Reinsurance companies in Malaysia provide solutions for a diverse range of clients to equip them with financial security against unforeseen and catastrophic events.
In order to do so, a reinsurance company must have underwriting, actuarial, and claims expertise to provide a variety of services such as Malaysian life reinsurance, agriculture reinsurance, and motor reinsurance.
What are some common types of reinsurance product lines? 😕
Read here...
- Agriculture ReinsuranceAgriculture is an indispensable sector of our economy as the world is projected to have 9 billion people to feed by 2050. Reinsurance provides the agriculture sector with financial security in the face of weather and environmental threats. 🌳🌴From seedling and irrigation to harvesting, agriculture production largely depends on the weather and availability of natural resources. Reinsurance helps farmers and agriculture stakeholders cover their financial and production shortfall risks with technology-based weather and crop health reports, analytical evaluation and advice during the loss adjustment and claims processes.
- Automobile ReinsuranceFor automobile reinsurance, an automotive dealer has the choice to(i) sell their warranty service contracts to a third party or(ii) create their own insurance company in the form of a C-suite company.The former poses more financial limitations on the company’s operations as the third party has control over claim payments, while the latter gives more financial capacity to take on new business ventures. 🚗Automotive dealers with their own insurance companies need to maintain enough financial reserves to cover the costs of excess claims, warranty obligations for vehicle services, and other financial obligations.
- Property & Casualty ReinsuranceProperty reinsurance is written on either a proportional or non-proportional basis for most classes and structures. This reinsurance protects companies primarily from physical damage and time element exposure.It provides companies — from personal lines to heavier commercial portfolios — with coverage for buildings, machinery, electronic data infrastructure and business interruptions against fires, floods, earthquakes and other large-scale catastrophes. 🏠
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Malaysian Reinsurance Berhad (Malaysian Re) is Malaysia's national reinsurer. It is also the largest national reinsurer (by asset) in the Southeast Asia region. Malaysian Re underwrites all classes of general reinsurance businesses as well as general and family retakaful businesses.
As a regional and international player with an extensive business portfolio, Malaysian Re has a strong market presence in Asia and the Middle East. Visit https://www.malaysian-re.com.my/our-solutions for more information about the institution.
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