Insurance News on Facebook

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

No comments:

Post a Comment