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

No comments:

Post a Comment