ASEAN to curb reinsurance

ASEAN to curb reinsurance

KUALA LUMPUR (AFP): ASEAN insurers should step up cooperation to enhance capacity and retain within the region reinsurance premiums that formed a significant outflow of invisibles, Malaysia's top banker said yesterday.

The governor of the central Bank Negara, Ahmad Don, said that with mounting pressure exerted by the developed economies for greater liberalization of trade and services, it was timely that insurers in the region join forces.

"Greater emphasis should be placed on regional cooperation to enhance capacity in order to compete more effectively in a liberalized market environment," Ahmad told insurers from the Association of Southeast Asian nations (ASEAN).

ASEAN groups Malaysia with Brunei, Indonesia, Singapore, Thailand and the Philippines.