Chubb's Indonesia general insurance head steps up as new Malaysia leader

Chubb’s Indonesia general insurance head steps up as new Malaysia leader | Insurance Business Asia

Insurance News

Chubb’s Indonesia general insurance head steps up as new Malaysia leader

Leadership shift announced amid country’s general insurance market growth

Insurance News

By
Roxanne Libatique

Chubb has named Jon Longmore as the new country president for its Malaysian operations,effective in early November, subject to regulatory approval.

Longmore (pictured), who is currently country president of PT Chubb General Insurance Indonesia, will take over from Stephen Crouch, who has been appointed as head of government affairs for the Asia-Pacific region.

Chubb’s new country president for Malaysia

In his new role, Longmore will be responsible for managing Chubb’s business operations in Malaysia. Based in Kuala Lumpur, he will report to Marcos Gunn, regional president for Asia Pacific.

Longmore has 13 years of experience with Chubb, having held several roles across underwriting, distribution, and partnerships in Australia. In 2018, he was appointed as Chubb’s head of digital for the Asia-Pacific region before assuming the role of country president for Chubb Indonesia in 2020.

“Jon is an experienced international insurance professional with a track record of driving sustainable business growth. His keen focus on innovation and passion for building teams position him well to further grow our business in Malaysia,” he said.

Longmore holds a bachelor of arts in international relations from the University of Queensland.

During the transition period, Adrianto Gunawan, chief financial officer of Chubb Indonesia, will serve as interim country president in Indonesia until a permanent replacement is appointed.

Malaysia’s general insurance market forecast

Chubb bolstered its Malaysian operations amid the country’s general insurance market growth.

The market is forecasted to increase at a compound annual growth rate (CAGR) of 7.8%, from MYR22.6 billion ($5.0 billion) in 2024 to MYR30.5 billion ($6.8 billion) by 2028 in terms of direct written premiums (DWP).

Growth in the general insurance market is expected to pick up in 2024, with an 8.3% increase in DWP. Motor and property insurance are predicted to drive the market, together accounting for 73% of the overall premiums.

According to Sneha Verma, an insurance analyst at GlobalData, the industry saw slower growth in 2023 compared to the previous year, largely due to weaker economic conditions and tighter monetary policies.

However, a recovery is expected in 2024, driven by higher premium rates across various insurance lines. This increase in rates is likely to result from rising claims, inflationary pressures, and greater demand for natural catastrophe (nat-cat) coverage, as extreme weather events become more frequent.