KUALA LUMPUR: MNRB Holdings Bhd's reinsurance arm, Malaysian Reinsurance Berhad (Malaysian Re) has received approval from Bank Negara Malaysia to renew its voluntary cessions (VC) for another three years.
In a statement today, MNRB said the renewal will be for the period from January 1, 2022 to December 31, 2024.
"Under the VC, Malaysian Re, has been receiving automatic cessions as well as an automatic participation in all domestic facultative reinsurance and treaty reinsurance for the general insurance industry.
"In turn, Malaysian Re will continue to provide additional capacity support through further treaties with domestic general insurers," it said.
MNRB said as a national reinsurer, 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 to instil a higher degree of professionalism in the industry.
The company also plays a key role in supporting the domestic aviation and energy sectors through its management and capacity support of the Malaysian Aviation Pool (MAP) and the Malaysian Energy Risks Consortium (MERIC).
Furthering its support to the industry, Malaysian Re also took part in industry-wide corporate responsibility initiatives.
These include the administration of the Perlindungan Tenang Voucher, a national microinsurance initiative and Covid-19 Test Fund, a fund set up by the industry to support the Ministry of Health's effort to conduct more Covid-19 tests.
Malaysian Re also fully supports Bank Negara'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 a transition to a greener economy.
Moving forward, MNRB said it will continue to support Malaysian Re in its efforts to further its role as the national reinsurer by looking into narrowing critical protection gaps in areas such as business risks for SMEs.