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Monday, 17 January 2011

News Posts 20110110-20110116

Insurance News Namlifa's board director said that 2 motor insurance firms closed shop due to fraudulent claims. Examples of fraudulent claims include chopping fingers, faking deaths, exaggerating illnesses, setting fire on premises, unnecessary motor repair work and intentional loss of vehicles.
PETALING JAYA: So serious is the problem that two motor insurance firms closed shop under the weight of fraudulent claims involving millions of ringgit.
January 14, 2011

Insurance News Preliminary negotiation to sell MUI Continental to Liberty International has received BNM's approval.
Malayan United Industries Bhd’s (MUI) wholly owned unit Novimax (M) Sdn Bhd has been given the nod by Bank Negara Malaysia to start preliminary negotiation with US-based Liberty International Holdings Inc to dispose its shares in MUI Continental Insurance Bhd (MCI).
January 14, 2011

Insurance News BNM is reviewing the need for boards of insurance companies to be served by a dedicated head of risk, which is an increasingly common global practice. The central bank is also reviewing the role of signing actuaries of GI companies and may expand their role to risk management related areas.
PETALING JAYA: Appointing a dedicated head of risk to serve the board of an insurer is becoming an increasingly common global practice aimed at providing assurance to the board on the quality of risk management within a firm.
January 13, 2011

Insurance News HSBC Amanah Takaful achieved a 200% new business growth rate in 2010, driven by its retirement plans which formed 60% of its total sales. It plans to launch its first child education plan this year.
Zainudin(right) and Chivers HSBC Amanah Takaful (Malaysia) Sdn Bhd is confident of outpacing the industry growth this year as it did last year but the pace may not be faster.
January 13, 2011

Insurance News The lack of long-term sukuk is undermining the growth of Takaful industry in Malaysia. July 2010 statistics: Takaful assets - RM13.9 bil; o/s Islamic bonds: RM293.2 bil of which RM41.5 bil with tenure >10 years.
Rafe Haneef JAKARTA: The lack of long-term investment products is undermining growth in Malaysia’s Islamic insurance industry, spurring calls for more sukuk maturing beyond 10 years in the world’s biggest market for the debt.
January 12, 2011

Insurance News Etiqa Takaful sets a contribution growth target of 12-15% this year after achieving RM2.4 bil last year.
Etiqa Takaful Bhd aims to chalk up 12-15 per cent growth in premiums this year from RM2.4 billion in 2010 through greater consumer awareness and the launch of new products.
January 11, 2011

Insurance News Slight difference in reinsurance wordings may prove costly to insurers. Eg: (1) Is prolonged period of floods 1 event or a series of events? (2) What triggers a flood: when the rain falls or when the water starts flowing into homes? (3) If a flood event straddles 2 contract periods, is it considered as 2 events?
Flood INSURERS will be forced to delve into the fine print of their own "re-insurance" contracts due to the duration and damage of the Queensland floods.
January 10, 2011

Insurance News Lonpac was on track to meet its 2010 gross premium target of RM800 mil. Its motor business has a combined ratio of 95%. Lonpac plans to open 3 new branches this year, adding to its existing 15-branch network.
GENERAL insurer Lonpac Insurance Bhd (Lonpac) says it is on track to meet the RM800 million gross premium target it had set for 2010, thanks to its underwriting experience in fire risks.
January 10, 2011

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