Malaysian Re has been actively involved in underwriting all classes of general reinsurance business from the Malaysian market. It has expanded its business internationally and is actively underwriting business from the Asian, Middle East, Africa and China markets.
The classes of business underwritten can broadly be categorised under Fire, Engineering, Motor, Marine and Micellaneous Accident.
Malaysian Re will continue to provide prompt services and will ensure the existing products to be not only competitive but also meet the requirements of its customers.
Malaysian Re is currently involved in providing various services to the Malaysian insurance industry. The services amongst others, include the following:
A. TECHNICAL SERVICES
Malaysian Re provides Property and Engineering Risk Survey services to the local insurance industry for the purpose of special rating, underwriting and also loss estimation. In addition, we also provide Property Risk assessment and risk management services tailored to the insureds' needs are also provided through their insurers when requested.
B. CENTRAL ADMINISTRATION BUREAU ( CAB )
Malaysian Re initiated the establishment of the Central Administration Bureau. CAB is a bureau that centrally administers and settles facultative reinsurance transactions among the insurers and reinsurers operating in Malaysia. Its mission is to eliminate administrative and reconciliation problems and ensure efficient settlement of balances and claims recovery. Central to its operations is a computerised system linking members via internet. The cost of development and operations of the system is funded jointly by its members. CAB, which is managed by Malaysian Re, commenced online operation on 1 July, 1998.
Malaysian Re was given the mandate by General Insurance Association of Malaysia (PIAM) to form an Inspection Task Force to conduct inspections or carry out investigations on the conduct and activities of its members in accordance with the terms and provisions of the various Inter-Company Agreements. With effect from 1 April 1992, the various Inter Company Agreements had now been amalgamated into a single agreement called "Inter-Company Agreement On General Insurance Business" (ICAGIB).
D. MALAYSIAN MARKET POOLS
Malaysian Aviation Pool (MAP)
Malaysian Re assumed the role as Manager of the MAP effective 1 October 1996. Currently, its membership comprises 8 local insurers and 4 reinsurers with a total underwriting capacity of RM393 million. The underwriting of risks is by a Committee, nominated by participating companies. The business written by the pool is primarily Malaysian risks and Malaysian interests abroad.
Malaysian Energy Risks Consortium (MERIC)
MERIC was established in March 1995 with the objective to maximise national retention, promote wider interest and develop underwriting skills in the specialised class of energy business. MERIC comprises 13 local general insurers and 2 reinsurers with Malaysian Re taking on the role of Secretariat. MERIC has a capacity to underwrite up to a combined single limit of RM50 million for upstream and downstream risks. The underwriting of risks is by a Committee, nominated by participating companies. The primary portfolio of the business written by MERIC is Malaysian risks and Malaysian interests abroad. However, recognising the need to develop a broader spread of risks and premium base, the portfolio has been extended to include risks within Asia and Pacific regions, Middle East and North Africa countries.
E. MARKET TRAINING
Over the years, Malaysian Re has and will always continue to organise various courses / seminars on insurance and reinsurance subjects for staff of insurance companies to instil a higher degree of professionalism in the industry.
F. SCHEME FOR INSURANCE OF LARGE & SPECIALISED RISKS ( SILSR )
The Scheme for Insurance of Large & Specialised Risks (SILSR) was implemented on 1 January 1994 with Malaysian Re appointed as Scheme Manager by BNM. It was designed with the objective of developing and enhancing the level of the Malaysian insurance industry's technical expertise and professionalism. In line with this objective, SILSR aimed to promote optimum retention with reinsurance placed to the best national advantage whilst facilitating the most favourable cover at internationally competitive terms for the Malaysian risk owners.
G. SIHAT MALAYSIA
Sihat Malaysia Scheme, which was officially launched on 18 February 2000, was developed by the National Insurance Association of Malaysia (NIAM). Members of NIAM subscribing to this Scheme provide a uniform health insurance programme covering health care including cashless admission to hospitals, medical treatments, surgery as well as emergency assistance to policy holders. Managed Care Organisation has been appointed under the Scheme to provide specialised services to both the policy holders and NIAM members. Malaysian Re was appointed as Account Manager of the Scheme, which is currently being subscribed to by 8 NIAM members.
H. SPECIAL RATING
Malaysian Re was appointed by PIAM to form a Rating Committee specifically for the purpose of determining special rates for Fire and Industrial All Risks (IAR) Insurances, for risks which qualify for special rating under the Fire Tariff. This Committee comprises not less than 6 qualified or experienced fire insurance underwriters or risk surveyors from among PIAM members of whom not more than 3 shall be from Malaysian Re. The Chairman of the Rating Committee shall be a representative from Malaysian Re. By virtue of this appointment, Malaysian Re also acts as the Secretariat to this Committee as well as handles the day-to-day operations of all matters pertaining to special rating applications.
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