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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, reveals a new report released by QBE Insurance.
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.
For important types of business liability insurance, both knowledge and ownership is significantly low. For example, within the four markets, ownership of public and product liability insurance is lowest in Indonesia (16%) and highest in Malaysia and Hong Kong (21%).
Ownership of professional indemnity insurance is lowest in Hong Kong (13%) and highest in Singapore (21%). Meanwhile, ownership of Directors’ and Officers’ liability insurance is lowest in Malaysia (8%) and highest in Singapore and Indonesia (16%).
“Our research shows that liability risks are among the most unrecognized and under-protected business issues in the region,” said Marcelo Teixeira, Global Head of Bancassurance and Head of Strategic Development, Emerging Markets Division at QBE Insurance Group.
“This is very concerning, because it potentially puts businesses, clients and the public at risk, raising issues around...