The enhanced marine insurance could “help accelerate QBE’s GWP in the next 24 months”
QBE Insurance (Malaysia) is confident about writing an excess of RM5m in gross written premium with the launch of its enhanced marine insurance product.
The enhanced insurance offers a limit of liability up to $500m (€383m). In exceptional cases, a limit of $1bn is also available, increasing from the $25m limit of liability on offer in the past.
QBE Insurance (Malaysia) Berhad chief executive officer Karl Hamann said this would help to accelerate QBE’s GWP in the next 24 months.
He said: “QBE Asia P&I will be the only P&I carrier for the QBE Group in Asia and is working in synergy with British Marine for underwriting.
“With QBE’s strengths and capabilities in Asia combined with British Marine’s mutual style service learnt and offered over 126 years as a mutual, QBE Asia P&I will certainly create an edge and differentiation over other similar products offered in the market.”
QBE is also optimistic that this comprehensive marine insurance coverage will increase their market share in marine hull and cargo of which they are ranked fifth and eleventh respectively.
The target market remains the small and medium-sized merchant ships (customarily up to 10,000 GT), specialist craft and fishing vessels.
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