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Sunday, 5 September 2010

News Post 20100830-20100905

Insurance News More Malaysians are taking up multiple health insurance policies and with coverage up to an advanced age due to: 1) Rising medical costs 2) Longer life expectancy 3) Long queues at public hospitals 4) Employers do not normally provide post-retirement medical coverage.
PETALING JAYA: Rising medical costs have prompted more Malaysians to take up multiple health insurance policies, with some even extending their cover up to the age of 100.
September 5, 2010

Insurance News Ng Keng Hooi apparently would join AIA as its regional managing director, responsible for Thailand, the Philippines, India and Taiwan. He would be based in Singapore. Keng Hooi was headhunted in late July by his previous colleague from Prudential, Mark Tucker.
Ng Keng Hooi Straits Times Singapore, 4 Sep, 2010, SaturdayGreat Eastern group chief exec joining AIA He will be regional MD and focus on achieving profitable growth at AIA By Lorna Tan, Senior CorrespondentMr Ng says he is leaving GE with the knowledge that the business is in good shape.
September 5, 2010

Insurance News Here is the link to the official announcement by Great Eastern on the resignation of its Group CEO.
3 September 2010 – Great Eastern Holdings Limited (the “Company”) announced today that its Group Chief Executive Officer Mr Ng Keng Hooi has resigned to take on a regional appointment in a multi-national corporation. His last day of service with the Company will be 30 September 2010.
September 3, 2010

Insurance News With the issuance of 4 new Takaful licences, the competition is expected to be stiffer and existing Takaful players will need to up their game and find their niche. The 4 new Takaful operators have good infrastructure in place and are "ready to go".
Syed Moheeb PETALING JAYA: Existing takaful operators will have to “up their game” and gear up for stiffer competition as the granting of four new licences by Bank Negara on Wednesday will see more players fighting for a share of the profit slice.
September 3, 2010

Insurance News Pacificmas has applied to BNM for the approval to dispose of Pacific Insurance to Fairfax Asia.
KUALA LUPUR: PACIFICMAS BHD has sought the authorities’ approval to enter into a definitive shares sale agreement with Fairfax Asia Ltd to dispose of its stake in The Pacific Insurance Bhd.
September 3, 2010

Insurance News Ng Keng Hooi has resigned as the Group CEO of Great Eastern, his last day of service will be 30/9/10. He is taking on a regional role with a MNC, rumoured to be AIA joining Mark Tucker.
SINGAPORE: Singapore insurer Great Eastern Holdings said today that group chief executive officer Ng Keng Hooi has resigned to take on a regional appointment in a multinational corporation.
September 3, 2010

Insurance News Great Eastern launched a critical illness (CI) rider that pays upon early CI detection. The rider - Smart Early Payout CriticalCare is attachable to ILP. The rider allows multiple claims for different CIs or across severity levels within the same CI.
KUALA LUMPUR, Sept 1 (Bernama) -- Great Eastern Life Assurance (M) Bhd is confident its newly-launched "Smart Early Payout CriticalCare" product will be a key contributor to achieve a 40 per cent growth in "Smart Protect" business for financial year 2010.
September 2, 2010

Insurance News The names and targeted start dates of the 4 new takaful companies:- AmTakaful Bhd: June 2011; Great Eastern Takaful Sdn Bhd: early 2011; ING-Public (no news on official name yet): by 1H 2011; AIA-Alliance (no news on official name yet): no news on start date yet.
AMMB Holdings Bhd, one of the four joint ventures to get the family takaful licences, will get the business started in June, 2011, group managing director Cheah Tek Kuang said today.
September 2, 2010

Insurance News This diagram from Business Times provides a good summary of the shareholding structure of the 4 new takaful joint ventures.
Chart The decision to grant the licences was driven by the favourable economic conditions since the announcement made on April 27 last year, says Bank Negara Malaysia
September 2, 2010

Insurance News ING has launched a new plan with Public Bank: PB-ING BIC Income plan. Plan features: 5-year SP ILP; 97% of premiums invested in A$ notes; 100% premiums returned on maturity in A$; upside potential linked to equity performance in Brazil, India and China.
Public Bank Bhd and ING Insurance Bhd today jointly launched the PB-ING BIC Income Plan, a five-year single premium investment-linked insurance plan.
September 2, 2010

Insurance News DiGi has teamed up with Etiqa Takaful to provide PA plan with RM1.2 mil targeted contributions. Last year DiGi teamed up with AIG General (now Chartis) to provide a similar plan.
SUBANG JAYA: Digi Telecommunications and Etiqa Takaful Bhd are targeting RM1.2 million in sales within the first year for its newly launched Takaful personal accident (PA) plan.
September 1, 2010

Insurance News BNM has issued 4 instead of 2 new takaful licences due to strong applications and more favourable prevailing economic conditions. The new licencees are: AIA+Alliance, AMMB+FP, ING+Public, GE+KATM.
Following the announcement made on 27 April 2009 on the issuance of two family takaful licences under liberalisation of the financial services sector, Bank Negara Malaysia has received several strong applications for the family takaful licences.Given the more favourable prevailing economic condition...
September 1, 2010

Insurance News The planned sale of Nan Shan to China Strategic and its partner Primus was rejected by Taiwan regulators. Taiwanese bank Chinatrust Financial may be the next potential buyer.
TAIPEI: Taiwan regulators rejected AIG's planned $2.2 billion sale of its Taiwan unit to a China-related group, citing regulations on mainland investment, and leaving the insurer facing another auction.
August 31, 2010

Insurance News Kurnia's strategy of increasing non-motor business is on track with non-motor business growth of 23% in 2010 1H. 3 non-motor products were launched in 1H with 3 more planned in 2H. Non-motor underwritting profit reached RM24 mil in 1st 6 months of the year.
Motor insurer Kurnia Insurans (Malaysia) Bhd (KIMB) achieved a 23 per cent growth in its non-motor business for the first six months of 2010.
August 30, 2010

Insurance News Great Eastern has embarked on an aggressive agent recruitment exercise targeting 6,000 agents in 2010 and another 6,000 next year. 3,000 new agents have been recruited since beginning of the year.
Song Hock Wan JOHOR BARU: Great Eastern Life Assurance (M) Bhd, the country’s largest and oldest insurer wants to recruit more fresh graduates and professionals to become its agents.
August 30, 2010

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