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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

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