QBE Insurance (Malaysia) and British Marine have launched an improved marine insurance product to offer a liability limit of up to $500m.

With the enhanced product, the company estimates to write an excess of RM5m in gross written premiums (GWP), reported theborneopost.com.

The company’s earlier insurance product offered a liability limit of $25m.

QBE CEO Karl Hamann was quoted by theborneopost.com as saying, "With QBE’s strengths and capabilities in Asia combined with British Marine’s mutual style service learnt and offered over 126 years as a mutual, QBE Asia P&I will certainly create an edge and differentiation over other similar products offered in the market."

The company’s Kuching, Sibu, Sandakan and Kota Kinabalu branches will target small and medium sized merchant ships, specialist craft and fishing vessels in Malaysia to sell the enhanced product.

Furthermore, both the companies will also set up a team of claims handlers and underwriters in Singapore to help customers.