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Saturday, 18 December 2010

News Posts 20101206-20101212

Insurance News Best Re has moved its headquarters to Labuan. It has 2 new entities there providing general reinsurance and family re-takaful business respectively. The gross written premium is expected to reach US$350 mil this year.
Saleh(left) and Azizan Best Re plans RM480 million investment in two new entities that will provide general reinsurance and family re-takaful business.
December 12, 2010


Insurance News Great Eastern Takaful targets RM180 mil AP in 1st year of operations. The company launched its takaful product lineup today, almost 1 month ahead of the original target of Jan 2011 and is the 1st out of the 4 new takaful licensees to do so.
KUALA LUMPUR: Great Eastern Holdings Ltd expects RM1 billion in contributions by 2015 from its new takaful business via its new joint venture company, Great Eastern Takaful Sdn Bhd.
December 10, 2010

Insurance News Great Eastern Takaful will use distribution channel of OCBC Al-Amin and also leverage on KAT's 140,000 members and probably recruit soldiers who opt for early retirement to become their agents. 2 new products were launched: I-Idaman and I-Abadi, focusing on protection and investment respectively.
GE Takaful Launch
NEWLY-FORMED Great Eastern Takaful Sdn Bhd has set a target to win more than RM1 billion in premiums by 2015 by focusing on Malaysia and regional countries like Singapore and Indonesia.
December 11, 2010

Tuesday, 7 December 2010

News Posts 20101129-20101205

Insurance News Pacific Insurance will be sold to Fairfax for RM201 mil in cash, plus incremental NTA from 31 Dec 2008. The price represents 1.68 times NTA at 31/12/2008. The deal is expected to complete by March 2011. As a comparison, RHB Insurance was valued at 1.85 times book value while Jerneh Insurance was priced at 1.07 times.
PETALING JAYA: PacificMas Bhd has signed a share sale agreement to sell its entire equity interest in The Pacific Insurance Bhd (PIB) to Fairfax Asia Ltd.
December 4, 2010

Insurance News Prudential has set itself targets of doubling 2009 value of its Asian life and asset management pre-tax operating profit and doubling its 2009 Asian premiums. Both targets to be achieved in year 2013.
LONDON: The boss of Britain’s biggest insurer Prudential Plc has outlined a plan to double Asian premiums by 2013, a move seen as bolstering his grip on the top job after a bungled takeover in the high-growth region.
December 2, 2010

Insurance News The Malaysian Association of Suppliers and Managers of Foreign Workers said that the insurance companies will be making a clean profit of more than 90% on the Foreign Worker Health Insurance Scheme. The allegation is totally lack of common sense!
KUALA LUMPUR: The directive requiring all foreign workers except domestic maids to have health insurance will only benefit insurance companies, said the Malaysian Association of Suppliers and Managers of Foreign Workers.
December 2, 2010

Insurance News MAA has not reached agreement with potential buyers of its general insurance business because it is holding out for more than RM300 mil. The price previously negotiated with AmG Insurance was RM274.8 mil. MAA has until August 2011 to raise capital to meet CAR requirement.
Tunku Datuk Ya'acob MAA Holdings Bhd (1198) has yet to sell its general insurance business arm to AmBank Group because it is holding out for more than RM300 million.
December 1, 2010

Insurance News Kurnia delivered a weak quarterly results with lower underwriting surplus before expenses and higher management expenses.
KUALA LUMPUR: KURNIA ASIA BHD swung into the red with net losses of RM3.74 million in the quarter ended Sept 30, 2010 as it was impacted by higher management expenses while there was an underwriting deficit.
November 30, 2010

Insurance News The Malaysia Deposit Insurance Corporation Bill 2010 was tabled for 1st reading in Dewan Rakyat. The bill will provide for the establishment of an explicit national takaful and insurance benefits protection system.
KUALA LUMPUR: The Malaysia Deposit Insurance Corporation Bill 2010 was tabled for first reading in Dewan Rakyat on Tuesday, paving the way to increase the deposit insurance limit from the current RM60,000 to RM250,000 for next year.
November 30, 2010

Insurance News MAA is considering raising more capital, either via rights or medium term note to meet the capital requirements by BNM. MAA is still in talks with various parties to sell its general insurance arm.
KUALA LUMPUR: MAA HOLDINGS BHD is mulling over raising more capital to increase its buffer.
November 30, 2010

Insurance News The government will speed up the review of TPBID scheme, after having had discussions with the insurance industry in August to September. The proposed mechanism will be presented to the government early next year after follow-up consultation with various interested parties. The average claim for private and commercial vehicles older than 10 years is about 17.5% higher than vehicles less than 10 years old.
KUALA LUMPUR: The Government will speed up the process to come up with a mechanism to provide third party insurance coverage, especially for motor vehicles aged 10 years and above.
November 29, 2010

Insurance News Actuaries are good candidates for financial institution board and risk management committee members because they have a different way of thinking about risk, possess advanced risk analysis skills and have vast experience gained at board level. As a professional group. actuaries are also supported by strong standards to ensure the quality of their analysis and advice.
The Institute of Actuaries of Australia (IAA) has called for more of its members to be included on the boards and risk management teams of insurance companies.
November 29, 2010

Insurance News The proposed private pension system will be voluntary. The development of the framework will be addressed in the 2nd Capital Market Masterplan targeted to be released before year-end.
Datuk Ranjit PETALING JAYA: The second Capital Market Masterplan (CMP2) for Malaysia from 2011 to 2020, which is expected to be released before year-end, will address key areas such as the development of a private pension fund framework, boosting retail participation in the local stock market, working capital improvement and higher attention to governance.
November 29, 2010

Saturday, 4 December 2010

News Posts 20101122-20101128

Insurance News PruBSN launched a new product called PruBSN Ummah, a savings and protection plan that helps to defray the high cost of performing haj. Part of the savings can be withdrawn any time after the 5th certificate year. PruBSN has also partnered Amanah Raya Bhd to provide will writing services to participants of the plan.
Azim(right) and Ahmad Saruji PRUDENTIAL BSN Takaful Bhd (PruBSN) expects significant contribution from its latest family takaful plan, PruBSN Ummah, after receiving positive response since its launch earlier this month.
November 26, 2010

Insurance News In memory of Hemalatha Kasippillai, a staff of Hannover Re based in KL, who was unfortunately killed in Mumbai terror attacks 2 years ago.
Dhinesh with his mother, Hemalatha PETALING JAYA: Every Nov 27, S. Nishalini and S. Dhinesh say a silent prayer for their mother Hemalatha Kasippillai.
November 26, 2010


Insurance News The Foreign Worker Health Insurance scheme proposed under ETP will kick in on 1 Jan 2011. The annual premium is RM120, lower than RM200 previously announced.
PUTRAJAYA: All foreign workers employed in Malaysia must be covered by medical insurance, in a Government ruling which will take effect on Jan 1 next year.
November 25, 2010

Insurance News Christopher Wei, who recently quit as the Group Chief Marketing Officer of AIA, is joining Great Eastern as its new Group CEO effective 10 February 2011. Interestingly, the previous Group CEO of Great Eastern, Ng Keng Hooi, has actually crossed over to AIA. Christopher is an associate of the Casualty Actuarial Society.
24 November 2010 – Great Eastern Holdings Limited announced today that it has appointed Mr Christopher Wei as its new Group CEO. Mr Wei, a Canadian Chinese, will be joining the company with effect from 10 February 2011
November 25, 2010

Insurance News HLTMT launched a new product "HLTMT i-Ihsan" and is expecting RM1 mil contributions in 6 months from the product. The product has high sum covered multiples and is targeted at lower income segment.
HONG Leong Tokio Marine Takaful Bhd (HLTMT) wants to have more young customers, especially among those defined as Generation Y.
November 24, 2010