QBE Insurance Malaysia has opened a new office in the heart of Kuala Lumper city, expanding the company’s branch network in the country to a total of 15 locations, across eight states.
QBE Insurance Malaysia, which is part of the Emerging Markets Division of QBE Group, provides a wide range of general insurance products with a focus on specialist classes of insurance for commercial customers, the company said in a statement.
QBE Insurance Malaysia Chief Executive Officer Leo Zanolini said: “In addition to further strengthening our ability to serve our intermediaries and end-customers better, this new office will allow us to capture more of the surging insurance business opportunities brought by the Economic Transformation Programme.”
Introduced in 2010 by the Malaysian Government, QBE said, the Economic Transformation Programme aims “to elevate the country to developed-nation status by 2020.”
As a result, there has been massive investment in infrastructure projects, and, accordingly, the insurance needs in the construction and civil engineering sectors have increased in the past few years, the company explained.
“QBE Insurance Malaysia has a deep understanding about the local market. Our specialist expertise and professional services allow us to ensure our customers are adequately covered,” added Zanolini.
“At the same time, QBE Insurance has developed a profitable growth strategy across Asia Pacific. All these favorable factors put us in a great position to meet the market needs and to take our business growth to the next level,” he went on to say.
“We are proud that we have posted higher than industry average growth levels with an increase of 20 percent in overall gross written premium as of the third quarter this year.”
In line with QBE’s Asia Pacific growth strategy, QBE Insurance Malaysia said it aims to be a leading insurer in: specialty lines of businesses (construction all risk/erection all risk, liability, and marine); commercial lines, with a focus on property & casualty; cover for SMEs; and personal lines via strategic partnerships.
Source: QBE Insurance Malaysia