Malaysia has joined the growing band of countries with a national protection and indemnity (P&I) insurer.

The initiative was launched last week as part of a government strategy to develop the country’s maritime infrastructure, while ensuring that 10,000 smaller vessels that currently trade uninsured can get affordable and adequate cover.

Although P&I Malaysia is being described as a club, it is not a mutual but a fixed-premium scheme providing modest cover of up to $400,000.

Underwriting,