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Monday, 26 March 2012

News Posts 20120319-20120325

Insurance News  -  25 Mar 2012  -  Public
STMB is investing up to RM5 mil in technology to go paperless by end of 2012. The Document Management System is expected to result in RM1 mil cost saving per year.
KUALA LUMPUR: Syarikat Takaful Malaysia Bhd has invested RM3mil for an information technology system that allows it to operate in a paperless environment.

Insurance News  -  20 Mar 2012  -  Public
Tokio Marine Life opened a recruitment centre in Johor Baru. It aims to achieve a recruitment growth of 66% in 2012.
Tokio Marine opens JB recruitment centre
Tokio Marine Life Insurance Malaysia Bhd today opened a recruitment centre in Johor Baharu, its third after Miri and Butterworth.

Insurance News  -  19 Mar 2012  -  Public
The life insurance new business premium is projected to grow by 7 to 10% this year. The growth would be supported by the Financial Sector Blueprint, low insurance penetration, roll-out of ETP projects, the 10th Malaysia Plan and tax incentives for private pension plans.

PETALING JAYA: The life insurance industry, which registered total new business premiums worth RM7.92bil last year, is expected to grow by between 7% and 10% this year despite the global external head...

Sunday, 18 March 2012

News Posts 20120312-20120318

Insurance News  -  16 Mar 2012  -  Public
Malaysia's takaful operators STMB and Etiqa are both bullish on the potential of takaful in Indonesia. Factors cited are faster growth rate and huge Muslim population with increasing wealth. Indonesia has 5 takaful companies and 35 takaful windows.

Malaysia’s biggest Islamic insurers plan to expand in Indonesia, taking advantage of industry growth that’s almost three times the pace of their home market and increasing wealth in the world’s most-populous Muslim country.

Insurance News  -  13 Mar 2012  -  Public
Insurance fraud is prevalent in high-volume transactions such as motor and medical insurance. Advanced predictive analytic is said to be able to detect fraud earlier in the claims management process.

MALAYSIA'S insurance industry, which has generally experienced a healthy growth rate, is no longer immune to the volatility of the global and domestic financial market.

Sunday, 11 March 2012

News Posts 20120305-20120311

Insurance News  -  9 Mar 2012  -  Public
The deadline for submission of application for a licence to be a provider of Private Retirement Scheme has passed (15/2/2012). It is not sure when SC will announce the successful applicants. Hwang Investment Management Bhd has submitted its application. Does anyone know which are the other companies that have submitted applications?

KUALA LUMPUR: Hwang Investment Management Bhd (Hwang IM) has applied for a licence to be a provider under the Private Retirement Scheme (PRS).

Insurance News  -  8 Mar 2012  -  Public
MAA Takaful has declared and will pay profit commission to its qualifying general takaful agents. It believes that such a move will encourage agents to bring in quality business.

KUALA LUMPUR, March 8 (Bernama) -- MAA Takaful Bhd (MAA Takaful) became the first takaful operator in Malaysia to declare and pay profit commission to its qualifying general takaful agents. Its Chief ...

Insurance News  -  7 Mar 2012  -  Public
HSBC has agreed to sell its general insurance businesses as part of its plan to divest non-core assets that are capital intensive. It would be interesting to see what HSBC will do with its life insurance/takaful businesses, which rightfully should be even more capital-intensive.

HONG KONG (March 7): HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia's QBE Insurance Group for $914 million in cash, as Europe's biggest bank moves ahead with its plan to divest non-core assets.

Insurance News  -  7 Mar 2012  -  Public
STMB expects its Indonesian operation to contribute at least 1/2 of its profit and revenue base in the next 5 to 7 years. In Malaysia, it plans to launch at least 4 investment-linked products and health insurance this year. &

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd is expecting “exponential growth” in its Indonesian operations in the medium to long term, said managing director Datuk Hassan Kamil.

Insurance News  -  7 Mar 2012  -  Public
This news article by Business Times ( says that STMB is close to selling a stake in its Indonesian unit to a local Indonesian partner, quoting the MD of the company. However, the same newspaper subsequently published another article ( also quoting the MD refuting the sale. What is happening? 

Kuala Lumpur: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) is close to selling a stake in its Indonesian unit to a local partner to expand its distribution network in the republic.

Insurance News  -  7 Mar 2012  -  Public
Oriental Capital Assurance (OCA), which was acquired by G Team from Maika in 2010, may be sold to Tune Money.
PETALING JAYA: Tune Money Sdn Bhd, the financial services arm of the Tune Group, is speculated to be one of the candidates to acquire the controlling stake of 74.16% in Oriental Capital Assurance Bhd ...

Insurance News  -  6 Mar 2012  -  Public
Etiqa's customers can now check the status of their motor insurance claims on the company's website.

KUALA LUMPUR (March 5, 2012): Etiqa customers can now conveniently check the status of their motor insurance claims via a new feature on its website, In a statement today, Etiqa said...

Insurance News  -  6 Mar 2012  -  Public
STMB plans to invest in properties in London as prices have been depressed given the depreciated currency and a devalued property market.
SYARIKAT Takaful Malaysia Bhd is looking at diversifying its investment portfolio by acquiring properties in London this year.

Insurance News  -  5 Mar 2012  -  Public
MII plans to expand the type of job profiles in the Competency Framework for the Insurance and Takaful Industry beyond the current 6 job families, viz. underwriting, customer service, claims, management and sales, compliance and insurance broking.
KUALA LUMPUR: The Malaysian Insurance Institute (MII) is focusing on some key initiatives which will raise the insurance industry to a higher level so that it can compete globally and build a level of...

Sunday, 4 March 2012

News Posts 20120227-20120304

Insurance News  -  1 Mar 2012  -  Public
PruBSN has signed an MoU with Kuwait Finance House to distribute takaful products to KFH's customers with the 1st phase focusing on credit-related plans.

KUALA LUMPUR, March 1 (Bernama) -- Prudential BSN Takaful Bhd (PruBSN) expects its takaful market share to increase significantly following a collaboration forged with Kuwait Finance House (Malaysia) ...

Insurance News  -  29 Feb 2012  -  Public
Lonpac expects strong growth in its fire insurance due to the rollout of more ETP projects. It also wants to be involved in large-scale infrastructure projects such as the MRT project provided that the rates are adequate. For the motor business, the loss ratio has gone up to above 80% in 2011 due to MMIP business.

LPI Capital Bhd expects its insurance arm, Lonpac Insurance Bhd, to rake in RM1 billion in gross premium income for the first time this year

Insurance News  -  28 Feb 2012  -  Public
The RBC framework is expected to kick in for takaful industry in January 2013 or 2014. The new framework is not expected to pose difficulties for takaful players as most players have already benchmarked themselves against the RBC for conventional players. The introduction of RBC for takaful is also not expected to result in consolidation in the industry.

KUALA LUMPUR: The risk-based capital (RBC) framework for the local takaful industry is expected to take effect by January next year or the following year but will not be onerous to industry players as...

Insurance News  -  27 Feb 2012  -  Public
Kurnia Insurans delivered RM87.0 profit in 2011, up from RM58.7 mil a year earlier. Overall loss ratio stood at 71.7% compared with 75.9% in 2010. The portfolio mix (motor to non-motor) improved to 80%:20% (2010: 82%:18%). Management expense ratio also improved from 16.2% to 14.8%.

Kurnia Asia Bhd (KAB) registered a pre-tax profit of RM61.12 million for the financial year ended Dec 31, 2011, from RM29.63 million previously. Revenue rose to RM1.161 billion from RM 1.096 billion.

Insurance News  -  27 Feb 2012  -  Public
Prudential issued a press statement neither confirming nor denying that it was relocating its headquarters to Asia.

Prudential has noted recent press speculation that it may move its headquarters from London to Hong Kong to avoid the rigour of Solvency II, and has issued the following statement: “Prudential regular...

Insurance News  -  27 Feb 2012  -  Public
Prudential may move its headquarters to HK to avoid holding extra capital due to a conflict between Solvency II and US insurance regulations. Prudential generates 45% of its sales in Asia.

LONDON, Feb 26 (Reuters) - Prudential,Britain's biggest insurer, is considering moving itsheadquarters from London to Hong Kong to escape tough newcapital rules for European insurers, the Sunday Times...