Lastest news from Faber

 
On 17 May 2022, Malaysian Reinsurance Berhad (Malaysian Re) and Faber Consulting launched the latest edition of the Malaysian Insurance Highlights (MIH).

This year’s issue examines the impact of flooding – Malaysia's most frequent and severe natural catastrophe – on its economy and insurance markets. According to the third edition of the MIH, last year’s great flood, which hit from 16 to 21 December 2021, caused economic losses of RM 5.3 billion to RM 6.5 billion (US$ 1.26 billion – US$ 1.55 billion). Typically, flood risk is underinsured. The study, which again was compiled by Faber Consulting, finds that on average only about 10% of economic losses are covered. This time Malaysia’s insurers shouldered about RM 1.5 to RM 2.0 billion (US$ 360 million to US$ 480 million) or 20% to 30% of the economic loss as a high share of manufacturing properties were hit in the Federal Territory of Kuala Lumpur and the State of Selangor. Due to climate change, urbanization, deforestation and higher values at risk the country’s insurers expect a further rise of flood losses going forward. 

Please click here to access the Malaysian Insurance Highlights 2021 and learn more on Malaysia’s flood risk and on current trends that help to mitigate and shoulder the risks.