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Thursday, 31 March 2011

News Posts 20110321-20112037

Insurance News Press article on the dilemma faced by motor insurers and car owners and the proposed new framework to solve the problem.
MOTOR insurance premiums and the scope of coverage under motor insurance policies are determined by the Malaysian motor tariff.
March 24, 2011

Insurance News STMB won the BrandLaureate Award for Best Brands in Financial Services - Insurance Takaful. It will also launch a new product mySME on April 5.
SYARIKAT Takaful Malaysia Bhd has won the BrandLaureate Award 2010-2011 in the Corporate Branding Category for Best Brands in Financial Services-Insurance Takaful for the second consecutive year.
March 24, 2011

Insurance News The sale of Pacific Insurance to Fairfax is officially completed today with a final price of RM216.484 mil.
PACIFICMAS Bhd has announced that the final consideration for the proposed disposal of a 100 per cent equity interest in its wholly-owned Pacific Insurance Bhd to Fairfax Asia Ltd had been agreed at RM216.484 million.
March 24, 2011

Insurance News Malaysian Re expects that the earthquake and tsunami in Japan to have minimal impact on its business. It has set aside RM20 mil provision.
Hashim Malaysian Reinsurance Bhd (Malaysian Re) said that it may not be affected significantly by the earthquake and tsunami in Japan as it has reinsured the risks for catastrophic events.
March 21, 2011

Insurance News Munich Re is selling its 16-storey Capital Square for S$889 mil.
SINGAPORE: Munich Re agreed to sell a Singapore office property owned by its unit for S$889 million S$ = RM2.40) to Keppel Land Ltd real-estate fund management arm and a partner.
March 21, 2011

Monday, 21 March 2011

News Posts 20110314-20110320

Insurance News The ILP new business AP grew at 37.8% in 2010 while the traditional AP new business grew at 3.3%, according to LIAM. Traditional business however has a slightly larger share with 55.6%. The growth in 2011 is predicted to be 12-15% on the back of a possible effective increase in tax relief of RM2,000.
KUALA LUMPUR: Total life insurance premiums in Malaysia grew 11.9% to RM8.42bil in 2010 from RM7.53bil a year earlier due to investment-linked policies which recorded a 26.6% growth, said the Life Insurance Association of Malaysia (Liam).
March 19, 2011

Insurance News Great Eastern launched a financial advisory firm - Great Eastern Financial Advisers in Singapore. The Singapore life insurance industry recorded 16% growth in 2010.
SINGAPORE - Population growth and robust economic expansion have helped to boost Singapore's insurance industry, and to further strengthen its leading position in the market, Great Eastern Holdings on Friday launched a financial advisory firm - Great Eastern Financial Advisers (GEFA).
March 19, 2011

Insurance News Prudential FY10 conventional and takaful new business APE grew 24% to RM1.021 bil. High productivity of its agency force was named as a key contributing factor. For FY11, the company aims for another double-digit growth.
KUALA LUMPUR: Prudential Assurance Malaysia Bhd (PAMB) recorded new business sales exceeding RM1 billion for the financial year ended Dec 31, 2010.
March 18, 2011

Insurance News MCIS Zurich expects its gross written premiums to grow by 5.7% this year. Its life insurance business will focus on balancing conventional and ILP business while for GI, it will concentrate on SME, personal lines and PA. MCIS Zurich launched its new Kota Damansara branch yesterday.
Md Adnan MCIS Zurich Insurance Bhd expects its gross written premiums to expand close to 6 per cent this year, driven by its life insurance division and higher productivity from its agency.
March 16, 2011

Insurance News STMB aims to grow faster than the 25-30% industry growth rate to increase its market share. It launched FirstLife Plan recently and targets to recruit 1,000 new agents this year.
KUALA LUMPUR, March 15 (Bernama) -- Syarikat Takaful Malaysia Bhd is eyeing a larger market share and is working on growing its business faster than the industry for the goal to be achieved.
March 16, 2011

Insurance News FMM calls for abolishment or deferment of the foreign workers health insurance scheme as there are unsettled issues and FMM did not have a chance to raise these before the scheme was launched.
PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) strongly feels the mandatory health insurance scheme for foreign workers should be abolished or deferred as it is plagued with unsettled issues.
March 15, 2011

Insurance News Allianz launched "Income Enhancer". Features: short-term payment; guaranteed cash from 1st year; option to reinvest cash.
Allianz Life Insurance Malaysia Bhd (ALIM) today launched a new short-term payment plan called "Income Enhancer", designed to provide policyholders with a stable and extra source of income.
March 15, 2011

Insurance News The insurance sector is expected to continue to grow, fuelled by ETP, 10MP and NEM. LIAM forecast a >12% growth in life insurance industry this year. PIAM on the other hand expects a strong growth in MHI sector. Micro-insurance products will form new areas of growth. Challenges mentioned include lack of long-term assets, low interest rate environment, consumer education and economic uncertainty.
PETALING JAYA: Despite the presence of some pitfalls in the insurance sector, the sector is expected to continue its growth for the remaining year fuelled by various initiatives and stimulus packages and the relatively low interest rate environment.
March 15, 2011

News Posts 20110307-20110313

Insurance News BNM has issued a press statement which seems to be in response to the call by several MPs yesterday for BNM to take stern actions on some motor insurers.
Bank Negara Malaysia would like to provide a statement on the new motor cover framework. It will provide a holistic solution to the issues that has been raised. This new framework will address in particular the concerns of high premiums and difficulty in having access to motor cover. A two-pronged s
March 11, 2011

Insurance News Several MPs have urged BNM to take stern actions against motor insurers that charge exorbitant premiums and/or force customers to buy additional coverage before issuing 3rd party motor insurance.
KUALA LUMPUR: Bank Negara Malaysia (BNM) has been urged to rein in errant companies that impose exorbitant third-party charges.
March 10, 2011

Insurance News Prudential's net profit more than doubled in 2010 and enjoyed a strong growth from its flagship Asian operations.
LONDON: Insurer Prudential will pay out a bigger-than-expected dividend on forecast-beating 2010 results, as it seeks to dispel lingering shareholder resentment over the group bungled and costly bid for rival AIA last year.
March 10, 2011

Insurance News Any idea what the new name will be for HLTMT after Tokio Marine pulls out on 1 April and replaced by Mitsui Sumitomo?
March 10, 2011

Insurance News PruBSN has become the 7th takaful provider on the panel of Treasury housing loans division, offering mortgage protection plan (PruBSN Gadai Janji) and a homeowner protection plan (Takaful Rumahku) to the civil servants.
PRUDENTIAL-BSN Takaful Bhd (PruBSN), a newcomer to the Treasury housing loans division's (BPP) takaful panel, expects to capture a considerable share of takaful protection for the estimated RM6.8 billion civil servants home loans this year.
March 10, 2011

Insurance News Labuan IBFC licensed insurance and takaful firms can now locate their management and operational offices anywhere in Malaysia.
LABUAN: Labuan International Business and Financial Centre (Labuan IBFC) licensed insurance and takaful firms can now locate their management and operational offices in Kuala Lumpur, or any other city within Malaysia, in line with the ongoing process of co-location and the movement towards a fully abstract international business and financial centre.
March 10, 2011

Insurance News Allianz General targets 10% growth in 2011 although the CEO thinks that 6-8% growth is more likely. The growth will be a result of the bullish economy as various ETP projects kick in which are expected to spur construction activities and consumer spending power.
Zakri The significant target growth will ensure Allianz General Insurance continues to lead in the sector, says its chief executive officer.
March 9, 2011

Insurance News Aviva said that the growth of Takaful has been weaker than expected. Asian currency appreciation contributed to 10 percentage points increase in premium growth in Asia.
BEIJING: Growth in Southeast Asia's Islamic insurance sector has been weaker than expected with many consumers happy to settle for regular policies, the Asian head of Britain's No. 2 insurer Aviva said on Tuesday, March 8.
March 8, 2011

Insurance News HLA Holdings will complete the deal of acquiring 35% stake in HLTMT from Tokio Marine and selling the same stake to Mitsui Sumitomo on 1 April. The deal is struck at RM33.64 mil.
Hong Leong Financial Group Bhd (HLFG)'s unit HLA Holdings Sdn Bhd (HLAH) will sign the formal agreement on April 1 for its proposed acquisition of 35 per cent equity interest in Hong Leong Tokio Marine Takaful Bhd (HLTMT) from Tokio Marine & Nichido Fire Insurance Co Ltd.
March 7, 2011

Monday, 7 March 2011

News Posts 20110228-20110306

Insurance News Pentasoft has rebranded itself into AETINS.
Software company, Pentasoft Malaysia Sdn, Bhd, which recently rebranded itself into AETINS Sdn Bhd, will leverage on its past experience to make a mark in the international arena.
March 5, 2011

Insurance News Insurers may not find life any easier with the increase in motor insurance premiums. Customer expectation is better service and faster claims in return.
PETALING JAYA: The implementation of the new motor insurance premium framework next year should result in a higher quality of service.
March 3, 2011

Insurance News HLA Holdings has received BNM's approval to purchase 35% stake in HLTMT from Tokio Marine & Nichido and sell the same stake to Mitsui Sumitomo.
Hong Leong Assurance Holdings Sdn Bhd has obtained Bank Negara approval to sell its takaful unit to Mitsui Sumitomo Insurance Group (MSIG), said Hong Leong Tokio Marine Takaful Bhd (HLTMT) chief executive officer Abdul Latiff Abu Bakar.
March 2, 2011

Insurance News Great Eastern Takaful launched i-EPCC, an investment-linked rider that pays benefits at early stages of various critical illnesses.
Great Eastern Takaful Sdn Bhd (GETSB) aims to be among the top three companies in the local takaful business by capturing about 20 percent of the market share by year end.
March 2, 2011

Insurance News The European Court of Justice has made a ruling that bans premium differentiation by gender. The ruling comes into effect from 21 December 2012. Differentiation by gender is ruled to be discriminatory.
The decision by the European Court of Justice (ECJ) to ban the use of gender in insurance policies from December 2012 has been described as "disappointing" by the Association of British Insurers (ABI).
March 1, 2011

Insurance News Kurnia has reported a Q4 net loss of RM8.5 mil.
Kurnia Asia Bhd, a Malaysian insurer, fell the most in more than three months in Kuala Lumpur trading after reporting a fourth-quarter net loss of RM8.5 million.
March 1, 2011

Insurance News More transparency in rates charged by private hospitals is certainly welcome, and is likely to help to contain the medical costs and hence the medical insurance premium rates.
SHAH ALAM: Private hospitals have been urged by the Health Ministry to publish their rates on their websites.
March 1, 2011

Insurance News Datuk Zamani, the former BNM deputy governor, has been made the Chairman of Bank Islam.
KUALA LUMPUR: Former Bank Negara Malaysia Deputy Governor Datuk Zamani Abdul Ghani has been appointed Chairman of Bank Islam Malaysia Bhd, effective today.
March 1, 2011

Insurance News Lonpac has gained 20% market share in Cambodia and targets to capture 35% in the next 5 years. The business in Cambodia is profitable; a new branch is planned for Siem Reap.
GENERAL insurer Lonpac Insurance Bhd is putting on hold its plans to venture into other overseas countries to focus on growing its operations in Cambodia as well as Singapore.
February 28, 2011

Insurance News Best Re has been assigned AA rating by MARC.
Malaysia Rating Corporation Bhd (MARC) has assigned an insurer financial strength rating of "AA" to BEST RE (L) Ltd and BEST RE Family (L) Ltd.
February 28, 2011

Wednesday, 2 March 2011

News Posts 20110221-20110227

Insurance News The Actuarial Society of Malaysia (ASM) held its AGM on 24 Feb 2011. Liew Pek Hin (MLRe) took over from Patrick Cheah (AM Life) as the new President after the latter completed his 2-year term. On the same day prior to the AGM, 3 distinguished speakers: Adnan (MCIS Zurich's CEO), Azim (PruBSN's CEO) and Hassan Scott (consultant) shared their perspectives on the actuarial profession. ASM is the host to the 16th East Asian Actuarial Conference which will be held in KL from 10 to 13 October 2011.
ASM AGM 2011
February 26, 2011

Insurance News Highlights of Allianz profit announcement: 1) Pre-tax profit rose 8.2%. 2) Gross earned premium growth: Life - 18.5% GI - 7.8%.
Allianz Malaysia Bhd's pre-tax profit rose 8.2 per cent to RM191.550 million for the financial year ended Dec 31, 2010, against RM176.969 million registered in 2009.
February 25, 2011

Insurance News BNM today announced the new motor insurance framework. Key features: 1) Premiums to go up from 2012. 2) Premium increases gradual and spread over 4 years. 3) Premiums determined by market forces after 2016. 4) Faster claims settlement. 5) Improvement in accessibility to motor insurance.
PETALING JAYA: Motorists will pay more for their insurance premiums from next year under the new motor framework but will reap the benefit of faster claims.
February 25, 2011

Insurance News Lonpac targets 15% growth in gross premiums, the growth would be boosted by strategic partnership with global insurers. Lonpac also plans to open 3 branch offices in West Malaysia.
KUALA LUMPUR: Insurer LPI CAPITAL BHD [] is targeting a 15% growth in gross premiums in the financial year ending Dec 31, 2011.
February 24, 2011

Insurance News 200,936 foreign worker health insurance policies have been sold since it was made compulsory from Jan 1. The premium is RM120 per policy per annum.
PUTRAJAYA: The healthcare national key economic area (NKEA) is expected to surpass its RM35.3bil growth target judging by the progress made so far, said Health Minister Datuk Seri Liow Tiong Lai.
February 23, 2011

Insurance News Great Eastern has centralised all calls to its head office.
KUALA LUMPUR: Great Eastern Life Assurance (Malaysia) Bhd’s customer service call centre has centralised all calls from its branches in the country to its head office in Jalan Ampang.
February 22, 2011