In this edition, we explore the development of the Reinsurance and Retakaful markets, while also looking at the challenges and improvement opportunities for catastrophe claims management in Malaysia. Additionally, the fifth issue of Malaysian Re Foresights also highlights the development of renewable energy in the recent years, as well as a quick overview of the Federal Budget 2023.
Flooding is regarded as Malaysia’s most severe and frequent disaster causing the highest amount of annual average losses. This has been painfully evidenced once again in December 2021, when the most severe flood event since 2014 struck the country, killing about 50 people, displacing more than 120,000 and causing an estimated flood related claims exposure of RM 3 billion (US$ 720 million).
In this edition, we explore the impacts of COVID-19 on the motor insurance market in Malaysia. Our domestic treaties team also share a unique insight from our position as the domestic market leader on the latest market trends from the recent January 2021 renewal.