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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


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