Economy / Malaysia
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Labour Supply To Increase
August 2006 | Risk SummarySorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Lloyd's Market Association (LMA) War Committee, an advisory body made up of underwriters from the Lloyd's insurance market, has removed its war risk rating for ships passing through the Malacca Strait. This rating had been in place for more than a year and the premiums faced by ships passing through the sea lane, which were as much as US$5,000 extra, were damaging the competitiveness of Malaysian ports. Heavy efforts by Malaysia and Singapore to improve security in the region, including naval and air patrols, have led to what LMA describe as a dramatic change in the safety of the Strait.