Malaysia: Lloyd's gearing up for Tier 1 licence
Source: Asia Insurance Review | Nov 2016
Several Lloyd’s Syndicate representatives from Lloyd’s in Singapore shared their insights with the Malaysia insurance industry.
At the invitation of the Malaysian Insurance Institute, four specialist Lloyd’s underwriters from Argo Global, Beazley, CNA Hardy, and Talbot in Singapore shared the latest insights on the risk landscape facing Malaysian business at the recent Malaysian Insurance Summit held last month in Kuala Lumpur.
The presentations covering Terrorism and Political Violence, Political Risk and Trade Credit, Casualty, and Accumulation Risk in ports and terminals provided the audience with the types of products available in the market and the possible solutions that can be designed in conjunction with brokers for the local market.
This was one of the regular educational seminars Lloyd’s conducts to share its expertise on risks and to support the development of the local Malaysian insurance market.
Lloyd’s currently serves the Malaysian market as a Tier 2 reinsurer through its nine Labuan Service Companies and as a cross-border reinsurer primarily from London and Singapore. However, Lloyd’s is working closely with the Malaysian authorities on an application for an onshore Tier 1 reinsurance licence which will enable it to contribute greater capacity and specialist underwriting expertise in emerging and complex risks to serve the growing demands of the domestic insurance sector.
Lloyd’s is a fully brokered market and has stated that it will continue to use this model in Malaysia.