Fire Insurance

Study on Catastrophe Risk Exposures
The Fire Sub-committee is currently exploring the possibility of conducting a comprehensive study on the industry’s exposure to Catastrophic Risks with particular attention to major flood risks as well as earthquake and tsunami exposures. The Fire Sub-committee is seeking expertise and advice from various sources to identify and develop the correct and appropriate approach and risk models that will best suit the needs of Malaysian insurers. These will then form the basis for the study.

Extension Cover for Infectious Diseases, Prevention of Access and Customers' and Suppliers' Extension
In response to global concerns, more stringent underwriting terms were introduced on extension covers for infectious or contagious diseases; prevention of access; and customers' and suppliers' extension which are normally offered under the Fire Consequential Loss or Industrial All Risks policies. The new terms include enforcement of a sub-limit of 10% of sum insured or RM10 million, whichever is lower and a minimum time excess limit of 72 hours.

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