News Posts 20100411-20100417

Insurance News It would be interesting to see what solution/proposal BNM comes up with on TPBID Tuesday next week. So far the unofficial sources seem to think that the scheme will have a cap of RM2 mil, claims to be settled within 1 month and an increase in premium. For compilation of earlier posts on TPBID, visit: http://bit.ly/at9Ont

Bank Negara to address third party insurance issues

PETALING JAYA: Bank Negara is scheduled to address key issues involving third party bodily injury and death motor insurance on April 20.

April 17, 2010

Insurance News With the takeover of AIA, Prudential is targeting 1 million agents in Asia. Currently Prudential has 400,000 agents, AIA has 300,000, the combined entity would need another 300,000 agents. Barry Stowe, the chief executive of Prudential Asia, who joined Prudential from AIG in 2006, when asked about earlier speculation that he would lead the integration, said: "What the hell makes anyone think that I would run the integration? I’m the chief executive of Asia; integration is a completely different animal."

Dreaming of a million men from the Prudential - Times Online

Prudential plans to increase significantly its agency workforce to at least one million in Asia as part of a recruitment drive to follow its $35.5 billion acquisition of AIA.

April 15, 2010

Insurance News ISM released the GI industry report card which showed that the industry underperformed in 2009 compared with 2008. The industry is expected to grow 9-11% in 2010, consolidation is expected in the industry with 25 players remaining in conventional GI market. Combined ratio for motor business hit 112% in 2009. http://bit.ly/aMhjhM, http://bit.ly/al1ROM

Industry Performance in a Snapshot

April 15, 2010

Insurance News Prudential has assigned its CEO for UK and European operations to lead the Asia Prudential-AIA integration. This has sparked speculation that eventually the UK operations of Prudential will be sold off.

Prudential's U.K. CEO to Lead Asia Integration - WSJ.com

Insurer Prudential said that Rob Devey, CEO of its U.K. and European operations, will lead the integration of Prudential Corp. Asia and AIA Group.

April 14, 2010

Insurance News Saudi Arabia has the highest takaful market share in the whole world in 2008 with US$2.9 bil contributions, Malaysia was 2nd with US$0.9 bil. The total world takaful contributions is expected to hit US$8.8 bil this year. Generating profit is seen as challenging for the industry.

Global takaful contributions to reach US$8.8b

KUALA LUMPUR: The global takaful industry is on track to surpass US$8.8 billion (RM28.42 billion) in contributions this year, said Ernst & Young (EY).

April 13, 2010

Insurance News MSIG now provides professional liability insurance of up to RM500k to Traditional Chinese Medicine practitioners. Annual premium starts from RM388; entry ages: 21 to 70; renewable up to age 80. Cross-border cover can be taken by paying additional premium.

MSIG Insurance cover for traditional Chinese medicine practitioners

KUALA LUMPUR: MSIG Insurance (Malaysia) Bhd has in collaboration with the Federation of Chinese Physicians and Acupuncturists Association of Malaysia (FCPAAM), introduced a professional liability insurance scheme for Traditional Chinese Medicine (TCM) practitioners.

April 13, 2010

Insurance News Using server to process data is said to be no longer effective. Comes grid computing which claims to be able to reduce time required for actuarial calculations by 97%.

Jaring launches OneGrid

JARING Communications Sdn Bhd has launched OneGrid, believed to be the country's first grid computing centre, or high performance computing (HPC) centre, to help programmers and researchers speed up their work and save costs. ...

April 12, 2010

Insurance News HSBC may be the buyer of Jerneh Insurance, according to an article in Singapore newspaper. The company is valued at RM700 mil according to the same source.

Buyer found for Jerneh Insurance?

PETALING JAYA: Shares in Jerneh Asia Bhd jumped yesterday on fresh speculation that it may have found a buyer for its 80% stake in Jerneh Insurance Bhd.

April 12, 2010