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Sunday, 26 August 2012

News Posts 20120819-20120826

Insurance News 26 Aug 2012  -  Public
If there is a significant demand for PRS, the SC may issue more licences. However it is not likely that more new licences would be issued this year.
BUILDING DEMAND: Private Retirement Scheme providers will first need to create awareness

Insurance News 24 Aug 2012  -  Public
AIA received about 5000 applications for its Early Pay Critical Illness Rider since its mid-June launch. The rider covers up to 92 critical illness events grouped into 36 categories, with payouts of 30%, 60% or 100% of sum assured, depending on the severity of the illness.
AMERICAN International Assurance Bhd (AIA) has launched a new insurance protection plan that covers early medical treatment for those diagnosed with a critical illness.

Insurance News 23 Aug 2012  -  Public
Pakistan's 5 takaful operators filed a petition to protest the rules which allow conventional insurers to offer takaful services through takaful windows. Pending the final ruling by the court, conventional insurers meanwhile are not allowed to offer takaful services.
DUBAI, Aug 16 (Reuters) - Pakistan's conventional insurancefirms will have to wait a few more weeks to learn if they canopen takaful, or Islamic insurance, windows after a state courton Thursday adjou...

Insurance News 22 Aug 2012  -  Public

ACE Jerneh is totally focused on organic growth but does not rule out further acquisition. The company is targeting double-digit growth annually and will start refurbishing Wisma ACE Jerneh this month.
GENERAL insurer ACE Jerneh Insurance Bhd is interested in mergers and acquisitions (M&As) if it fits into its business strategy, said its top executive.

Insurance News 22 Aug 2012  -  Public
Allianz's authorised agents will soon provide estate planning services offered by OSK following the recent strategic partnership between the 2 companies.
KUALA LUMPUR: Allianz Life Insurance Malaysia Bhd which today signed a strategic partnership agreement with OSK Trustees Bhd, hopes to offer a holistic financial solution to existing customers.

Insurance News 21 Aug 2012  -  Public
Korea Life may not pursue with its planned purchase of ING's Southeast Asian life business due to its "disadvantageous position". It is not clear whether the "disadvantageous position" has any connection with the jailing of the Chairman of the parent group for breach of trust.
SEOUL: Korea Life Insurance Co Ltd is unlikely to pursue its planned purchase of Dutch insurer ING's Southeast Asian life insurance operations, a spokesman for the Korean firm's parent Hanwha Group sa...

Insurance News 21 Aug 2012  -  Public

Professional indemnity insurance may have stronger growth and enjoy more prominence in the next few years due to greater consumer awareness. Competition among the insurance companies however may contain the increase in the premium rates.
PETALING JAYA: Although the recent legal suit brought by Silver Bird Group Bhd against its auditors may bring professional indemnity insurance into play, industry players see this class of insurance ...

Insurance News 21 Aug 2012  -  Public

Insurance fraud would be included in the 4th International Conference on Financial Crime and Terrorism Financing held next month due to the increase in frauds in the sector and also the sector has increasingly becoming a potential money laundering target.
KUALA LUMPUR: The International Conference on Financial Crime and Terrorism Financing 2012 (IFCTF 2012), to be held next month, will address cyber security issues as well as insurance fraud.

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