HSBC takes in RM100m from marine cargo insurance

HSBC Bank Malaysia Bhd’s marine cargo insurance garnered businesses worth more than an insured value of RM100mil within the first month of introduction.

The marine cargo insurance was introduced to complement the bank’s one-stop trade solutions for its commercial customers, ranging from small to medium-scale enterprises (SMEs) to multinational corporations.

Trade and supply chain director Vivek Gupta said the initial response from customers, especially SMEs, had been excellent as it appealed to the customers’ needs for convenience and value-for-money solutions.

Vivek Gupta...'The introduction of the marine cargo insurance reinforces HSBC's focus on meeting customers' needs.

“When we first introduced it in April, we secured businesses in excess of RM100mil coverage. As such, I am confident that we will see an ongoing momentum for this customised proposition,” he said in a statement.

He said the introduction of the marine cargo insurance initiative reinforced HSBC’s focus on meeting customers’ needs with a comprehensive suite of products and services.

“We not only bring about cost efficiency to our customers in terms of competitive pricing and a single contact point, but we are also able to help advise and educate customers on this key risk mitigation,” he said.

He said HSBC Malaysia’s import customers would now have the convenience of insuring their single voyage shipments within the same day of submitting documents at any of the 19 trade and supply chain centres at HSBC branches nationwide.

This provides convenience to customers as they only need to approach the trade specialists at the centres for their insurance requirements.

With this, customers can now enjoy both single shipment voyage cover as well as marine open-cover policies at competitive rates.

This initiative further strengthens HSBC Malaysia’s reputation as a premium provider of a comprehensive suite of trade and supply-chain solutions in the local market.

Having been around since 1884, the bank continues to maintain its leading market position in the trade and supply-chain business in Malaysia.

This is reflected by various industry recognitions and accolades awarded to the bank, the most recent being The Best Trade Finance Bank in Malaysia 2009 from The Asset.

Marine cargo insurance is designed to provide protection on companies’ cargo shipments between countries against uncertainties.

The insurance covers the companies’ cargo against risks during shipment by sea, air or land.

Source: StarBiz