By Barnabas Gan, OCBC Analyst
Concerns on crude oil’s oversupply environment have been plaguing oil futures lower in the first half of 2017. Statistically, both WTI and Brent had fallen to its sub-$45/bbl handle into June, before rallying markedly year-to-date.
Importantly, the recent rally has lifted both WTI and Brent above their 100-day moving average levels earlier this week, with the latter currently sitting squarely above its critical $50/bbl handle.
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.