Southeast Asian Insurers Urge Industry Overhaul After Record Storm Damage

Major insurance companies across Southeast Asia are calling for a new business model. They say recent deadly storms have pushed the current system to its breaking point. This week, the General Insurance Association of Malaysia (PIAM) made the appeal. It follows severe losses from storms in Malaysia and neighboring countries. PIAM stated that the scale of damage now regularly exceeds the premiums insurers collect. The industry group warns that without change, insurance could become too expensive or unavailable. They propose a "new model" involving closer partnership with the government. This public-private system would help share the massive financial risk of climate-linked disasters. Insurers emphasize this is necessary for long-term stability. They aim to keep coverage accessible as extreme weather becomes more common. The call highlights the growing economic pressure climate change places on the region.