News Posts 20110103-20110109

Insurance News The Foreign Workers Health Insurance Protection Scheme will have cashless admission facility. 17 insurance companies (full list in the news article) participate in the scheme.

Cashless hospital admission for insured foreign workers

PETALING JAYA: Employees covered by the Foreign Workers Hospitalisation and Surgical Insurance Scheme need not pay a deposit or produce a guarantee letter to be admitted to a government hospital.
January 7, 2011

Insurance News Review of some major events in the insurance and takaful industry in 2010.

New players, stiffer competition in takaful sector

The year 2010 marked the last leg of the Financial Sector Masterplan (FSMP) conceived 10 years ago with liberalisation measures kicking in the insurance industry as well as its Islamic equivalent, takaful.

January 7, 2011

Insurance News Double-digit growth projected for insurance industry driven by ETP initiatives. Uncertain outlook in the western economies however may affect consumer confidence and hence performance of the industry.

Insurance sector -- positive but there may be bumps

The Malaysian insurance industry is expected to grow by at least 12 per cent in 2011. However, there remains an uncertain outlook in the western economies that could shape the performance of the industry.

January 7, 2011

Insurance News The oil Palm and rubber plantation firms are not happy with the compulsory contributions to the foreign workers health insurance scheme. Under the Workers Minimum Housing Standard & Amenities Act 1990, many estate owners have set up their own hospitals and clinics and only 2-5% of foreign workers sought treatment in government hospitals. The usage of public health facilities is therefore low.

Plantation firms rap medical insurance ruling

Oil palm and rubber plantation firms will now have to fork out another RM50 million to insurance companies.
January 5, 2011

Insurance News A bank and an insurance company have each put in a bid to acquire OCA. The RM1.59 per share bid values OCA at 1.3 times book value.

Two bid for Maika’s OCA stake

PETALING JAYA: Two financial institutions have put in a bid of RM1.59 per share to acquire the controlling stake in Oriental Capital Assurance Bhd (OCA) from Maika Holdings Bhd, according to sources. A source said the two interested financial institutions consisted of a bank and an insurance company
January 5, 2011

Insurance News Vincent Kwo has been appointed the new CEO for Uni.Asia Life.

Uni.Asia Life appoints new CEO

Uni. Asia Life Assurance Bhd has appointed Vincent Kwo Shih Kang as its new Chief Executive Officer (CEO) effective today.
January 5, 2011

Insurance News Prudential Singapore will have Kevin Holmgren as its new CEO. The existing CEO Philip Seah will take on a regional role as Chief Agency Officer, Asia.

Prudential names new CEO

Prudential Corporation Asia has announced leadership changes in its Singapore life insurance business, Prudential Assurance Company Singapore (Pte) Limited.
January 3, 2011