[Budget 2013] Takaful sector
1) Takaful assets RM18.3 bil account for 9% of total insurance and takaful assets (Jul 2012) cf RM16.9 bil 8.6% (Dec 2011).
2) Net contributions RM2.6 bil (Jan-Jul 2012) cf RM2.2 bil (Jan-Jul 2011).
3) New family takaful contributions: RM2 bil (Jan-Jul 2012) cf RM1.6 bil (Jan-Jul 2011).
4) Market penetration rate for family takaful: 13% (Jul 2012) cf 12.8% (Dec 2011).
5) Gross direct contributions for general takaful grew 14.2% to RM1 bil (Jan-Jul 2012) cf 18.1% RM0.9 bil (Jan-Jul 2011).
6) Updated Guidelines on Valuation Basis for Liabilities of Family and General Takaful Business were issued on 15/5/2012.
1) Takaful assets RM18.3 bil account for 9% of total insurance and takaful assets (Jul 2012) cf RM16.9 bil 8.6% (Dec 2011).
2) Net contributions RM2.6 bil (Jan-Jul 2012) cf RM2.2 bil (Jan-Jul 2011).
3) New family takaful contributions: RM2 bil (Jan-Jul 2012) cf RM1.6 bil (Jan-Jul 2011).
4) Market penetration rate for family takaful: 13% (Jul 2012) cf 12.8% (Dec 2011).
5) Gross direct contributions for general takaful grew 14.2% to RM1 bil (Jan-Jul 2012) cf 18.1% RM0.9 bil (Jan-Jul 2011).
6) Updated Guidelines on Valuation Basis for Liabilities of Family and General Takaful Business were issued on 15/5/2012.
[Budget 2013] Insurance sector
1) CAR: 216.7% (Jul 2012) cf 222.5% (Dec 2011).
2) Market penetration rate for life insurance: 54.4% (Jul 2012) cf 54.7% (Dec 2011).
3) ILP NB premiums grew 24.8% to RM1.7 bil (Jan-Jul 2012) cf 24.3% RM1.4 bil (Jan-Jul 2011).
4) GI gross direct premiums grew 9.1% to RM9.1 bil (Jan-Jul 2012) cf 7.1% RM8.4 bil (Jan-Jul 2011).
5) Lower overall loss ratio was recorded: 59.2% (Jul 2012) cf 60.8% (Jul 2011).
6) No. of direct insurance companies reduced from 37 (Life 9, General 22, Composite 6 - Dec 2011) to 36 (Life 9, General 21, Composite 6 - Jul 2012).
1) CAR: 216.7% (Jul 2012) cf 222.5% (Dec 2011).
2) Market penetration rate for life insurance: 54.4% (Jul 2012) cf 54.7% (Dec 2011).
3) ILP NB premiums grew 24.8% to RM1.7 bil (Jan-Jul 2012) cf 24.3% RM1.4 bil (Jan-Jul 2011).
4) GI gross direct premiums grew 9.1% to RM9.1 bil (Jan-Jul 2012) cf 7.1% RM8.4 bil (Jan-Jul 2011).
5) Lower overall loss ratio was recorded: 59.2% (Jul 2012) cf 60.8% (Jul 2011).
6) No. of direct insurance companies reduced from 37 (Life 9, General 22, Composite 6 - Dec 2011) to 36 (Life 9, General 21, Composite 6 - Jul 2012).
Can anyone tell me why there is a big jump in the insurance
penetration rate from 43+% to 54+%? Did BNM change the calculation basis and if
so what was changed?
[Budget 2013] The only item on LIAM's wish list that received
positive news yesterday in the Budget announcement was the removal of the 8%
tax on investment income on deferred annuity. With the removal of the 8% tax,
deferred annuity fund will now enjoy the same tax status as PRS and will be
able to compete on level playing field for retirement savings. http://bit.ly/TAS0929a http://bit.ly/TAS0929b
The Life Insurance Association of Malaysia (LIAM) said the
government's removal of the eight per cent investment
income tax on deferred annuity will allow policyholders to enjoy better returns on their retirement savings.
income tax on deferred annuity will allow policyholders to enjoy better returns on their retirement savings.
[Budget 2013]
Government will allocate RM40 mil to provide insurance cover for 2 years for 2 mil students taking licensed school buses to and from school. The insurance will cover accidental death and TPD.
Group insurance scheme will be set up for the army and police force with maximum cover of RM15,000. The scheme will cover 242,000 members and costs RM12 mil to the government.
1.5 months bonus for public servants, 0.5 month has already been paid before Hari Raya, another 0.5 month will be paid in December, and the balance 0.5 month in January 2013.
1% reduction in personal income tax rate for chargeable income between RM2,500 to RM50,000.
Government will allocate RM40 mil to provide insurance cover for 2 years for 2 mil students taking licensed school buses to and from school. The insurance will cover accidental death and TPD.
Group insurance scheme will be set up for the army and police force with maximum cover of RM15,000. The scheme will cover 242,000 members and costs RM12 mil to the government.
1.5 months bonus for public servants, 0.5 month has already been paid before Hari Raya, another 0.5 month will be paid in December, and the balance 0.5 month in January 2013.
1% reduction in personal income tax rate for chargeable income between RM2,500 to RM50,000.
Insurance industry can expect the "best practice" as
described in the prudential framework on corporate governance to be elevated to
principles or minimum expectations to be met. Areas that were covered by BNM in
its recent review included independence and board size and composition. http://bit.ly/TAS0928d
Bank Negara Malaysia (BNM) has completed a review of the existing
corporate governance framework for banking and insurance industries and expects
to consult with the industry later this year, said as...
[Budget 2013] A group insurance scheme will be made available for
registered hawkers and small businesses with coverage of up to RM5,000. The
cost to the government for the scheme is RM16 mil a year. http://bit.ly/TAS0928b
[Budget 2013] Finance and insurance and transport are expected to
expand slower at 4.2% and 5.2%. http://bit.ly/TAS0928a
The government expects the Malaysian economy to grow at a slower
pace of between 4.5% and 5% in 2012 compared with 5.1% for 2011, weighed by
downside risks from the external sector.
Having fewer PRS providers may not be a bad thing as it can result
in administrative efficiency, according to EY. Increasing the awareness of PRS
is important as we cannot simply assume that people will take up PRS
voluntarily.http://bit.ly/TAS0928c
KUALA LUMPUR: Having fewer providers to manage a pension plan like
the recently launched Private Retirement Scheme (PRS), will result in better
administrative efficiency, according to Ernst & Young...
Oriental Capital Assurance has been rebranded as Tune Insurance.
It plans to undertake M&A in Indonesia and Thailand to boost its capacity.
The company has targeted RM330 mil gross premiums next year, up from RM260 mil
in 2012.http://bit.ly/TAS0927b
Tune Insurance Malaysia Bhd will be the first entity under the
Tune Group to go public.
A few Malaysian takaful operators are interested in capturing the
Indonesian market due to the high-growth potential. Takaful operators that have
recently expressed their interest include GETSB and Etiqa. http://bit.ly/TAS0927a
Malaysian Islamic insurers are expanding into neighboring Indonesia
to tap growth three times as fast as in their home market, where Standard & Poor’s predicts tighter rules will curb expansion.
S&P is more positive on the developments of takaful in
Malaysia than in other countries. In particular it cited the more sophisticated
regulatory oversight and the stronger investment profile of the industry as 2
factors. The main concern for takaful industry worldwide is the lack of global
standards in accounting and Shariah compliance. http://bit.ly/TAS0926c
Malaysia's takaful industry appears to be more healthy and
sustainable compared to its peers in other countries as its development is
underpinned by strong fundamentals, says Standard & Poor...
AmG has completed the acquisition of Kurnia Insurans. KSK Group
Bhd (formerly known as Kurnia Asia Bhd) will concentrate on its general insurance
business in Indonesia and Thailand after pulling out of Malaysia.http://bit.ly/TAS0926b
PETALING JAYA (Sept 26): KSK Group Bhd, formerly known as KURNIA
ASIA BHD [], has completed the deal to dispose its wholly-owned subsidiary
Kurnia Insurans (Malaysia) Bhd to AmG Insurance Bhd for RM1.63 billion on
Wednesday.
We may soon know whether CIMB will pull out from CIMB Aviva. It
was reported that Prudential, Manulife and Sun Life could be potential buyers
of CIMB Aviva.http://bit.ly/TAS0926a
KUALA LUMPUR: CIMB Group could make a decision as early as this
Saturday if it will part with its 51 per cent stake in CIMB Aviva Assurance
Bhd, people familiar with the matter said.
LIAM's Budget wishlist: 1) Separate the RM6,000 tax relief for
life insurance premium from EPF contribution. 2) Increase the medical insurance
premium tax relief from RM3,000 to RM6,000. 3) Abolish the 8% tax on investment
income for both life fund and annuity fund. 4) The tax relief of RM3,000 on
annuity premium is currently only available for year 2012 to 2021. To extend
beyond 2021. http://bit.ly/TAS0925a
The Life Insurance Association of Malaysia (LIAM) has proposed the
government give a separate tax relief of RM6,000 on insurance premiums alone in
Budget 2013.
And
here is the English version of the article on commission liberalisation in
Malaysia. http://bit.ly/TAS0924a
BANK Negara Malaysia is considering more flexibility for the
insurance industry and insurance companies in order to formulate a commission
structure which is suitable with their respective business philosophies.
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