MALAYSIAN RE’S VOLUNTARY CESSIONS RENEWED FOR ANOTHER THREE YEARS

KUALA LUMPUR, Jan 24 -- MNRB Holdings Bhd’s reinsurance arm, Malaysian Reinsurance Bhd (Malaysian Re) has received Bank Negara Malaysia’s (BNM) approval to renew its Voluntary Cessions (VC) for another three years, starting from Jan 1, 2022 to Dec 31, 2024.

In a statement today, MNRB said that Malaysian Re has been receiving automatic cessions as well as automatic participation in all domestic facultative reinsurance and treaty reinsurance for the general insurance industry under the VC.

“In turn, Malaysian Re will continue to provide additional capacity support through further treaties with domestic general insurers,” it said. 

It said Malaysian Re has also been providing value-added services to the industry, such as technical support in surveying, advisory services on risk management, administration of large and specialised risks, as well as organising various capacity-building initiatives.

“Furthering its support to the industry, it also took part in industry-wide corporate responsibility initiatives, including administration of the Perlindungan Tenang Voucher, a national microinsurance initiative and COVID-19 Test Fund to support the Ministry of Health’s effort to conduct more COVID-19 tests,” it said.

“Malaysian Re also fully supports BNM’s initiative to build resilience in the industry to climate change and is looking forward to working closely with the domestic industry to prepare for the transition to a greener economy,” it noted.

Moving forward, MNRB added that it would continue to support Malaysian Re in efforts to further its role as the national reinsurer by narrowing critical protection gaps in areas such as business risks for small and medium enterprises.

-- BERNAMA