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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

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