Insurance News on Facebook

Sunday, 25 July 2010

News Posts 20100719-20100725

Insurance News MHI insurers face the challenge of high fradulent claims and escalating medical costs. There have been cases where medical bills are higher for patients with MHI. The current gaps in MHI are: no coverage for certain diseases, for senior citizens and unaffordable premiums for those with high risks. Recent health innovations include: NCB, multiple claims allowed under CI products, removal of lifetime limits, coverage until age 100.
HIGH incidence of fradulent claims and the escalating medical costs are some of the pressing concerns facing insurers offering medical and health insurance (MHI).
July 24, 2010

Insurance News BNM issued new guidelines on Financial Reporting for Insurers, bringing financial reporting requirements for insurers in line with FRS requirements and aligning valuation standards under RBC with FRS. The guidelines are effective for FY 2010 onwards. The following are some points worth highlighting: 1) Investment-linked contracts shall be reported as insurance contracts 2) Acquisition costs shall not be deferred 3) Valuation methods in compliance with RBC are deemed to have met liability adequacy test 4) Insurers are required to publish half-yearly interim financial reports 5) Limit on how much property fair value gains can be distributed to policyholders.
The Guidelines address requirements on the application of Financial Reporting Standards (FRS) and information to be disclosed in the financial statements of insurers.
July 22, 2010

Insurance News PwC thinks that the Malaysian insurance market is attractive, well regulated and structured and with low penetration rate. The market offers great M&A opportunities especially with the liberalisation of foreign equity limits last year.
Regional mergers and acquisitions (M&As) in the financial sector are expected to scale up in Malaysia with larger local banking groups leading the way.
July 21, 2010

Insurance News HLA has launched HLA Wealth Builder, targeting RM300 mil premiums. HLA Wealth Builder offers short-term premium commitment with yearly guaranteed income up to age 90.
HONG Leong Assurance Bhd expects first-year premium sales of RM300 million from its newly-launched HLA Wealth Builder insurance plan.
July 21, 2010

Insurance News Takaful Ikhlas has won the "Best Takaful Product Award" at the International Takaful Award 2010 with its Medic Assist Takaful product.
KUALA LUMPUR - Takaful Ikhlas Sdn Bhd bagged the "Best Takaful Product Award" at the International Takaful Award 2010 held recently in conjunction with the 4th International Takaful Conference 2010 at Jumeirah Carlton Tower in London.
July 20, 2010

Insurance News Mark Tucker, Prudential's former CEO, has been appointed to head AIA.
In a strange twist, former Prudential chief executive, Mark Tucker, has been named as the new head of AIA, replacing Mark Wilson.
July 19, 2010

Sunday, 18 July 2010

News Posts 20100712-20100718

Insurance News The battle between AIG’s chairman and its chief executive has resulted in the chairman resigning. The two apparently differed on whether to sell AIA to Prudential or to go for IPO.
Harvey Golub resigned amid continued bickering with A.I.G.’s chief executive, Robert H. Benmosche.
July 16, 2010

Insurance News Based on the survey results, capital guaranteed/protected products would sell well.
MALAYSIAN investors appear to be cautious, favouring low risk, low return investment and are less optimistic on investment returns, according to a survey conducted by ING Insurance Bhd.
July 16, 2010

Insurance News The Australian Prudential Regulation Authority (APRA) has proposed to change the capital adequacy requirement for insurers to make capital requirements more risk-sensitive. The proposed risk-based system is consistent with Solvency II and adopts the three-pillar approach.
General and life insurers in Australia could face changes to the required and eligible capital standards, following the release of technical papers by the Australian Prudential Regulation Authority (APRA) for public comment.
July 15, 2010

Insurance News General insurer ACE Synergy sees better prospect in commercial lines of business and is of the view that personal lines would present some challenge. Commercial lines benefit from 10MP due to government's support for SMEs. The recent increase in interest rates may impede sales of deposit-like life insurance. Shortage of skilled staff in actuarial, agency management and product development may hinder the industry's growth but overall Manulife expects a better 2nd half for the life insurance sector.
PETALING JAYA: Insurers are cautiously optimistic the second half of 2010 will be better than the first amid the stable economic environment despite volatility in the global markets.
July 15, 2010

Insurance News KPMG claims that Malaysia may not be able to fully adopt IFRS 9 by 2012. Among others, IFRS 9 simplifies the asset classification to amortised cost or fair value rather than the more complicated classifications under the current FRS 139.
MALAYSIA may not be able to fully adopt IFRS 9, a new accounting standard on financial instruments that will impact banks and insurers, by 2012, an expert from KPMG said.
July 14, 2010

Insurance News In addition to IPO, it was reported that AIA has also been approached by 4 Chinese groups for potential bid for AIA.
The board of American International Group is set to meet this week to consider the future of its AIA unit, with a public float seen as the likely outcome, sources said yesterday.
July 14, 2010

Insurance News With the takeover of Maika turned unconditional, G Team will also offer to take over Oriental Capital Assurance at RM1.61 per share for the 24% shares not owned by Maika.
PETALING JAYA: G Team Resources & Holding Sdn Bhd’s offer to take over the scandal-ridden Maika Holdings Bhd turned unconditional yesterday, after having received acceptances of 67.64% or 84.55 million shares. Subsequently, G Team and parties acting in concert (PACs) with it also extended an unconditional...
July 14, 2010

Insurance News The Takaful industry is expected to grow 20% this year, mainly driven by family takaful segment. The increased in number of takaful players partly contributed to the growth.
The Takaful industry is expected to grow to RM4.2 billion this year from RM3.5 billion last year with the family segment the main driver.
July 14, 2010

Insurance News The proposed national health insurance scheme - National Health Financing Scheme (NHFS) will be financed by a flat contribution rate, partly contributed by government. To get more than the basic coverage, one can opt for purchasing private health insurance. The NHFS will not be implemented in the next 12 months.
KUALA LUMPUR: The rich, like everybody else except the very poor, need only contribute a “flat rate” to enjoy quality healthcare under the planned National Health Financing Scheme.
July 12, 2010

Insurance News HLTMT has cooperated with Tune Money to distribute its Tune Raya Takaful product to provide coverage for death and permanent disablement due to accidents. The sum covered is RM10,000 for adult and RM5,000 for child. The product is available for purchase from July 7 to September 15 and coverage period is up to 31 October. 3 coverage periods are available: 15 (RM10), 30 (RM20) and 45 days (RM30) .
TUNE Money Sdn Bhd, the one-stop online financial services company of Tune Group, has launched "Tune Raya Takaful", its first product offering available for online purchase.
July 12, 2010

Sunday, 11 July 2010

News Posts 20100705-20100711

Insurance News Believe it or not, we are likely to be the 4th least-healthy group of people ranking behind builders, truck drivers etc, if the UK findings apply equally to here.
A survey by British healthcare provider Medicash has found insurance is the fourth least-healthy profession in the UK. The survey of the health and lifestyle choices of 3000 UK workers found insurance workers were healthier than chefs, farmers and electricians, but less healthy than builders, bankers ...
July 8, 2010

Insurance News BNM received 125 feedback on the proposed TPBID scheme. This BNM's Press Release covers in more details those points highlighted by the Deputy Finance Minister yesterday.
Bank Negara Malaysia, together with the Ministry of Finance, completed initial consultation sessions on the proposed third party motor cover framework with key stakeholders in April 2010 and a consultation paper - explaining the rationale for proposing a basic scheme, guiding principles, objectives ...
July 8, 2010

Insurance News This news article that appears in today's Star is confusing. According to Prudential's webpage, the AGM was on 7 June 2010 Monday. There's no sign that they are having another AGM next Monday as reported by Star. Did Star make a blunder and pick up some old news?
LONDON: Prudential chief executive Tidjane Thiam is expected to apologise directly to shareholders when the insurer holds its annual general meeting on Monday, days after it was humiliatingly forced to pull its US$35.5bil bid for AIG’s Asian arm.
July 8, 2010

Insurance News The TPBID scheme is targeted to be finalised this year and kicks in next year. Main issues identified in the public feedback are government subsidies, changing court processes, limits on liability, cross subsidisation, increasing premiums and efficiency of claims processes.
KUALA LUMPUR: A draft of the new third-party motor insurance is expected to be ready by the end of the year and implemented next year, Deputy Finance Minister Senator Datuk Dr Awang Adek said Wednesday.
July 7, 2010

Insurance News Insurance fraud can be mitigated by: a) adopt international best fraud detection practices; b) share information on fraud activities; c) educating the public on the consequences of promoting insurance fraud and how to combat it; d) insurers to upgrade their skills and improve their fraud-detection capabilities. There are 3 categories of fraudsters: opportunistic, repeat and organised ones.
KUALA LUMPUR: Insurance fraud will continue to be a threat unless fraud-detection standards are improved and the public are made more aware of this menace.
July 6, 2010

Insurance News AXA Affin General's CEO Jahanath Muthusamy is now the CEO of BHI following the recent merger of the 2 companies.
AXA Affin General Insurance Bhd president and CEO Jahanath Muthusamy has been appointed as CEO of BH Insurance (M) Bhd effective July 1.
July 6, 2010

Insurance News AmLife has launched a 5-year, capital guaranteed fund called AmCommodity Stable. The size of this 1st tranche is RM30 mil, to be followed by 2nd and 3rd tranche in Oct 10 and Feb 11 with fund size of RM30 mil and RM40 mil respectively.
KUALA LUMPUR: AmAssurance has launched its latest 100 per cent Capital Guarantee Fund, AmCommodity Stable, aimed at providing a safe haven for the low-risk takers to invest amid uncertain economic prospects.
July 6, 2010

Insurance News Allianz General plans to introduce an insurance product that mitigates the risks of climate change. The gross written premiums for Allianz General reached RM1.2 bil last year and it is expecting a single-digit growth this year.
KUALA LUMPUR: Allianz General Insurance Company (Malaysia) Bhd (AGIC) plans to introduce special-customised products to help mitigate the climate change in the Malaysian market, said its Chief Executive Officer Ng Hang Ming said.
July 5, 2010

Insurance News Venture capital is not popular with insurers due to the higher RBC capital requirement, the high risk nature of the investment, the long wait for investment return and the lack of expertise in insurance companies.
PETALING JAYA: Although venture capital (VC) has a strong multiplier effect on the country’s economy, local insurers are still hesitant to invest in such businesses due to its risky nature and the need to maintain adequate capital under the risk-based capital (RBC) framework.
July 5, 2010

Insurance News Insurance fraud in Malaysia in 2009 is estimated at RM1.74 bil. 30% of people think that it is OK to pad the claim amount. In US, insurance fraud results in an increase in insurance premiums by US$200 to US$300 per person per year.
KUALA LUMPUR: Insurance fraud, estimated at RM1.74 billion in Malaysia last year, is clearly a "big business" and more alarming is, the public apathy surrounding it.
July 5, 2010

Insurance News Prudential and Alliance Bank has entered into a strategic bancassurance partnership with effect from 1 July 2010.
Alliance Bank Malaysia Bhd (Alliance Bank) has entered into a strategic bancassurance partnership with Prudential Assurance Malaysia Bhd (PAMB) which would enable the company broaden its range of wealth management products and services.
July 5, 2010

Friday, 9 July 2010

Underwriter - Life and Health

Our client is looking for a life & health underwriter.  Must have 5 or more years experience in life/health underwriting.  Based in Singapore, must be prepared to travel.

Interested candidates please contact us.

Sunday, 4 July 2010

News Posts 20100628-20100704

Insurance News There will be plenty of exciting M&A activities in insurance industry in Asia. Due to the ageing population in Japan, Japan's life insurers are entering countries like Malaysia, India and US. More opportunities may be available with potential sell down of assets by AIA ahead of the IPO and the split of ING's Asia insurance businesses.
TOKYO: Japan's life insurers are stepping out of their growth-strapped home market to chase investments in fast-growing Asia, taking on giants such as Britain's Prudential plc and American Insurance Group Inc.
July 2, 2010

Insurance News The new ICS is expected to be tabled in Parliament in Q4 and implemented in 1/2011. An unnamed CEO of an insurance company commented that introduction of ICS would result in higer premium rates and may give false impression that everything is protected by the ICS. Another unnamed CEO cautioned that the ICS levies may be onerous. CAP is of the opinion that the ICS provides better protection than the current IGSF.
The proposed amendments to the above Act should also see the emergence of the Insurance Compensation Scheme (ICS), which offers coverage to policyholders, similar to the current deposit insurance, probably beginning of next year.
July 2, 2010

Insurance News MAA will sell its life insurance business in Indonesia and expand its general insurance business there. 2 new products were launched in Malaysia and expected to bring in RM25 mil in 6 months: MAAXCombo and Medicalife 210. Medicalife 210 has lifetime limit set at 10 times the annual limit, higher than the 3 times presented in the earlier series: Medicalife 207.
MALAYSIA Assurance Alliance Bhd (MAA), the insurance arm of MAA Holdings Bhd, plans to sell its life insurance business in Indonesia but it wants to expand its general insurance operations there.
July 2, 2010

Insurance News Tokio Marine Life and RHB Bank officially inked their 10-year bancassurance agreement. Targeted premiums for the next 3 years: RM270 mil, RM300 mil and RM320 mil. A SP capital-protected par endowment plan was launched targeting 3,000 customers and RM100 mil within 1-month offer period.
TOKIO Marine Life Insurance Malaysia Bhd aims to chalk up RM890 million in new business premiums within three years of signing an exclusive bancassurance distribution agreement with RHB Bank Bhd yesterday.
July 2, 2010

Insurance News Wong Kim Teck has been appointed CEO for Kurnia wef 1/7/2010. Wong has 26 years' experience in the insurance industry and is a member of executive committee of PIAM.
Kurnia Insurans (Malaysia) Bhd (KIMB) has appointed Wong Kim Teck as its new chief executive officer from today.
July 2, 2010

Insurance News The current remuneration of directors does not take into account the performance nor risk and responsibilities the directors assume. The median pay for insurance directors is RM40,098.
Financial institutions (FIs) in Malaysia need to change the way they pay their directors by including a performance measure, a study suggests. The current remuneration practice of FIs, referring to banks and insurers, is based on peer group benchmarking in which the thinking is "we'll pay what other...
June 29, 2010

Insurance News Manulife believes that the cautious outlook due to European debt crisis will affect the sentiments of equities market investors. This will benefit the insurance industry as more people will invest in insurance rather than the equities market. Do you agree based on your experience and observation?
KUALA LUMPUR: The cautious investor sentiment globally due to the European debt crisis is likely to augur well for the local insurance industry, said Manulife Holdings Bhd group chief executive officer Michael Y.L. Chan.
June 29, 2010

Insurance News PruBSN is entering into bankatakaful with Affin Islamic for 5 years. Affin Islamic will in turn tap on PruBSN's agency force to cross sell its financial products.
KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) today signed a memorandum of understanding (MoU) with Affin Islamic Bank Bhd (Affin Islamic) to broaden its market reach for its Family Takaful products by tapping into the latters customer base.
June 28, 2010