A Matter of Risks
Insurance in Malaysia, 1826-1990
Publication Year: 2012
Published by: NUS Press Pte Ltd
Half title, title, copyright page
List of Tables
List of Appendices
List of Abbreviations
This book was completed with the support of the General Insurance Association of Malaysia (Persatuan Insurans Am Malaysia, or PIAM). In 1993, the association decided that there should be two studies to help students and the general public understand the role and contribution of the insurance industry in...
In July 1948, following a series of attacks on Malayan rubber estates and tin mines by armed members of the Malayan Communist Party, there were reports that insurance companies were seriously considering withdrawing the underwriting of riot and civil commotion risks in Malaya. Insurers had become alarmed at the deteriorating...
Chapter 1: Emerging New Markets, 1786–1883
The first evidence of insurance business being carried out in Malaysia can be traced to agency houses in India and the Straits Settlements in the early nineteenth century. These merchant houses played a vital role as agents to overseas insurance companies. At this time, insurance companies in the West, especially Britain,...
Chapter 2: Establishment of Local Insurance Companies: 1883–1907
It was in the last quarter of the nineteenth century that the first local insurance companies were set up in Malaya. Three such companies were formed, and the timing and conditions seemed favourable for their emer-gence. There was an expansion of world trade, the arrival of steamships, and the creation of...
Chapter 3: A Broader Role in Society,c. 1908–41
The colonial authorities and insurance companies had common areas of concern, and during the early period of insurance the shared interests that were publicised were firefighting services, the growing use of motor vehicles, and the safeguarding of workers’ losses resulting from injury or death during work...
Chapter 4: Embracing Risk, c. 1908–41
At the beginning of the twentieth century, rapid social and economic development in Malaya opened up a larger number and wider range of risks to be underwritten by insurance companies. The most important sectors in this respect were the export industries of tin and rubber. Major agency houses moved from...
Chapter 5: Cooperation and Competition, 1908–41
There were two significant developments in the insurance industry in Malaya in the early decades of the twentieth century. The first was that overseas insurance companies set up branch offices or placed their own officers in agency houses in the...
Chapter 6: Expanding Networks in Insurance and Business, 1908–41
As the first local efforts in underwriting of risks were being wound up in the late 1800s and early 1900s, four new insurance companies were started in Singapore: Great Eastern Life Assurance Company, Eastern United Assurance, Overseas Assurance Corporation (OAC) and Asia Insurance Company. Eastern...
Chapter 7: The War Years, 1941–5
The Second World War created a difficult situation for the insurance industry in Malaya, one that it had never faced before. The extent of potential destruction and losses arising from armed conflict were risks that insurance companies were unwilling and unable to take up entirely. Therefore, the governments in Malaya..
Chapter 8: Post-war Recovery, 1945–8
The war in the Pacific ended earlier than Allied war planners had expected. The protracted military offensive to re-occupy Malaya that could have resulted in extensive destruction was hence avoided. By early September 1945, the first British troops had landed on Malaya’s west coast. During the immediate post-war period...
Chapter 9: The Emergency: IncreasingRisks and Contingency Planning, 1948–60
Insurance had become such an integral part of Malaya’s economy that when it appeared likely in 1948 that commercial insurers might, because of the deteriorating security situation, withdraw the underwriting of certain categories of risk, business communities and the government became very concerned. It was felt...
Chapter 10: Consolidation of the Insurance Industry, 1948–65
Amidst political changes in Malaya and the region, 1948−65 was a period of transition for the insurance industry. Political uncertainties in surrounding states were as much a concern to some insurers. There was conflict in China, French Indo-China and later in the Korean Peninsula. In neighbouring Indonesia, Republican...
Chapter 11: Insurance Enactments, 1960−5
In 1963, the governments of the newly independent Federation of Malaya and self-ruling Singapore each passed a major insurance act. The acts in the two territories did not differ much from each other. There were three major considerations that guided the governments: first, to ensure that policyholders were...
Chapter 12: Endeavours towards a National Direction, 1964–90
The Insurance Act 1963 did not lead to a full Malaysianisation of the insurance industry. This was to come through subsequent amendments to the act and the granting of incentives to the industry. There were two major phases of change: In the first, there was a transfer of ownership from foreign to Malaysian, while in the...
The two closing chapters have shown how the insurance industry in Malaysia had by 1990 become largely Malaysian. For almost 200 years, since the underwriting of risks in the country began, the industry had been foreign-dominated. Several years after Independence, the majority of insurers—both general and life—were...
Page Count: 480
Illustrations: 20 images
Publication Year: 2012
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