While most companies (95%) have some form of general business insurance such as accident and property cover, roughly half of the companies surveyed in Asia do not carry any business liability insurance. A new report released recently by QBE Insurance reveals that ownership of business liability insurance is 54% in Indonesia and Singapore, 47% in Hong Kong and 45% in Malaysia.
This dramatic drop-off in coverage is despite the fact that 63 per cent of all the companies surveyed experienced liability-related incidents within the last year.
Since 1 July 2017, the motor and fire insurance in Malaysia has experience a phased liberalisation where Tariffs or fixed premium rates that were previously in place will be gradually lifted and consumers will have access to a better range of products at better prices and great service.
Here, Jimmy Tan, Head of Retail Business at Allianz General Insurance Company (Malaysia) Berhad shares what consumers should really know about phased liberalisation of motor and fire insurance.
The new wave of financial technology – better known as fintech – is often portrayed as a disruptive force that threatens banks with new, agile and savvy competitors. Globally, fintech is transforming the way people and companies connect with their banks, and the way banks manage their back-office operations.
“Fintech complements rather than threatens banking institutions. Banking has always been about technology, so today’s financial-technology innovation boom represents evolution rather than revolution for traditional banking. It is supplementing and diversifying the existing financial system – not replacing or disrupting it,” said Mukhtar Hussain, Chief Executive Officer, HSBC Bank Malaysia.