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Sunday, 2 September 2012

News Posts 20120827-20120902

Insurance News 1 Sep 2012  21:20  -  Public
With the acquisition of Jerneh, ACE Jerneh aims to increase its agency business to 40% of its total business within 5 years. The company currently has 1,800 agents. It intends to adopt multi-product, multi-distribution strategy going forward.
ACE Jerneh Insurance Bhd expects its agency business to contribute about 40 per cent to its total business in five years, its top executive said.
Oliver Tan has been appointed Head of Kuala Lumpur branch and director of reinsurance by Swiss Re. Oliver's areas of responsibility include Vietnam, Cambodia and Laos.
KUALA LUMPUR: Swiss Reinsurance Co Ltd (Swiss Re) has appointed Oliver Tan as its head of Kuala Lumpur branch and director of reinsurance.

Insurance News  31 Aug 2012  -  Public
With the adoption of RBC framework for the takaful industry in 2014, there may be opportunities for Zurich to venture into takaful. The company also thinks that the Malaysian takaful market alone is too small for its liking but together with the Indonesian market, it would be different.  Meanwhile Zurich is still discussing with Koperasi on its exit plans with regards to its stake in MCIS Zurich.
KUALA LUMPUR: Zurich Financial Group Ltd (Zurich), Switzerland’s biggest insurer, has not ruled out venturing into the takaful business in Malaysia.

Insurance News  31 Aug 2012  -  Public
Namlifa has called on BNM to review the OCC guidelines and Replacement of Policy definition.
GENTING HIGHLANDS: Figures show that 65% of insurance agents earn below RM20,000 per year.

Insurance News 30 Aug 2012  -  Public

ING may now split the auction of its Asian operations into more pieces - 1) Japan; 2) South Korea; 3) Hong Kong; 4) Malaysia & Thailand. The Malaysia & Thailand piece is facing complication as the regulators do not allow 100% foreign ownership.
ING is exploring a separate sale of its roughly US$1 billion (RM3.12 billion) Hong Kong insurance business, sources said, a move that could further complicate the auction of its Asian operations. 

Insurance News 30 Aug 2012  -  Public
Zurich Insurance is keen to enter into Takaful market in Malaysia.
KUALA LUMPUR (Aug 30): Zurich Insurance Group Ltd, a composite insurer, is considering a foray in the Islamic insurance market in Malaysia.

Insurance News  29 Aug 2012  -  Public
Zurich launched 3 new products: 1) CondoPAC 2) ShopPAC & OfficePAC and 3) SmiPAC. These are comprehensive insurance protection plans with 5-in-1 and 10-in-1 coverage.
THREE NEW PRODUCTS: Its target is to achieve 5pc of the value for first year and 10pc for second and third years

Insurance News  28 Aug 2012  -  Public
Great Eastern sold 25% of its stake in its China Joint Venture to Chongqing City Construction Investment (Group) Co. Ltd.

Insurance News  28 Aug 2012  -  Public

GE Takaful, which currently ties up with OCBC and MBSB in bancatakaful, aims to secure another 3 strategic tie-ups by 2015. Bancatakaful is expected to contribute 20% of the new business for the operator.
KUALA LUMPUR: Great Eastern Takaful Sdn Bhd wants to have at least five bancatakaful partnerships by 2015 in order to become one of the country's top three takaful players.

Insurance News  28 Aug 2012  -  Public

Etiqa's motor takaful won bronze for 'Best Digital Promotion Marketing Campaign' and 'Best Use of the Internet in a Promotion Marketing Campaign', and silver for 'Best Activity Generating Brand Volume' awards.
Etiqa's Motor Takaful clinched three awards at the Promotion Marketing Awards of Malaysia. 

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