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Monday, 30 January 2012

News Posts 20120122-20120128


Insurance News  -  27 Jan 2012  -  Public
AM Best has affirmed the A- ratings of Malaysian Re with stable outlook. The losses from Thai flooding are estimated to have minimal impact. http://bit.ly/xls9uo

KUALA LUMPUR (Jan 27): A.M. Best Co. affirmed the financial strength rating of A- (excellent) and issuer credit rating of “a-” of MNRB HOLDINGS BHD []’s unit Malaysian Reinsurance Bhd (Malaysian Re). The outlook for both ratings is stable.
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Insurance News  -  27 Jan 2012  -  Public
LIAM's response on today's articles in The Star. What do you think? Does it address the issues raised by the newspaper and successfully instil confidence in consumers? What would have been a better response? http://bit.ly/wiyWQO

PETALING JAYA: Life Insurance Association of Malaysia (LIAM) says it has taken steps to minimise customer confusion and dissatisfaction.
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Insurance News  -  27 Jan 2012  -  Public
Has Life Insurance Industry made it so difficult for policyholders to make a critical illness claim for heart attack? Policyholders need to have at least 3 arteries blocked by >70%? Troponin T test is not sufficient and a cardiac enzyme test is required? http://bit.ly/wrF0VQ

KUALA LUMPUR: It is not enough to be genuinely and critically ill to get your insurance claims approved, as many people have found out.

Thursday, 26 January 2012

News Posts 20120115-20120121


Insurance News  -  19 Jan 2012  -  Public
The recent small adjustment to the motor insurance tariff will not result in significant boost in premium income for general insurers.http://bit.ly/Ann3Fd

KUALA LUMPUR: The recent revision in motor tariff premium rates, effective since Monday, will not significantly boost motor insurers’ premium income or see more motor insurance being underwritten.
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Insurance News  -  19 Jan 2012  -  Public
Labuan Re's outlook has been revised to negative from stable by Fitch as a result of adverse impact on its financial performance and capital level from several catastrophes. Its financial strength rating however remains at A-. Labuan Re's combined ratio is expected to hit 121% for FY2011.http://bit.ly/AgoNTS

PETALING JAYA: Labuan Reinsurance (L) Ltd’s outlook has been revised to negative from stable by Fitch Ratings, although the insurer’s financial strength rating has been affirmed at A-.
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Insurance News  -  18 Jan 2012  -  Public
Sources said that AIA has invited 4 investment banks to pitch for advisory roles for a possible offer to take over the Asian insurance operations of ING. http://reut.rs/yi53VE

HONG KONG (Reuters) - AIA Group Ltd;, Asia's No.3 insurer and about one-third owned by American International Group Inc , may bid for the $6 billion Asian insurance operations

Monday, 16 January 2012

News Posts 20120108-20120114


Insurance News  -  14 Jan 2012 -  Public
Manulife targets NB growth of 40% this year, to be achieved via an additional 1,800 agents, 25 more branch managers, 2 to 3 more regional support centres and launching more retirement, education and medical insurance products. http://bit.ly/yeW9ln

KUALA LUMPUR: Manulife Holdings Bhd expects its new business insurance premiums to increase by 40% this year. It plans to achieve the target through initiatives to expand its recruitment base and its ...
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Insurance News  -  13 Jan 2012  -  Public
ING has scrapped the plan to list its combined European and Asian insurance and investment operations. Instead the Asian operations are likely to be sold separately as it attracts strong interest. Interest parties apparently include Prudential US and Manulife. http://reut.rs/AfZDMo

* Strong interest received for Asia Insurance -CEO* Asia/Pacific Insurance worth around EUR 5 bln* There is no IPO market in Europe - ING CEO* European insurance spin-off possible - CEO* ING shares
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Insurance News  -  11 Jan 2012  -  Public
Zurich is looking seriously into resolving the issue of holding 2 insurance licences: MAA and MCIS Zurich. It did not however disclose the options that are being explored nor the timeline needed to resolve the issue. http://bit.ly/xcePki
KUALA LUMPUR: Zurich Insurance Co Ltd, which has taken over the life and general insurance businesses of MAA Group Bhd, will resolve the issue of having a dual presence in the insurance sector.
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Insurance News  -  9 Jan 2012  -  Public
LPI has reported a strong set of financial figures largely contributed by its general insurance arm.http://bit.ly/zJvvdO

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Insurance News  -  9 Jan 2012  -  Public
Housing developers will be required to purchase insurance for their new projects in a move to safeguard buyers, http://bit.ly/xTwfPq

SEREMBAN: Housing developers will be required to purchase insurance for their new projects in a move to safeguard buyers, Housing and Local Government Minister Datuk Seri Chor Chee Heung said.
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Insurance News  -  9 Jan 2012  -  Public
Mohd Din Merican has been appointed President and CEO of MNRB. Din was previously CEO of Etiqa Insurance Bhd, as well as the President of LIAM. As MNRB is not a member company of LIAM, Din has stepped down as LIAM's President, his position in LIAM was filled by Vincent Kwo.http://bit.ly/yFeIMY

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Insurance News  -  9 Jan 2012  -  Public
AmTakaful has commenced its family takaful business with effect from today. http://bit.ly/yLXVMIhttp://bit.ly/zv4ZER

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Insurance News  -  9 Jan 2012  -  Public
LIAM has appointed Vincent Kwo and Khor Hock Seng as its new President and Vice President respectively, effective 1 January 2012. http://bit.ly/AB7Q5C

05 January 2012. LIAM has New President and Vice-President - Press Release by LIAM. Kuala Lumpur, Thursday, 5 January, 2012: LIAM is pleased to inform that Mr Vincent Kwo Shih Kang, Chief Executive Of...

News Posts 20120101-20120107


Insurance News  -  6 Jan 2012  -  Public
BNM's Press Statement on the implementation of the New Motor Cover Framework. The gradual revision in the Motor Tariff premium rates under the new framework will be effective from 16/1/2012.http://bit.ly/xdWgKY

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Insurance News  -  4 Jan 2012  -  Public
AmTakaful will roll out 3 major product lines in Q1 this year: protection, investment-linked and pensions. http://bit.ly/AoGrOY
FRIENDS Life PPL Ltd, a UK-based pension, life and investment firm will roll out a family takaful business in Malaysia with its local partner AMMB Holdings Bhd this year.
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Insurance News  -  4 Jan 2012  -  Public
Prudential has appointed Bernard Chang as its chief risk, compliance and legal officer, effective from October 2011. http://bit.ly/ymybVu


News Posts 20111225-20111231


Insurance News  -  30 Dec 2011  -  Public
48% of parents in Malaysia had no life insurance. http://bit.ly/vkZX8P

KUALA LUMPUR: Men are taking the lead in decision-making across most aspects of financial planning, according to a HSBC report.
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Insurance News  -  29 Dec 2011  -  Public
Insurance M&As in 2011 and late 2010: a) MAA acquired by Zurich; b) Pacific Insurance acquired by Fairfax; c) Proposed acquisition of Kurnia by AmG; d) Completion of transfer of Maybanlife to Etiqa; e) 35% of HLTMT transferred indirectly from Tokio Marine to Mitsui Sumitomo; f) 15.2% of RHB Insurance acquired by RHB Capital from Nissay Dowa. There are a few more, feel free to add below... http://bit.ly/uzcSPQ

PETALING JAYA: More excitement might be in store for the local insurance industry as it goes into further consolidation in 2012 after a year laden with numerous corporate exercises.
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Insurance News  -  27 Dec 2011  -  Public
The increase in the maximum foreign ownership from 49% to 70% has made the local insurance companies more attractive M&A targets for foreign players. The upward adjustment in motor insurance tariffs will benefit the motor insurance players. http://bit.ly/sDUbJ2

OSK Research Sdn Bhd expects more consolidation in the local insurance space in the future.

Sunday, 15 January 2012

News Posts 20111218-20111224


Insurance News  -  23 Dec 2011  -  Public
The 10-year (2011-2020) Financial Sector Blueprint (FSBP) was unveiled by BNM yesterday. Under FSBP, the insurance products that will play significant role include: a) private pension products; b) higher value-added medical and health insurance; c) microinsurance and microtakaful products; d) political risk insurance; e) credit guarantee insurance.
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Insurance News  -  23 Dec 2011  -  Public
Licensing: New insurance and takaful licences are possible under FSBP, especially to financial institutions that can bring in specialised expertise. Similarly, there are hints that foreign equity higher than 70% could be allowed to those parties with specialised expertise. The dual licensing regime for financial advisers and financial planners will also be streamlined.
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Insurance News  -  23 Dec 2011  -  Public
Most, if not all newspapers seem to fail to report that under FSBP, the composite insurer/takaful operator concept will be history. The life and general businesses, and family and general takaful businesses will need to be carried out under separate entities.
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Insurance News  -  23 Dec 2011  -  Public
Distribution channel: insurers and takaful operators are encouraged under FSBP to offer their products through alternative distribution channels to enhance the reach.
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Insurance News  -  23 Dec 2011  -  Public
Risk management: under FSBP, risk management will play a more important role in insurance companies. Insurers and takaful operators will need to have independent and dedicated heads of risk.
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Insurance News  -  23 Dec 2011  -  Public
MIFC: in extending the MIFC initiatives, Malaysia will be positioned to become the international retakaful centre under FSBP.
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Insurance News  -  21 Dec 2011  -  Public
Actuaries will play a more prominent role in general insurers and general takaful operators under the Financial Sector Blueprint. Their role and interactions with key control functions in insurance companies will also be reviewed. There will also be further clarification on the actuaries' responsibilities in life insurers and family takaful operators. http://bit.ly/unhFJZ

The corporate governance of financial institutions and market discipline is expected to be enhanced when the recommendations under the Financial Sector Blueprint are implemented.
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Insurance News  -  21 Dec 2011  -  Public
Allianz is looking at Malaysia very closely and would be ready to include takaful in their portfolio when the opportunity arises. Allianz will use its experience gained in Indonesia as a base for future expansion. It started the takaful business in Indonesia in April 2006. http://bit.ly/rCBb67

Insurance News - Allianz Seeks to Expand Takaful Effort From Its Indonesia Base
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Insurance News  -  21 Dec 2011  -  Public
Acquiring Kurnia would make AmG the largest general insurer in Malaysia. However, pricing is key to the success of the acquisition. Speculation has it that the deal would be struck at 2.5 to 3 times book value. http://bit.ly/uDgJ3g
 
PETALING JAYA: Pricing would be a key consideration in the proposed sale of Kurnia Asia Bhd’s general insurance arm Kurnia Insurans (M) Bhd (KIMB) to AmG Insurance Bhd, analysts said.
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Insurance News  -  21 Dec 2011  -  Public
Prudential's Chairman Harvey McGrath will step down in 2012 once a successor is found. His early departure is seen by some as "an overhang from the failed AIA deal" which costed Prudential £377 mil in bills. McGrath suggested that he had been surprised by the time taken by the job as Chairman and he intended to devote more time to his other interests. http://bit.ly/vLM9Za
 
Shareholders blamed Harvey McGrath for the failure of the AIA bid – which left the company with a bill for £377m
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Insurance News  -  20 Dec 2011  -  Public
From 1 Jan 2012, if you want to buy an investment-linked product in Singapore, your agent will need to conduct a "Customer Knowledge Assessment" to assess whether you have the relevant knowledge or experience to understand the risks and features of ILP. Agents will look at your educational qualifications, investment and work experiences in the assessment. If the conclusion is that you do not have the relevant knowledge or experience, you will need to undergo learning modules before you are allowed to buy ILP! http://bit.ly/sCSa8B http://bit.ly/vGOWgY
SINGAPORE: Buying a mutual fund in Singapore may not be a cakewalk anymore.        
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Insurance News  -  20 Dec 2011  -  Public
The Kurnia deal as reported in Australia: IAG owns 49% of AmG. IAG would fund its purchase of Kurnia from internal resources. http://bit.ly/uN44TE

IAG seeks approval for Malaysian insurance deal
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Insurance News  -  19 Dec 2011  -  Public
It is confirmed: Kurnia is to be sold to AmG. http://bit.ly/t4tWJx

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Insurance News  -  18 Dec 2011  -  Public
PruBSN will open more branches and launch more products next year although the CEO did not reveal the details. http://bit.ly/v0Wuu3

KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) plans to add new branches and launch more products next year.