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Sunday, 24 April 2011

News Posts 20110418-20110424

Insurance News "PIDM is building risk assessment and monitoring activities for TIPs" implies that insurance & takaful cos are not currently charged different rates based on risk assessment on them. "There is no charge to takaful certificate & insurance policy owners". This is misleading, while there is no direct charge, surely the costs incurred by insurance companies will be passed indirectly to consumers!
KUALA LUMPUR, April 21 (Bernama) -- Perbadanan Insurans Deposit Malaysia (PIDM) or the Malaysia Deposit Insurance Corporation (PIDM) will continue to focus on putting in place the required infrastructure, systems, policies and resources to effectively administer the Takaful and Insurance Benefits Protection
April 22, 2011

Insurance News According to this newspaper article, PIDM charges higher premiums for financial institutions with higher risk. Banks and insurers are rated on qualitative and quantitative criteria. Those in the industry can tell us how accurate this article is.
PIDM KUALA LUMPUR: Malaysia Deposit Insurance Corp (PIDM) says its practice of charging higher premiums for financial institutions with higher risk has a role to play in ensuring that they have a sound risk management system in place.
April 22, 2011

Insurance News Due to stretched resources, FSA will first focus on larger insurers in approving their internal models for Solvency II. Smaller firms will however have their models reviewed and approved before the Jan 2013 deadline.
The Financial Services Authority (FSA) will be adopting a two-tier approach to assessing insurers’ new capital models under Solvency II, The Financial Times has reported.
April 19, 2011

Insurance News 1MMPP - a micro-insurance product developed by the industry with the support of BNM, is now available with a starting monthly premium of less than RM20. The product covers death, illnesses, accidents, fires and loss of property.
KUALA LUMPUR: 1Malaysia Micro Protection Plan (1MMPP) has been developed to enhance accessibility and affordability of insurance and takaful protection for Malaysians.
April 19, 2011

Insurance News Focus of crisis preparedness is not on insurance industry given that it is not seen as a source of systemic risk. However financially healthy insurance entities can be affected by the failure of non-insurance part of the group. Supervisory authorities can better manage the financial sector by combination of macro & micro surveillance, monitoring accumulation of risks & cooperate among themselves.
PETALING JAYA: Bank Negara assistance governor Donald Joshua Jaganathan said a well-designed supervisory framework for the insurance industry and effective surveillance will help to minimise the likelihood and impact of a financial crisis.
April 19, 2011

Insurance News Publicity stunt by an insurance company may backfire. She is 47, he is 23. Their families objected to their relationship and they went to FB to seek blessings. With >3500 followers, their wedding ceremony was supposed to be telecast live on internet. But it was a publicity stunt by one insurance company trying to convey the message on the importance of insurance!
THE love story of a “forbidden couple” on Facebook may have had the insurance firm laughing for the free publicity it garnered, but netizens aren’t.
April 18, 2011

Monday, 18 April 2011

News Posts 20110411-20110417

Insurance News AIA aims to be in the top 3 in NB over the next 3 years, climbing from its current 4th position. Takaful is seen as a high growth area with current low penetration and huge Muslim population. Agency channel remains the main distribution channel although AIA also has 4 key bancassurance tie-ups.
SUBANG: AIA Group will bank on organic growth to spur its business in Asia and via this strategy make its subsidiary, AIA Bhd, one of the top three largest insurance providers in the country in terms of new business premiums over the next three years.
April 16, 2011

Insurance News Do you know that you could be jailed for 835 years for causing the collapse of a life insurance company?
WASHINGTON: It's easy to see why insurance swindler Sholam Weiss was not entirely satisfied with a judge's decision to cut 10 years from his prison term.
April 14, 2011

Insurance News Half of Britons do not want to pay for financial advice. A third think that such advice is worth less than £300, although full advice currently costs £670. Is there a future for financial advisers in Malaysia? Your views?
New research from the Association of British Insurers (ABI) indicates that over a half of Britons may not be prepared to pay for financial advice.
April 14, 2011

Insurance News The strong shariah framework in the country is named as one contributing factor for the success in takaful. Meanwhile lack of long-term assets could hinder growth.
PETALING JAYA: Malaysia has successfully propelled the takaful industry to the next level, says RAM Rating Services Bhd.
April 12, 2011

Insurance News The private pension scheme as announced under ETP will be finalised by year-end.
Under the Capital Masterplan 2, a new private retirement scheme approved by the Securities Commission would also be in place by year-end.
April 12, 2011

Insurance News Hans De Cuyper has been appointed the Head, Etiqa Insurance & Takaful.
Malayan Banking Bhd (Maybank) today announced four new senior management appointments for the group.
April 12, 2011

Insurance News Will Jerneh Asia sell off its stake in HSBC Amanah Takaful? If it does, there should be plenty of interested parties. Even HSBC itself may decide to buy to increase its stake in the takaful operator.
The sale of the 80 per cent stake in JIB marks Jerneh Asia's exit from the domestic insurance scene although it still owns a 31 per cent stake in HSBC Amanah Takaful (M) Sdn Bhd and has operations in China and Thailand as well as a stake in Areca Capital Sdn Bhd, a local fund management firm.
April 11, 2011

Insurance News MAA Holdings has today submitted application to BNM for approval to dispose off MAA insurance business to Zurich.
MAA Holdings Bhd has submitted an application to Bank Negara Malaysia (BNM) to seek approval to enter into an agreement and dispose off five of its units to Zurich Insurance Company Ltd.
April 11, 2011


Sunday, 17 April 2011

News Posts 20110404-20110410

Insurance News HLTMT expects to secure RM100 mil to RM150 mil in FY 6/11. 2 new family takaful products are planned for this year. It recently launched Matta Haj and Umrah PA Takaful scheme and targets to secure RM2 mil in contributions.
Abdul Khalid Salleh KUALA LUMPUR: Hong Leong Tokio Marine Takaful Bhd (HLTMT) is looking to book between RM100 million and RM150 million in contributions for the financial year ending June 30.
April 09, 2011

Insurance News OSK expects more M&As in insurance industry citing RBC and max 70% foreign ownership as factors.
MORE mergers and acquisition (M&A) news is expected from the local insurance industry, driven by an easing of regulations by Bank Negara Malaysia.
April 08, 2011

Insurance News MNRB intends to inject RM100 mil capital into Takaful Ikhlas with the recently obtained unsecured credit facility.
MNRB Holdings Bhd has obtained an unsecured credit facility of up to RM120 million from Amanah Investment Bank Bhd for a twelve-month tenure from the date of initial draw down with an interest rate of 4.25 per cent per annum.
April 06, 2011

Insurance News MAAH has denied the earlier report on sale of 70% of MAA conventional business to Zurich for RM1.2 bil.
KUALA LUMPUR: MAA HOLDINGS BHD (MAAH) denies that it is poised to sell a 70% stake in its unit Malaysian Assurance Alliance Bhd to Zurich Insurance Co. Ltd for an estimated RM1.2 billion.
April 06, 2011

Insurance News BNM has released the annual insurance statistics for 2010.
Consolidated Insurance Industry Statistics - The following series of Tables 1-5 contain abstracts from the quarterly returns submitted by insurers under section 85, 89 and 193 of the Insurance Act 1996. The figures are for calendar year ending 31 Dec 2010 and business within Malaysia.
April 06, 2011

Insurance News What is needed goes beyond shariah conformity. We need players with right quality & calibre, responsive to consumer needs, able to deliver value propositions such as innovative products, competitive price, transparency & service quality. Strong opportunities for growth exist in Takaful due to i) Underserved areas such as M&H ii) Country transforming into high-income nation iii) MIFC proposition.
KUALA LUMPUR: A critical factor that will determine the success in taking the takaful industry to the next level of development is the existence of players with the right quality and calibre.
April 06, 2011

Insurance News It is speculated that MAAH will sell 70% of MAA's conventional business to Zurich for RM1.2 bil. As Zurich is not allowed to hold 2 insurance licences, would they sell MCIS Zurich or would they merge it with MAA? Read the article for more details.
MAA's & MZ's FY2009 & FY2010 The RM1.2 billion deal does not include MAAH's Islamic insurance unit, MAA Takaful Bhd, says an industry source.
April 06, 2011

Insurance News The DM in PM's Department estimated that 10% of claims incurred are fraudulent. With RM17.4 bil claims paid in 2009, the fraudulent claims amounted to RM1.7 bil!
The insurance industry is now facing a big challenge in managing claims due to mounting losses experienced by their policyholders.
April 05, 2011

Insurance News STMB launched mySME and targets RM10 mil contribution in the next 12 months.
Syarikat Takaful Malaysia Bhd, expects a premium income of RM10 million over the next 12 months from its newly-launched Takaful mySME plan.
April 05, 2011

Insurance News ING Public Takaful Ehsan aims to secure RM31 mil contribution in 1st year, and growing to RM800 mil by 2015 to capture 10% market share. Both agency force and bancassurance will be used to distribute the products. Products planned for this year include investment-linked, term PA and medical.
KUALA LUMPUR: ING Public Takaful Ehsan Bhd targets to grow its market share to 10% with projected contributions of over RM800 million by 2015.
April 05, 2011

Insurance News Deputy Governor's Speech at the Launch of ING Public Takaful Ehsan
It is my pleasure to be here with you this morning for the official launch of ING Public Takaful Ehsan. Indeed, this momentous occasion, which also celebrates an alliance between ING Management Holdings (M) Sdn Bhd, Public Bank Bhd and Public Islamic Bank Berhad, signifies yet another milestone in our continuous endeavour to provide sufficient financial safety net for the general population and at the same time, promote the development of a progressive takaful industry, that is agile, dynamic and able to adapt to the increasingly challenging environment.
April 05, 2011

Insurance News MAA shares were suspended after lunch today pending "announcement of a material transaction". Speculation was the Zurich deal may be concluding. MAA shares moved up by 25% last Friday in a single day. However the announcement after market close today says that the discussion with Zurich is still ongoing.
The Company notes the recent movement in its share price and consequentially the request by the Company for the suspension of its shares from trading by Bursa Malaysia Securities Berhad.
April 04, 2011

Insurance News Standard Chartered Saadiq currently partners Etiqa Takaful in offerring takaful products and has no plan to apply for a takaful licence in Malaysia.
JOHOR BARU: Standard Chartered Saadiq (Saadiq) currently has no plans to apply for takaful licence in Malaysia.
April 04, 2011

Insurance News MII didn't tell us this. So some credits should be given to ANZIIF for the CF-Miti launched last week.
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has helped the Malaysian Insurance Institute (MII) build a competency framework for both general and life insurance.
April 04, 2011

Monday, 4 April 2011

News Posts 20110328-20110403

Insurance News ING's strategy is to move away from merely focusing on topline growth by relooking at how to create value for customers. Improving customer service is not a strategy but a way of life. ING and Public Bank's new takaful firm will launch its 1st product this month.
INSURANCE companies need to re-look their growth strategies and create value for their customers, given the changing landscape of the financial services industry post the recent global financial crisis.
April 2, 2011

Insurance News Tidjane Thiam will afterall get his bonus after the failed AIA takeover last year. However, instead of receiving 50% of his 1.57 million pounds bonus in cash and the other 50% in deferred shares, he has been "penalised" by being given 100% in shares deferred for 3 years.
* CEO gets deferred all-share bonus instead of 50 pct cash * CEO bonus 1.57 million pounds, total pay 2.76 million * CEO also gets 2 mln stg shares under incentive plan* Shares down 0.1 percent
April 1, 2011

Insurance News LIAM has elected Mohd Din bin Merican and Vincent Kwo as the new President and Vice President respectively.
Kuala Lumpur, Friday, 1 April 2011: At the 37th Annual General Meeting (AGM) of the Life Insurance Association of Malaysia (LIAM) held on 30 March 2011, Encik Mohd Din bin Merican and Mr Vincent Kwo Shih Kang have been elected as the new President and Vice-President of LIAM respectively.
April 1, 2011

Insurance News Ravi Menon will be the new MD for MAS effective April 2. Ravi who was the assistant MD in 2002, will take over from Heng Swee Keat who retires.
SINGAPORE: Monetary Authority of Singapore (MAS) announced yesterday that Ravi Menon will be appointed managing director effective April 2.
March 31, 2011

Insurance News Great Eastern expects the local stock market to outperform as its current valuations are not excessive. Equity is the preferred asset class although the market will remain volatile.
KUALA LUMPUR: Great Eastern Life Assurance (Malaysia) Bhd expects the Malaysian stock market to be more resilient than its regional peers due to the elections.
March 31, 2011

Insurance News Why it took 3 months for PAMB to announce to Bernama the appointment of its Chief Information Officer?
Prudential Assurance Malaysia Bhd (PAMB) has appointed Au E-Wan as its Chief Information Officer (CIO), effective January this year.
March 30, 2011

Insurance News MII launched CF-Miti, a framework aims to enhance the professionalism of the insurance and takaful workforce. The framework covers key job profiles in the industry and can be adapted for the purpose of training & development, talent programmes, coaching, recruitment and setting internal standards.
The newly-launched Competency Framework for the Malaysian Insurance and Takaful Industry (CF-Miti) is expected to retain and attract top talents to the industry, which is on a double-digit growth path.
March 29, 2011

Insurance News Kong Shu Yin, who was once the CEO of Kurnia, has been appointed the new CEO for RHB Insurance.
PETALING JAYA: RHB Insurance Bhd has appointed Kong Shu Yin its new chief executive officer. Bank Negara has given the green light for the appointment, a source told StarBiz.
March 29, 2011