Managers? Have you screened the policy wordings today?

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…