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Insurance News post May 2010

Sunday, 30 May 2010

News Posts 20100524-20100530

Insurance News ING is targeting >RM500 mil NB premiums in 2010, 25% higher than RM433 mil achieved in 2009 (RM375 mil in 2008). NB premiums for Q1 rose by 13%. The 25% growth target would be achieved by growing agency force from current 10,000 to 15,000 this year and capitalising on group insurance and bancassurance. ING is not on a shopping spree on M&A but is in fact in consolidation mode. A new product INGeasi for Health would be launched in July and expect to attract RM50 mil to RM60 mil premiums.

KUALA LUMPUR: ING Insurance Bhd, which is projecting more than 25% in new business premiums this year, is unperturbed by the ongoing merger talks between Prudential Plc and American International Assurance (AIA), saying it will not derail the company’s growth over the next few years.

May 29, 2010

Insurance News Prudential is trying to negotiate down the price of acquiring AIA from US$35.5 mil to US$30 mil. A cheaper price will help Prudential in getting 75% "yes" votes from its shareholders on 7 June. Would AIA be willing to lower the price or would it rather revive the IPO plan? Failing to get a lower price, would Prudential still get 75% "yes" votes? Do you prefer to see the deal goes through or falls apart? Things are definitely getting more interesting.

LONDON: Prudential is trying to salvage its US$35.5 billion (US$1 = RM3.31) bid to buy AIG's Asian life insurance unit by negotiating a price cut in a last-ditch attempt to prevent the deal from collapsing...

May 29, 2010

Insurance News Allianz General recorded a 29% increase in gross written premium in Q1 2010 compared to the same period in 2009. Meanwhile Allianz Life's new business premiums increased 26%. Profits for Life and General increased 27%. http://bit.ly/dkBHDx

Allianz 2010 Q1 Performance
snapshot

May 27, 2010

Insurance News The Institute of Actuaries and Faculty of Actuaries will merge after more than 82% of the membership voted in favour of the merger. An attempt in July 2009 to merge the 2 organisations failed when it failed to secure the minimum 75% favourable votes. Changes were since made to the merger proposal. The merged entity will be named the Institute and Faculty of Actuaries. Presumably the fellows of the new organisation will carry the title FIFA?

The UK actuarial profession last night voted with a resounding majority to merge the London-based Institute of Actuaries and the Edinburgh-based Faculty of Actuaries. The new body, to be called the Institute ...

May 27, 2010

Insurance News In Jerneh Asia AGM yesterday, no new information was shared on who Jerneh's acquirer is going to be.

KUALA LUMPUR: Jerneh Asia Bhd is in talks with several potential buyers for the sale of its stake in Jerneh Insurance (M) Bhd, said chairman Datuk Lim Chee Wah.

May 26, 2010

Insurance News Prudential's NB APE for Q1 2010 was RM191 mil (conventional & takaful combined), an increase of 55% compared to RM123 mil in Q1 2009. PRUmy child roped in RM5 mil in 1 month.

PRUDENTIAL Assurance Malaysia Bhd (PAMB)'s new business or annual premium equivalent, comprising retail life insurance sales and Takaful, increased to RM191 million for the first quarter ended March 31, ...

May 26, 2010

Insurance News AIA's chief executive Mark Wilson is likely to quit if Prudential succeeds in acquiring AIA. He has apparently said that the proposed takeover is a "disaster waiting to happen".

HONG KONG: Prudential chairman Harvey McGrath yesterday defended a planned takeover of Asian insurer AIA as the British company's shares started trading in Hong Kong and Singapore to help fund the mega-deal...

May 26, 2010

Insurance News BNM is expected to announce the successful applicants for the 2 new takaful licences in June. Lets have some fun, submit your 2 guesses below and in June we will announce the name of the person who guesses both answers right first.

Up to two new takaful licences will also be announced. ING, Allianz, Manulife, Great Eastern and AmAssurance are some of the insurers believed to have submitted their applications. An industry observer felt Great Eastern might be one of the successful applicants for the takaful licence.

May 24, 2010

Insurance News Prudential's shares will starting trading on Singapore stock exchange today.

Prudential said it has received regulatory approval to start trading its shares on the Singapore Exchange on Tuesday. The counter will trade under the name 'Pru 500 US dollars' and the abbreviated name 'Pru 500.'

May 24, 2010

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posted by Teh Loo Hai @ 3:03 PM  

Sunday, 23 May 2010

News Posts 20100517-20100523

Insurance News AXA Affin General has launched a PA product named SmartAid which charges normal rates for the visually impaired persons. SmartAid covers accidental death and TPD, medical expenses due to accident as well as funeral expenses.

SmartAid, the first personal accident insurance scheme in Malaysia for the visually impaired, was launched today by AXA Affin General Insurance Bhd.The product, developed in collaboration with the Malaysian ...

May 21, 2010

Insurance News HLTMT launched a 5-year capital protected plan named China Growth Income Plan (CGIP), sum covered is upto 125% of single contribution.

KUALA LUMPUR, May 18 (Bernama) -- Hong Leong Tokio Marine Takaful Bhd (HLTM Takaful) on Tuesday launched its new China Growth Income Plan (CGIP). The five-year capital preserved investment plan is Syariah-compliant, ...

May 19, 2010

Insurance News Consumers' Association of Penang wants to see a No Fault Liability insurance scheme to replace the current 3rd party motor insurance. The NFL scheme would run in a similar fashion as SOCSO. It is claimed to be more cost effective with lower management expenses, no lawyer fees and no commission to agents. Compensation would also be made faster.

GEORGE TOWN: Imagine the trauma an accident victim or the beneficiary goes through while waiting for the courts to decide on an insurance claim which could drag on for years.

May 19, 2010

Insurance News The sale of Pacific Insurance is targeted to be completed by Oct 2010. Currently the 2 potential buyers are Great Eastern and Fairfax Asia.

PACIFICMAS Bhd (4782) hopes to conclude the sale of its insurance arm by October this year to meet the deadline imposed by the regulator on parent Oversea-Chinese Banking Corporation Ltd (OCBC), says its top executive.

May 19, 2010

Insurance News MAA is targeting to complete the M&A deal by Q1 2011. There are a few potential partners, these are "foreign parties". The M&A deal would result in injection of capital to strengthen MAA's CAR.

KUALA LUMPUR: MAA Holdings Bhd, which is on the lookout for merger and acquisitions (M&As) for its life insurance business, has a few potential suitors interested to buy a stake in the business, said chief executive officer and group managing director Muhamad Umar Swift.

May 19, 2010

Insurance News Jerneh Asia and Paramount have submitted application to MOF via BNM for the approval to enter into agreement with a potential buyer for the disposal of Jerneh Insurance. The identity of the potential buyer is still not revealed at this stage. Any guesses?

KUALA LUMPUR: Jerneh Asia Bhd has received Bank Negara's approval to start talks with certain parties with the aim of hiving off its insurance arm, Jerneh Insurance (M) Bhd.

May 19, 2010

Insurance News Prudential has released the details of its rights issue: 11 news shares for every 2 held at 104 pence per share.

LONDON: Britain's Prudential launched its US$21 billion rights issue on Monday, May 17, finally allowing the insurer to push ahead with its acquisition of AIG's Asian insurance business.

May 17, 2010

Insurance News The revised TPBID scheme will go to Cabinet in July after BNM reflects the feedback from the public as deemed necessary.

BANK Negara Malaysia is finalising the new third-party motor insurance scheme and is expected to submit its proposal to the Finance Ministry by July for approval by the Cabinet, said its Deputy Minister Datuk Dr Awang Adek Hussin. ...

May 17, 2010

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posted by Teh Loo Hai @ 6:30 PM  

Sunday, 16 May 2010

News Posts 20100509-20100516

Insurance News Not quite clear on what Perwakim's proposal is, other than they are agreeable to RM2 mil cap; want premiums to remain unchanged while recognising that insurers are losing money by paying RM2.67 per RM1 premium; objecting to Newco jointly owned by government and insurers and upset that they were not consulted by BNM.

PETALING JAYA: Insurance agents have proposed that the Government allow the reintroduction of third-party motor insurance scheme.

May 16, 2010

Insurance News Prudential is likely to pull out of Australia, New Zealand, South Korea and Taiwan after its acquisition of AIA.

HONG KONG: Britain's Prudential Plc is expected to outline divestments of some Asian assets in its upcoming rights offering prospectus in an effort to appease shareholder concerns about its planned AIA acquisition, a source familiar with the process said yesterday...

May 15, 2010

Insurance News A very detailed history of OCA: 1) Merger of UOA and Capital in 2002. 2) Salcon, Usaha Tegas and a 3rd party interested to acquire OCA in 2007, deal did not materialise partly due to court injunction by Nesa Coop. 3) Some insights into operational issues faced by OCA in the recent years including inadequate HR and IT resources, poorly executed M&A and being put under watch list of BNM.

INSURANCE companies, like most financial institutions in this country, are tempting targets because they are a licensed business, which by implication means they are not easy to come by. Furthermore, it ...

May 15, 2010

Insurance News Bar Council has come up with its counter proposal for TPBID scheme. Features: 1) Revise the premiums that remain unchanged since 1978. 2) Maintain the current practice of letting courts decide on quantum of liability. 3) Shorten time period for claims by imposing time limits for obtaining documents from various parties & deadline for negotiations. 4) Regulate legal fees. 5) Fine-tune guidelines on quantum of awards. 6) Insurers to prepay part of claims monies to relieve claimant's hardship. 7) Address frauds and malpractices.

PETALING JAYA: The Bar Council is against the Bank Negara Malaysia’s proposed new basic motor insurance and submitted a memorandum to the central bank Friday.

May 15, 2010

Insurance News BNM has given approval to PacificMas to commence talks with Fairfax Asia on the disposal of Pacific Insurance. PacificMas is also currently in talks with Great Eastern Holdings.

KUALA LUMPUR: PACIFICMAS BHD has received Bank Negara Malaysia's approval to start talks with Fairfax Asia Ltd to dispose of its insurance unit, The Pacific Insurance Bhd.

May 14, 2010

Insurance News Prudential has finally got the approval from FSA.

HONG KONG (MarketWatch) -- Regulators in the U.K. have approved in principle Prudential PLC's $35.5 billion proposed buyout of American International Group Inc.'s life-insurance unit in Asia, AIA, with the U.K. company likely to soon price its delayed $21 billion right issue to help fund the acquisi...

May 13, 2010

Insurance News If you intend to submit your feedback on the proposed TPBID scheme to BNM and have not done so, tomorrow is the last day to do so.

PETALING JAYA: The Government is prepared to replace the third-party motor insurance with a new basic motor insurance, and the public has been urged to submit their feedback on the move to Bank Negara Malaysia by tomorrow.

May 13, 2010

Insurance News G Team priced OCA at RM102 mil, which is close to 1.5 times of its book value. OCA will also be sold off within 1 year in compliance with BNM's requirements.

KUALA LUMPUR: The offer price of 80 sen per Maika Holdings Bhd share made by G Team Resources & Holding Bhd is based on a book value of RM102mil for its main asset, Oriental Capital Assurance Bhd (OCA), as well as taking into account an assumed RM60mil liability at Maika itself.

May 13, 2010

Insurance News ISM wants motor insurance premiums to be determined based on risk factors. Currently motor insurance in Malaysia is tariff-rated.

KUALA LUMPUR: A risk-based approach to motor insurance and takaful is a more attractive proposition to commercial insurers as it will allow them to out-price their competitors, said ISM Insurance Services Malaysia Bhd chief executive officer (CEO) Carl Rajendran.

May 13, 2010

Insurance News MCA suggests that insurers should use profits from comprehensive motor insurance (RM1.6 bil) to offset losses in 3rd party motor insurance (RM970 mil). Couldn't figure out how MCA got their figures, but BNM's 2009 statistics show that the claims ratio for motor insurance combined is 80%. With commission of 10% and management expense ratio of 23%, there is no profit for motor portfolio in total. ISM's statistics also show combined ratios of 292.4% and 91.4% for motor act and motor others respectively. Perhaps PIAM would want to go to press to confirm whether MCA is right that insurers still making money out of motor insurance?

KUALA LUMPUR: Insurance companies should not increase third-party motor insurance premiums because it will burden the people, says MCA president Datuk Seri Dr Chua Soi Lek.

May 13, 2010

Insurance News G Team, an SPV, is serving notice to take over Maika. Maika owns 74.16% of Oriental Capital Assurance.

KUALA LUMPUR: CIMB Investment Bank Bhd has on behalf of G Team Resources & Holding Bhd (G Team) served a notice of take-over offer on the board of directors of Maika Holdings Bhd to acquire the 125 million voting shares in the company.

May 11, 2010

Insurance News Summary of Kurnia's Q1 results: 1) Higher pre-tax profits due to lower management expenses 2) Lower post-tax profits due to disallowed expenses for taxation 3) Small decrease in revenue 4) Non-motor insurance constitutes 22% of total business compared with 17% a year ago.

KUALA LUMPUR: Insurer KURNIA ASIA BHD's earnings fell 9.7% to RM23.81 million in the first quarter ended March 31, 2010 from RM26.39 million a year ago due to higher tax expenses.

May 11, 2010

Insurance News PIDM will come up with an insurance compensation scheme that will protect insurance and takaful policyholders similar to the way bank depositors are protected. Currently all bank deposits are fully guaranteed by government. This was introduced 1 year plus ago during the financial crisis. The full guarantee will expire end of this year and the proposal is to increase the previous guarantee of RM60,000 to RM250,000. Presumably policyholders will also enjoy the same RM250,000 guarantee.

KUALA LUMPUR: The government has proposed an insurance compensation scheme (ICS) for insurance and takaful policyholders, the Office of Minister of Finance said on Tuesday, May 11.

May 11, 2010

Insurance News The Boston Consulting Group released a report on life insurance in Asia lately. Among the points worth highlighting: 1) Growth pre-financial crisis was easy, now that capital is scarce and expensive, capital management is key. 2) Post-crisis is a good time to negotiate for agency compensation and bancassurance tie-ups. 3) MNCs have been losing market share to the local companies since 2006. 4) Consumers trust in distribution channels has eroded post-crisis. 5) Shift from ILP to traditional products post-crisis. The full report of 11 pages can be downloaded here: http://bit.ly/9WVLkO

THE competitive dynamics of the life insurance sector in Asia are much altered and insurers are being forced to rethink how and where they compete in the region. In order to prevail in the post-crisis era, they will have to take bold steps to increase market share and enhance profitability.

May 10, 2010

Insurance News Prudential's CEO Tidjane Thiam is now facing pressure from some shareholders who called for his resignation over the delay in the takeover of AIA.

Prudential Plc Chief Executive Officer Tidjane Thiam faces calls to resign from some of the company’s largest shareholders after setbacks with the acquisition of American International Group Inc.’s main Asian unit, The Sunday Telegraph reported .

May 9, 2010

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posted by Teh Loo Hai @ 11:30 AM  

SAS' General Insurance Conference: "What's Next?"

The Singapore Actuarial Society (SAS) organised its 2nd General Insurance Conference themed "What's Next?" at Amara Sanctuary Sentosa from 6-7 May.  The Conference attracted over 100 delegates from mainly Singapore and Malaysia and speakers from Singapore, Australia, Hong Kong, Taiwan, Canada and China.

The 1 1/2 day conference discussed topics such as Singapore Stress Tests, Motor Insurance comparisons between Asia and North America, rating agency's capital model, professionalism, audit actuaries in general insurance, modelling catastrophe and terrorism, correlations between claims and premium liabilities, stochastic reserving etc

SAS will organise a 2 1/2-day Health Insurance Conference next month at the same venue.  The brochure of the seminar can be downloaded from here.





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posted by Teh Loo Hai @ 11:50 AM  

Sunday, 9 May 2010

News Posts 20100502-20100508

Insurance News The delay in Prudential's rights issue and acquisition of AIA will add further uncertainties to AIA's staff and agents. Will staff leave due to the uncertainties or will they now hope for the deal to fail?

Wednesday's announcement may add to the possibility of defections by AIA's staff and self-employed agents. The Asian company has more than 300,000 sales agents in the region and is Hong Kong's largest life insurer, with a 16% market share.

May 6, 2010

Insurance News Prudential has to revise the timetable of its purchase of AIA as it is still in talks with FSA over its capital position. The prospectus for the rights issue was supposed to be circulated today but it would now be delayed for several days. http://bit.ly/bPFxEX

LONDON: British insurer Prudential Plc fuelled worries over its planned $35.5 billion acquisition of AIG's Asian unit as a last-minute regulatory delay forced it to put on ice its bumper cash call, according to Reuters

May 5, 2010

Insurance News BNM has advertised in several major newspapers inviting the public to provide feedback on TPBID.

Bank Negara Malaysia is seeking public feedback on the new basic motor insurance coverage for third-party bodily injury and death.The central bank placed advertisements in several newspapers yesterday, ...

May 4, 2010

Insurance News I think it is misleading to say "Practitioners of actuarial science can calculate how long it takes before a skyscraper needs to be repainted, or how many cars will pass through a highway concessioners toll booth before the highway pays for itself." Most people who are mathematically trained should be able to do these, you don't need an actuary for these!

ACTUARIAL science is one of the lesser-known fields of study in Malaysia. Few people outside the insurance, finance and banking industries know who an actuary is and what he does.According to the Actuarial ...

May 4, 2010

Insurance News HSBC Amanah Takaful has set an internal target of contributing 20% to HSBC Amanah Malaysia's revenue by 2011. To achieve this target, it needs to double its gross contributions this year.

HSBC Amanah Takaful (Malaysia) Sdn Bhd said it will continue to optimise its bankataful relationship with HSBC Bank Malaysia Bhd (HSBC Malaysia) to double its contribution of premiums this year. "We expect ...

May 3, 2010

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posted by Teh Loo Hai @ 9:11 PM  

Sunday, 2 May 2010

News Posts 20100425-20100501

Insurance News South Korean competition regulator has given the green light to Prudential to acquire AIA. It remains to see if Vietnamese authority would block the deal due to anti-trust. See our earlier post for background of this story.
Prudential wins South Korea go-ahead to acquire AIA
May 1, 2010

Insurance News MAA has received approval from BNM to take the necessary measures to meet the minimum CAR under RBC. This includes potential sale of MAA within 12 months from approval of BNM.
The Board of Directors of MAA Holdings Berhad wishes to announce that its wholly owned subsidiary, Malaysian Assurance Alliance Berhad (“MAA”) had received approval from Bank Negara Malaysia (“BNM”) vide ...
April 29, 2010

Insurance News Tan Liling has been appointed COO for Prudential. She was previously CFO of HLA and ING.
PRUDENTIAL Assurance Malaysia Berhad (PAMB) has appointed Tan Liling as its Chief Operations Officer.She replaces Jeffrey Yem, who has taken up the new role of Chief Information Officer.Tan, is a Bachelor of Economics graduate, from Monash University...
April 29, 2010

Insurance News With the commission ban on financial advice, the number of financial advisers in Australia is expected to reduce and the advisers will need to work harder. Financial advisers are however projected to earn more.
THE cost of financial advice is set to fall under government plans to ban commissions on financial advice now built into managed funds and superannuation.
April 28, 2010

Insurance News It is interesting to note that in UK, the entry age for Term Assurance is as high as 83 and for critical illness it is 74. In Malaysia, for most companies the corresponding figures are 65 and 60. Plenty of room to improve. But of course is there a strong demand at these ages given the relatively younger population here?
Zurich UK Life has announced a range of new improvements to its mortgage and family protection proposition, aimed to appeal to a broad spectrum of advisers and their clients who want life and critical illness cover.
April 28, 2010

Insurance News The integration exercise post Pru-AIA merger would be challenging with the rivalry of both camps. An exodus of senior executives is not ruled out post merger.
British insurer Prudential will try to reassure investors it can seamlessly absorb the Asian arm of AIG next week when it publishes the prospectus for a record $21 billion cash call to fund the takeover.
April 27, 2010

Insurance News Prudential's largest shareholder Capital Research & Management may not be supportive of the AIA deal and may prefer the break-up of Prudential which will bring more value. The rights issue requires 75% of the votes and may not be approved without the support of Capital.
LONDON (Reuters) - Prudential is facing the makings of a shareholder revolt over its $35.5 billion deal to buy AIA, raising the prospect the deal could fail and adding to pressure for a breakup of the ...
April 27, 2010

Insurance News Financial advisers in Australia will not be allowed to receive commissions in future to avoid conflicts of interest. The commission ban applies to retail investment products but does not cover risk products.
SYDNEY:Australia announced sweeping changes to the financial planning industry yesterday, including the banning of commissions for advisers, in the wake of several high-profile corporate collapses.
April 27, 2010

Insurance News BNM's proposed TPBID has received many complaints. http://bit.ly/9jTu40 BNM will assess the feedback. The revamped plan is targeted to be finalised by Q3 this year.
THE government has received many complaints on Bank Negara Malaysia's proposal to restructure the country's third-party motor insurance policy, Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir said yesterday...
April 27, 2010

Insurance News AirAsia has obtained licence to carry out captive insurance in Labuan. This provides flexibility in managing and retaining its risks in aviation, maritime and liability, which should result in lower costs to AirAsia.
AIRASIA Bhd’s subsidiary AirAsia Corporate Services Ltd has received the nod to carry on a Labuan captive insurance business in, from or through tax haven Labuan.It said the primary purpose of establishing ...
April 27, 2010

Insurance News Allianz's RM611 mil rights issue is to repay RM490 mil credit facility obtained in 2007 to purchase Commerce Assurance, to increase capital in Allianz Life and Allianz General and for the purpose of working capital. The share price of Allianz fell after the announcement of rights issue.
PETALING JAYA: Allianz Malaysia Bhd (AMB) has proposed to sell irredeemable convertible preference shares (ICPS) to entitled shareholders under a plan to raise as much as RM611mil in fresh capital, the insurer told Bursa Malaysia yesterday.
April 27, 2010

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Sunday, 25 April 2010

News Posts 20100418-20100424

Insurance News While emphasis will still be on Malaysia market due to constraints in resources, Takaful Ikhlas is exploring 3 overseas markets including Indonesia. The other 2 countries were not disclosed but they would be outside Asia and the Gulf region. Where could these be? Any guesses? http://bit.ly/a9eoz7

TAKAFUL Ikhlas Sdn Bhd, a subsidiary of Main Board-listed MNRB Holdings Bhd, is weighing options of expanding its business overseas and is looking at three countries including Indonesia as its foreign ...


April 23, 2010

Insurance News Takaful industry sees entrance of more non-bumiputra agents due to factors such as: (1) The introduction of Takaful Basic Examination to enhance knowledge of non-bumi agents on takaful (2) Takaful operators promoting "takaful for all" concept, targeting both muslim and non-muslim customers (3) New takaful players tapping on the non-bumi agents of their conventional business http://bit.ly/cOMWLA

PETALING JAYA: Takaful players of late, have been aggressively scouting for non-bumiputra agents to strengthen their grip in the lucrative Islamic insurance market.

April 23, 2010

Insurance News It is confirmed that Prudential is seeking to list in both HK and Singapore. The target date is 11 May. http://bit.ly/bdiQG6

LONDON: Prudential plc, the UK insurer buying American International Group Inc's main Asian unit, applied for a secondary listing in Singapore as it seeks to expand its shareholder base in the region.The ...

April 23, 2010

Insurance News Takaful Ikhlas aims to increase its contributions from Sarawak operations from RM18 to RM25 mil. http://bit.ly/alKSrf

KUCHING: Takaful Ikhlas Sdn Bhd is eyeing premiums of RM25 million in its third year of operation in Sarawak, President and Chief Executive Officer, Datuk Syed Moheeb Syed Kamarulzaman said Friday.

April 23, 2010

Insurance News The 2009 Annual Insurance Statistics was released by BNM 2 days ago. You could find it here --> http://bit.ly/aaKVFe

The following series of Tables 1-5 contain abstracts from the quarterly returns submitted by insurers under section 85, 89 and 193 of the Insurance Act 1996. The figures are for calendar year ending 31 Dec 2009 and business within Malaysia.

April 23, 2010

Insurance News Now everyone has a chance to provide views and suggestions on TPBID. BNM has released details on the TPBID scheme and called for public feedback to be sent to BNM by 14/5/2010. http://bit.ly/9jfbRn

Following the Government's announcement in Budget 2010 on the need to provide adequate access to reasonably priced basic motor insurance coverage, Bank Negara Malaysia is currently working with the relevant ...

April 23, 2010

Insurance News The talk now is Prudential may be seeking a secondary listing on the Singapore Stock Exchange. The listing on HK Exchange apparently has also been approved. http://bit.ly/bWiM4O

HONG KONG (Reuters) - British insurer Prudential Plc is considering a secondary listing on the Singapore Stock Exchange, as part of a wider plan to lure Asian investors to its massive $21 ...

April 23, 2010

Insurance News Prudential may be listed on HK Exchange as early as 1st week of May. The exchange officials apparently met with Pru on Wednesday. http://bit.ly/9I8OlS

* Pru trying to list quickly ahead of rights offering * Listing, offering key to AIA takeover (Adds details, background) By Kennix Chim HONG KONG, April 21 (Reuters) - Britain's Prudential Plc

April 22, 2010

Insurance News Bar Council called BNM's proposed TPBID as "one of the most drastic and evil schemes". Among its objections include the RM2 mil cap, which it claimed could only cover 90% of the claims, short of 100% it wanted to see; and the set up of Newco which would burden the public due to major shareholding by government. Bar Council also called for a cross-industry working committee to review public feedback and to propose holistic solution with public interest in mind. http://bit.ly/apYtgE http://bit.ly/cmQZH0

THE legal fraternity has described Bank Negara Malaysia's proposed reform of the third-party motor insurance scheme as "evil" and against public interest. The Malaysian Bar Council is opposing vehemently ...

April 22, 2010

Insurance News For completeness, here are some more links on TPBID: The Star: http://bit.ly/ct40cv Business Times: http://bit.ly/9ZQLjl

KUALA LUMPUR: The Government and insurance industry players will jointly set up a new company (newco) to solely undertake the proposed third-party bodily injury and death insurance scheme (TPBID).

April 21, 2010

Insurance News Etiqa is recruiting agents by targeting visitors to Unit Trust Week 2010. The insurer currently has >18,000 agents, one of the largest in the country. http://bit.ly/9Dcmi6

Malayan Banking Bhd’s insurance and takaful arm Etiqa, is offering visitors to the Unit Trust Week 2010 (MSAM 2010) in Kuching, a career as an agent for the company.Describing the job as more flexible ...

April 21, 2010

Insurance News After talking to so many other parties on the sale of Pacific Insurance without any positive results, PacificMas is finally talking to a closer cousin - Great Eastern. http://bit.ly/cw6Fk4 OCBC was given until 17/10/2010 to resolve holding 2 GI licences in OACM and Pacific Insurance. Earlier news on Pacific Insurance can be found here: http://www.actuaries.com.my/news/labels/Pacific%20Insurance.html

KUALA LUMPUR: PACIFICMAS BHD has received Bank Negara Malaysia's (BNM) approval to start talks with Great Eastern Group to dispose of its unit The Pacific Insurance Bhd.

April 21, 2010

Insurance News The Australian Competition and Consumer Commission has blocked National Australia Bank from bidding for AXA Asia Pacific Holdings as the takeover would hurt competition for retail investors by reducing the number of retail investment platforms in the market. http://bit.ly/9r78UG Meanwhile regulators in South Korea and Vietnam are studying the competitive impact following the proposed merger of Prudential and AIA. http://nyti.ms/9HCjFw

SYDNEY:Australia's competition watchdog blocked National Australia Bank's US $13 billion (US$1 = RM3.22) bid for AXA Asia Pacific Holdings yesterday, putting the agreed deal in limbo and allowing rival bidder AMP to make a comeback. ...

April 20, 2010

Insurance News This is the news article published this morning in newspaper before BNM's announcement on TPBID. Someone involved in the TPBID discussion must have leaked it to the papers because whatever published in the article are similar/same as BNM's announcement. http://bit.ly/9duDAI

The government is looking at limiting liability of motor insurers to third party claimants to RM2 million, with insurers and the government acting as co-owners of a new company (newco) that will underwrite third party injury risks. ...

April 20, 2010

Insurance News BNM unveiled the proposed plan for TPBID. Some key features: (1) A newco to be set up, jointly owned by government & the industry (2) Covers both TPBID and 3rd party property damage (3) Claims may be capped at RM2 mil per life/injured person, RM2 mil figure is not finalised yet (4) 2 scenarios are being evaluated: (a) payment based on fixed scale, limited legal recourse, premium may be same as current (b) payment based on injury/death, full access to courts, premium higher than current. http://bit.ly/9PGzUq

BANK Negara Malaysia has proposed to restructure the country's motor insurance policy in line with the government's aim of ensuring access for motorists to the mandatory Third-Party Bodily Injury and Death ...

April 20, 2010

Insurance News BNM has identified low investment yields as a near-term challenge to the industry and it is important for the industry to go back to basics to ensure sound underwriting. http://bit.ly/awvDfQ

The insurance market is expected to register improved results in 2010 on the back of economic recovery and increasing awareness on the role of insurance as a protection and financial planning tool.In stating ...

April 19, 2010

Insurance News In addition to HSBC, speculation is that other possible suitors for Jerneh are Generali and Samsung Fire and Marine. http://bit.ly/cTSrTU

PETALING JAYA: Investors have been showing keen interest in Jerneh Asia Bhd since it announced in November that it was seeking Bank Negara approval to start talks with certain parties with the aim of hiving off its insurance arm Jerneh Insurance (M) Bhd.

April 19, 2010

Insurance News AXA Affin will focus on conventional business and building distribution channels for the time being and may move into takaful in 2 years' time. AXA Affin currently ranks 16 out of 16 in market share and expects to move up 2 or 3 notches by 2nd quarter this year, banking on AXA group's standardised blueprint. http://bit.ly/atoUMF

PETALING JAYA: AXA Affin Life Insurance Bhd, a relatively new entrant in the insurance market, may venture into the lucrative takaful business in the next two years.

April 19, 2010

Insurance News Prudential will not cut the purchase price of AIA even though there were some questions raised earlier by shareholders on the justifications of the offer price. http://bit.ly/9nY6s3

HONG KONG: UK insurer Prudential Plc, which last month launched a US$35.5 billion takeover of AIG’s Asian life insurer unit, is not facing shareholder pressure to cut the purchase price, its Asia CEO said. ...

April 18, 2010

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Sunday, 18 April 2010

News Posts 20100411-20100417

Insurance News It would be interesting to see what solution/proposal BNM comes up with on TPBID Tuesday next week. So far the unofficial sources seem to think that the scheme will have a cap of RM2 mil, claims to be settled within 1 month and an increase in premium. For compilation of earlier posts on TPBID, visit: http://bit.ly/at9Ont
PETALING JAYA: Bank Negara is scheduled to address key issues involving third party bodily injury and death motor insurance on April 20.
April 17, 2010

Insurance News With the takeover of AIA, Prudential is targeting 1 million agents in Asia. Currently Prudential has 400,000 agents, AIA has 300,000, the combined entity would need another 300,000 agents. Barry Stowe, the chief executive of Prudential Asia, who joined Prudential from AIG in 2006, when asked about earlier speculation that he would lead the integration, said: "What the hell makes anyone think that I would run the integration? I’m the chief executive of Asia; integration is a completely different animal."
Prudential plans to increase significantly its agency workforce to at least one million in Asia as part of a recruitment drive to follow its $35.5 billion acquisition of AIA.
April 15, 2010

Insurance News ISM released the GI industry report card which showed that the industry underperformed in 2009 compared with 2008. The industry is expected to grow 9-11% in 2010, consolidation is expected in the industry with 25 players remaining in conventional GI market. Combined ratio for motor business hit 112% in 2009. http://bit.ly/aMhjhM, http://bit.ly/al1ROM
Industry Performance in a Snapshot
snapshot
April 15, 2010

Insurance News Prudential has assigned its CEO for UK and European operations to lead the Asia Prudential-AIA integration. This has sparked speculation that eventually the UK operations of Prudential will be sold off.
Insurer Prudential said that Rob Devey, CEO of its U.K. and European operations, will lead the integration of Prudential Corp. Asia and AIA Group.
April 14, 2010

Insurance News Saudi Arabia has the highest takaful market share in the whole world in 2008 with US$2.9 bil contributions, Malaysia was 2nd with US$0.9 bil. The total world takaful contributions is expected to hit US$8.8 bil this year. Generating profit is seen as challenging for the industry.
KUALA LUMPUR: The global takaful industry is on track to surpass US$8.8 billion (RM28.42 billion) in contributions this year, said Ernst & Young (EY).
April 13, 2010

Insurance News MSIG now provides professional liability insurance of up to RM500k to Traditional Chinese Medicine practitioners. Annual premium starts from RM388; entry ages: 21 to 70; renewable up to age 80. Cross-border cover can be taken by paying additional premium.
KUALA LUMPUR: MSIG Insurance (Malaysia) Bhd has in collaboration with the Federation of Chinese Physicians and Acupuncturists Association of Malaysia (FCPAAM), introduced a professional liability insurance scheme for Traditional Chinese Medicine (TCM) practitioners.
April 13, 2010

Insurance News Using server to process data is said to be no longer effective. Comes grid computing which claims to be able to reduce time required for actuarial calculations by 97%.
JARING Communications Sdn Bhd has launched OneGrid, believed to be the country's first grid computing centre, or high performance computing (HPC) centre, to help programmers and researchers speed up their work and save costs. ...
April 12, 2010

Insurance News HSBC may be the buyer of Jerneh Insurance, according to an article in Singapore newspaper. The company is valued at RM700 mil according to the same source.
PETALING JAYA: Shares in Jerneh Asia Bhd jumped yesterday on fresh speculation that it may have found a buyer for its 80% stake in Jerneh Insurance Bhd.
April 12, 2010

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Saturday, 17 April 2010

Third Party Bodily Injury and Death (TPBID)

Due to the popularity of the TPBID topic, we compile below all our previous posts on TPBID:

Insurance News It would be interesting to see what solution/proposal BNM comes up with on TPBID Tuesday next week. So far the unofficial sources seem to think that the scheme will have a cap of RM2 mil, claims to be settled within 1 month and an increase in premium. For compilation of earlier posts on TPBID, visit: http://bit.ly/at9Ont
PETALING JAYA: Bank Negara is scheduled to address key issues involving third party bodily injury and death motor insurance on April 20.
April 17, 2010

Insurance News The proposed TPBID compensates for injuries but does not cover other vagaries such as loss of current and future income.

KLANG: The Consumers Asso­ciation of Penang (CAP) has welcomed the Prime Minister’s statement that he will tell Bank Negara to consult all interested parties with regard to the proposed new basic motor insurance coverage for third-party injuries and death.

April 7, 2010

Insurance News FOMCA proposes that a fund be setup and managed by government to resolve the TPBID issue. Those who are injured in car accident can seek compensation from the fund. This approach is used in Australian and NZ. The fund can operate in a similar fashion as SOCSO and is to be funded by the public.

（雪蘭莪‧八打靈再也）大馬消費人聯合會（FOMCA）總秘書莫哈末沙阿尼建議當局設立一個由政府管理的基金，讓任何在車禍受傷的人士索取賠償金，減少涉 及三號車險的投保人、保險業者及第3方的爭議。

April 6, 2010

Insurance News PM instructed BNM to consult consumer groups before finalising TPBID scheme. The scheme apparently has a cap of RM100,000 compensation. PM also took note of the loss suffered by the industry in motor insurance. http://bit.ly/aBs7Be

BANK Negara Malaysia (BNM) must take into consideration the plight of the people when proposing new basic motor insurance coverage for third-party bodily injury and death, just like enacting any other policy. ...

April 5, 2010

Insurance News The TPBID plan will be finalised by middle of this year and a special company may be formed to oversee the plan. http://bit.ly/ca8uVy

KUALA LUMPUR: The decision to introduce a new basic motor insurance coverage will be finalised by the middle of the year, Second Finance Minister Datuk Ahmad Husni Hanadzlah said.

March 31, 2010

Insurance News While TPBID's plan features are still being finalised, there is a widespread fear that the claims amount would be capped and civil suit would be the only recourse to get additional compensation. http://bit.ly/buBBHN

KLANG: Motorists injured in road accidents may find themselves in limbo due to lack ofcompensation when the new basic third party motor insurance coverage scheme for bodily injury and death is introduced on July 1.

March 30, 2010

Insurance News The TPBID saga continues ... Bar Council has gone to politicians to apply pressure on BNM. http://bit.ly/cIfMVK

KUALA LUMPUR: The Bar Council Malaysia submitted a memorandum to the Barisan Nasional Backbenchers Club yesterday in Parliament to oppose Bank Negaras newly proposed third party motor insurance coverage scheme for bodily injury and death.

March 23, 2010

Insurance News Consultation on TPBID will commence next month and the scheme is targeted to kick in by end of Q3. BNM's corporate comm has issued statement in response to the views expressed by the Bar Council in particular on the cap placed on the compensation (see our earlier post on March 14). http://bit.ly/di2LHk

RESPONDING to recent public interest and media coverage on the above, we would like to provide the following updates. In developing the new Third Party Bodily Injury and Death (TPBID) Scheme, Bank Negara ...

March 22, 2010

Insurance News The Bar Council thinks that basic and affordable motor insurance scheme as proposed by BNM would be detrimental to motor accident victims, as well as their families and dependants. BNM is urged to consult various stakeholders. On March 5, BNM announced that it needed more time to finalise the scheme as it wanted to consult various parties. http://bit.ly/cfKHMg

KUALA LUMPUR: Bank Negara and the Government should be more transparent about a proposed scheme on basic motor insurance coverage for third-party bodily injury and death, said the Bar Council.

March 14, 2010

Insurance News The basic and affordable motor insurance scheme as announced in Budget 2010 would need more time before becoming a reality. Consultation with various stakeholders by BNM is required. No indication of timeline was given by BNM. http://bit.ly/aj38dj

The Government, during the Budget 2010 Announcement, had announced the need to provide a basic motor insurance coverage for third party bodily injury and death (TPBID), at a reasonable premium that is commensurate with the level of protection provided...

March 5, 2010

Insurance News Government has no plans to scrap 3rd party motor insurance. http://bit.ly/4VNeiG

KUALA LUMPUR: The Government has no plans to scrap third-party insurance and insurance coverage for old cars valued at RM10,000 and below, Finance Minister Datuk Seri Najib Tun Razak said.

November 24, 2009

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Sunday, 11 April 2010

News Posts 20100404-20100410

Insurance News Aviva is making a come back in general insurance market starting with Singapore. Aviva General was sold to MSIG in Malaysia in 2006.
LONDON: British insurer Aviva said yesterday it will re-enter Asia's general insurance business with the launch of services in Singapore, a month after rival Prudential bought the Asian unit of AIG. "Aviva ...
April 10, 2010

Insurance News Proton has been a long-time sponsor of BAM since 1985. However, in February 2010, ING came in as a new sponsor and players started wearing T-shirts with ING's logo in front at the German open. Proton now wants its logo back in front rather than on the sleeve. They may have smelled the chance of the national team winning the Thomas Cup to be held soon.
PROTON Holdings Berhad is demanding that the Badminton Association of Malaysia (BAM) continues to give it the same prominence which it has enjoyed since 1985. It also wants the company's logo to be featured in front of the T-shirts worn by national players.
April 10, 2010

Insurance News Allianz Life's existing CEO will leave the country to head for Turkey. His position will be taken over by the current CEO of Allianz in Indonesia.
The Company wishes to announce that the Chief Executive Officer (“CEO”) of the Company, Mr. Cornelius Alexander Ioannis Ankel has been designated to take over the management of Allianz operations in Turkey.Mr. ...
April 10, 2010

Insurance News Lonpac's underwriting surplus before management expenses in Q1 improved by 52%, on the back of 11.5% increase in revenue, compared to the same period last year.
PETALING JAYA: LPI Capital Bhd posted a slight increase in net profit of RM38.32mil for its first quarter results ended March 31, 2010 as compared with RM35.5mil in the previous corresponding period.
April 8, 2010

Insurance News Lai Leong Pin, the Chief Agency Officer of Prudential, has been appointed as Prudential's General Manager.
PRUDENTIAL Assurance Malaysia Bhd has appointed Lai Leong Pin as its general manager.In a company statement, Prudential chief executive officer Charlie Oropeza said Lai’s appointment underlined the importance ...
April 7, 2010

Insurance News The proposed TPBID compensates for injuries but does not cover other vagaries such as loss of current and future income.
KLANG: The Consumers Asso­ciation of Penang (CAP) has welcomed the Prime Minister’s statement that he will tell Bank Negara to consult all interested parties with regard to the proposed new basic motor insurance coverage for third-party injuries and death.
April 6, 2010

Insurance News Allianz General launched a PA product that covers among others medical expenses related to dengue, malaria, JE; kidnap, snatch theft etc.
ALLIANZ General Insurance Company (Malaysia) Bhd has introduced the enhanced Personal Accident plan Allianz Shield, which is designed to provide a more comprehensive coverage, it said in a statement.Allianz ...
April 6, 2010

Insurance News FOMCA proposes that a fund be setup and managed by government to resolve the TPBID issue. Those who are injured in car accident can seek compensation from the fund. This approach is used in Australian and NZ. The fund can operate in a similar fashion as SOCSO and is to be funded by the public.
（雪蘭莪‧八打靈再也）大馬消費人聯合會（FOMCA）總秘書莫哈末沙阿尼建議當局設立一個由政府管理的基金，讓任何在車禍受傷的人士索取賠償金，減少涉 及三號車險的投保人、保險業者及第3方的爭議。
April 6, 2010

Insurance News Maybank will transfer its shares in Mayban Fortis Holdings Bhd to Etiqa International Holdings Sdn Bhd. After the transfer, Etiqa International will serve as the investment holding company for Maybank's insurance, takaful and asset management businesses.
Malayan Banking Bhd (Maybank) today announced the proposed transfer of 165.321 million ordinary shares in Mayban Fortis Holdings Bhd, representing its direct equity interest of 69.05 per cent, to Etiqa International Holdings Sdn Bhd.
April 5, 2010

Insurance News Watch out for this type of motor insurance scam that was exposed in UK. A car owner is paid a fee to admit liability for causing car damage and bodily injury in an accident that never happened. The car of the "victim" then gets smashed up in a yard and an insurance claim of around £20,000 is filed.
Undercover reporters allege that a Woverhampton-based outfit, run by Zeeshan Ahmad, fakes accidents by smashing up cars in a yard.
April 4, 2010

Insurance News HSBC Amanah Takaful will launch a regular contribution retirement product in May, which has features similar to a product sold in HK by HSBC. 7 new products are planned to be rolled out this year. The global financial crisis has affected the single contribution investment-linked plans while favouring non-ILP plans.
HSBC Amanah Takaful (Malaysia) Sdn Bhd, the Islamic insurance arm of HSBC Bank Malaysia Bhd, is poised to launch a new regular premium retirement plan in May that is expected to drive the company's growth for 2010. ...
April 4, 2010

Insurance News PM instructed BNM to consult consumer groups before finalising TPBID scheme. The scheme apparently has a cap of RM100,000 compensation. PM also took note of the loss suffered by the industry in motor insurance.
BANK Negara Malaysia (BNM) must take into consideration the plight of the people when proposing new basic motor insurance coverage for third-party bodily injury and death, just like enacting any other policy. ...
April 4, 2010

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Sunday, 28 March 2010

New Home for Insurance News


Insurance News is moving, or more accurately forced to move.

As a result of Blogger shutting down FTP publishing from 1 May 2010, Insurance News will be hosted on Blogger's site (although you won't see this as the address you type is news2.actuaries.com.my).

We have decided to keep news prior to April 2010 on this old site (news.actuaries.com.my).  From May 1 onwards, you may not be able to perform certain actions such as comment on the old site.  However the new site should have full functionality.

To switch from old to new site and vice versa, it is as simple as clicking "Insurance News" on the menu above.

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News Digest 20100321-20100327

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Sunday, 21 March 2010

News Digest 20100309-20100320

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Tuesday, 9 March 2010

News Digest 20100301-20100309

Click this link for the news digest.

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Monday, 1 March 2010

News Digest 20100223-20100301

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Friday, 26 February 2010

ASM AGM and Dinner 2010

The Actuarial Society of Malaysia held its Annual General Meeting and Dinner yesterday in Hotel Impiana KLCC.  The event was attended by close to 100 members, despite it being held on the eve of a long weekend.

The event started with 2 invited speakers delivering papers that were not technical, for a change. Sridharan Nair, a PwC auditor, presented the broad insurance outlook post Global Financial Crisis while Sophia Ch'ng shared her work experience in particular in areas related to her winning the YAMA award.

The AGM proper started more than 30 minutes after the scheduled time with various reports from Council members. An amendment to the ASM's Constitution to formally introduce the FASM (Fellow of Actuarial Society of Malaysia) designation was put to vote after lengthy discussions.  It was resolved that a new FASM must be recommended by 2 existing FASMs and must fulfill 1-year related actuarial work experience locally within the 3 years preceding the application to become an FASM.  The FASM must also be a Fellow of a recognised global actuarial body such as The Institute of Actuaries of Australia, The Institute of Actuaries in England, Society of Actuaries in the United States, Faculty of Actuaries in Scotland, the Canadian Institute of Actuaries and the Casualty Actuarial Society in the United States.

With the change in Constitution in 2008, yesterday also saw the election of ASM's first ever President Elect - Liew Pek Hin.  Liew's existing Vice President position was in turned filled by Yap Chee Keong.  Nicholas Yeo in turn was elected to fill the position vacated by Chee Keong.

The full list of ASM 2010-2011 Council:

President:Patrick Cheah
President Elect:Liew Pek Hin
Vice President:Yap Chee Keong
Secretary:Nor Aida Daud
Treasurer:Azim Mithani
Committee Members:Yoon Yew Khuen
Chin Tze How
Loh Sheng Chieh
Nicholas Yeo

Buffet dinner was served immediately after AGM. 15 lucky members also walked away with shopping vouchers sponsored by MLRe during dinner.


Sophia Ch'ng presenting her Paper: Experience and Achievements relating to YAMA awards.


MC of the day.


Sridharan Nair presenting "Reshaping the Insurance Industry".


The AGM in full force.


President delivering his speech.


The ASM Council 2010/11.

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Tuesday, 23 February 2010

News Digest 20100203-20100223

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Saturday, 6 February 2010

News Digest 20100201-20100205

Insurance News RHB Cap wants to increase its stake in RHB Insurance by buying from the other shareholders.

http://bit.ly/d5klaz
RHB Cap talks to buy bigger stake in RHB Insurance
PETALING JAYA: RHB Capital Bhd announced that Bank Negara has no objection in principle for the company to begin negotiations with the remaining shareholders of RHB Insurance Bhd to acquire the remaining equity interest in RHB Insurance not already owned by RHB Capital.

Insurance News Prudential opens its new training academy in Ukay Perdana, KL. Prudential has 11,000 agents, out of which 3,000 are bumi agents. The corresponding figures a year ago were 9,000 and 1,500. Islamic products contributed 15-20% of its revenue.

http://bit.ly/c60nTn http://bit.ly/aG9NT4
Prudential eyes increase in number of agents
PRUDENTIAL Assurance Malaysia Bhd expects to increase the number of agents this year following the opening of its new training academy.Its chief executive officer Charlie Oropeza said in line with the ...

Insurance News EON Bank achieved bancassurance sales of RM105 mil in 2009 and is now targeting RM200 mil for 2010. EON Bank partners Uni.Asia in their bancassurance venture.

http://bit.ly/aFBdGx
EON Bank sets RM200m bancassurance sales target
EON Bank Group, the seventh biggest bank by assets, aims to double bancassurance sales to RM200 million this year on more new products. This is compared to RM105 million sales booked last year, chief executive officer Michael Lor said. ...

Insurance News OCBC given extension until 17/10/2010 to resolve holding 2 GI licences in OACM and Pacific Insurance.

http://bit.ly/9rAqRK
OCBC unit given extension to comply with conditions
PETALING JAYA: Oversea-Chinese Banking Corp Ltd (OCBC) wholly owned unit, OCBC Capital (M) Sdn Bhd, has been granted a one-year extension to Oct 17 by Bank Negara to comply with the two conditions imposed by the central bank for the takeover of PacificMas Bhd, which was completed in April 2008.

Insurance News Great Eastern targets 25% growth this year, to hit RM1 bil NB premium. Emphasis will be on agency, bancassurance and younger population.
1. Agency: recruit more graduates/professionals, Agency Transformation Programme, Go4More - help agents to break their own glass ceiling
2. Bancassurance: tie-up with OCBC
3. Low cos...t products for young population

http://bit.ly/be1DuT
Great Eastern eyes RM1bil in new premiums
PETALING JAYA: Great Eastern Life Assurance (M) Bhd, the country’s largest and oldest insurer, is targeting RM1bil in new business premiums this year.

Insurance News The growth of takaful industry in Malaysia in 2009 is estimated to be 15% on total contribution basis. Main challenge identified by MTA is attracting quality talents.

http://bit.ly/dbqGZk
Takaful industry to see steady growth
THE takaful industry will continue its steady growth momentum this year in line with the expansion of the industry globally which has seen an annual growth rate of 25 per cent the past few years.The industry ...

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Saturday, 30 January 2010

News Digest 20100124-20100130

Insurance News Etiqa Takaful Bhd appoints Shahril Azuar Jimin as its new CEO. http://bit.ly/cxXiRn

Shahril Is New CEO Of Etiqa Takaful :: Bernama.com

Insurance News The government proposed in GTP for insurers to reduce insurance premiums for cars, motorcycles and houses installed with security features. But surely the motor tariff will have to go in the first place. Right? http://bit.ly/8XTcx5

Five initiatives shortlisted to check crime
The Home Ministry has shortlisted five initiatives to achieve the target of reducing the overall crime index by at least 5% by the end of this year, according to the GTP Roadmap.

Insurance News HSBC Amanah Takaful will launch 7 products this year, focusing on medical and retirement. http://bit.ly/cnBWIG Meanwhile, an insurance survey by HSBC shows that 49% of Malaysians plan to save more in the next 6 months. 58% of the survey respondents are likely to buy products that offer capital protection. http://bit.ly/9L05nT

HSBC Amanah Takaful to launch 7 products in 2010
HSBC Amanah Takaful (Malaysia) Sdn Bhd, the Islamic insurance arm of HSBC Bank Malaysia Bhd, plans to launch up to seven products this year. Chief executive officer Zainuddin Ishak said the company is now focused on traditional long-term plans such as retirement and medical health. ...

Insurance News Zurich Financial now says it wants to have controlling stake in its joint venture in Malaysia but would do it in such a way that all parties are comfortable. Zurich Financial currently holds 40% stake in the JV. http://bit.ly/cF3fXV

Zurich Financial eyes controlling stake in Malaysian venture
DAVOS: Swiss insurer Zurich Financial Services Ltd is exploring ways to take a controlling stake in its Malaysian joint venture and grow its business in Indonesia, its Asia-Pacific head said yesterday. ...

Insurance News Great Eastern denies that it is in talks to sell a stake in Malaysian unit. http://bit.ly/a9hgGR

Great Eastern not in talks to sell stake in Malaysian unit
GREAT Eastern Holdings Ltd (GEH) said it is not in talks to sell a stake in its Malaysian insurance arm, Great Eastern Life Assurance (Malaysia) Bhd (GELM). "We wish to state that we are currently not ...

Insurance News Allianz General is paying profit commission of RM6.26 mil to its qualifying agents (25% of its agency force) before Chinese New Year. http://bit.ly/81tH9B

Allianz pays commissions to agents early
Allianz General Insurance Co (M) Bhd (AGIC) kept its promise for the fourth consecutive year by making an early profit commission payment.In a statement today, AGIC's chief executive officer Ng Hang Ming ...

Insurance News Tokio Marine is targeting a lower growth rate of 10% in 2010 compared with the 20% it achieved in 2009. However, it still expects to outpace the industry's expected growth rate of 6-7%. Prefers non-motor lines of business e.g. fire, marine, cargo and PA. Not ruling out acquisition. http://bit.ly/81WhB0

Tokio Marine expects 10% premium growth this year
KUALA LUMPUR: Tokio Marine Insurans (Malaysia) Bhd (TMIM) expects a premium growth of between five to 10 per cent this year, its chief executive officer Dr Michael Heng Kiah Ngan, said Tuesday.

Insurance News Will Great Eastern divests it stake in Malaysia? How much is the divestment, if any? Is Khazanah the suitor or any other parties? Is divestment a pre-condition of being granted the takaful licence? Would IPO be an option if a direct shareholder cannot be found? This article may shed some light. http://bit.ly/8iwedl

Khazanah said among suitors for Great Eastern
A group of potential suitors, including state-owned investment agency Khazanah Nasional Bhd, is said to have lined up for a stake in Singapore's Great Eastern Life Assurance (Malaysia) Bhd to help realise the insurer's takaful ambition. ...

Insurance News Takaful Malaysia won the Global Diamond Award while its Group MD Hassan Kamil won the "Smart Entrepreneur" Award. http://bit.ly/6YbYwS

Takaful Malaysia, group MD win major awards

Insurance News While many may think that China and India markets are hot, Prudential is scaling back its growth ambitions in both countries. Instead investment would be pushed into fast-growing economies in southeast Asia, including Malaysia, Vietnam and Indonesia. The reason for such decision seems to be the slow relaxation of restrictions on foreign ownership of financial firms in China and India. http://bit.ly/7CJkyf

Prudential to Scale Back on India, China - NYTimes.com
LONDON (Reuters) - Britain's biggest insurer Prudential has begun a shake-up of its Asian business that will see it scale back its ambitions for growth in India and China, The Sunday Times said.

Insurance News LIAM, ACE Synergy and Prudential spoke on 2010 outlook and challenges. http://bit.ly/8H8IxQ

Malaysian insurers in for better times
PETALING JAYA: Despite facing some hurdles, the local insurance industry has a promising outlook with new life business weighted premium forecast to grow 12.5% to RM3.6bil this year.

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Saturday, 23 January 2010

News Digest 20100117-20100123

Insurance News TokioMarine has promoted Deputy CEO Dr Michael Heng as CEO, replacing PhangKwang Chee who has helmed the top post for the past 9 years. TokioMarine's market share grew from 48th position in 1999 to 5th position last year. http://bit.ly/7AXC0g

Tokio Marine names new CEO
Tokio Marine Insurans (Malaysia) Bhd today announced the appointment of Dr Michael Heng Kiah Ngan as its new chief executive officer.Heng, who was previously the company's deputy chief executive officer, ...

Insurance News Etiqa launches Triple Lifestyle Protector. Features: 15% SA paid every 3 years from 5th policy year; 100% SA returned at maturity; premium payment period of 20 years or until age 85. http://bit.ly/7vkOOd http://bit.ly/8KXxzy

BERNAMA - Etiqa Insurance Jangka Pelan Terbaharu Dapat Sambutan Baik
KUALA LUMPUR, 20 Jan (Bernama) -- Etiqa Insurance Bhd menjangka pelan Triple Lifestyle Protector yang dilancarkan baru-baru ini di mana ia menawarkan pelbagai faedah di bawah satu polisi mendapat sambutan yang baik. ...

Insurance News Prudential is targeting the largely untapped and underserved bumiputera market, focusing on young generation especially those below age 25. Great Eastern has also previously unveiled strategies that include targeting young generation. http://bit.ly/6nHL5D http://www.actuaries.com.my/news/2010/01/strategies-of-prudential-and-great.html

Prudential to tap into growing Bumi market
LEADING life insurer Prudential Assurance Malaysia Bhd wants to tap into the growing Bumiputera market by increasing its Bumiputera agents, said its top executive. Chief executive officer Charlie Oropeza ...

Insurance News Prudential launches an aggressive branding campaign covering 9 markets in the region in 7 languages on "The Power of Listening". http://bit.ly/5XgKaj

The power of listening
PRUDENTIAL Corporation Asia recently launched “The Power of Listening”, its largest branding campaign in its 85-year history in Asia.The campaign reinforces the company’s “Always Listening. Always Understanding” ...

Insurance News Tune Money aims to double insurance policies sold to 3,000-4,000 this year. Currently it partners Multi-Purpose for motor insurance and Tokio Marine for PA and home insurance. Takaful is in the pipeline as well as H&S, life, travel and pets. http://bit.ly/8Ne1wd http://bit.ly/5kaKoB

Tune Money aims for RM4m net profit this year
ONLINE financial services provider Tune Money Sdn Bhd, which has been profitable since last April, aims for a net profit of up to RM4 million this year as it grows its prepaid card and insurance base. ...

Insurance News Zurich Financial has come out to clarify that the partners in MCIS Zurich are still keen to work together although admitting some of the facts reported earlier on the tension in the relationship were not wrong. Zurich Financial is also not selling its stake in MCIS Zurich. http://www.actuaries.com.my/news/2009/12/no-strained-ties-between-shareholders.html http://bit.ly/7Guc11

MCIS Zurich owners deny rift, remain keen on takaful ops
MCIS Zurich Insurance Bhd's major shareholders have denied that there is any rift between them and say they remain keen to build the business together. They also denied that Switzerland's largest insurer, Zurich Financial Services Ltd (Zurich FS), might sell its shares in MCIS Zurich. ...

Insurance News Allianz General launched a Directors' and Officers' liabilities insurance product. http://bit.ly/54HdEh

Allianz debuts product for corporate leaders
Allianz General Insurance Company (Malaysia) Bhd (AGIC) today launched a new generation of insurance protection, specially tailored for leaders of Malaysian corporations."Allianz Protect Platinum goes ...

Insurance News MFPC launches Syariah RFP programme, appoints MPM as examination facilitator. http://bit.ly/6MHuhm

Insurance News Takaful Ikhlas is the winner of best brand in the services -Islamic protection and the healthcare insurance categories. http://bit.ly/7TIDUk

Takaful wins Brand Laureate awards
TAKAFUL Ikhlas Sdn Bhd has won two awards at the BrandLaureate SMEs Chapter Awards 2009 for brands in corporate branding. It was named the best brand in the services -Islamic protection and the healthcare insurance categories. ...

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posted by Teh Loo Hai @ 12:04 PM   0 Comments Links to this post

Saturday, 16 January 2010

News Digest 20100110-20100116

Insurance News It is TM Asia's turn to say that they want to double their premiums, but this time it seems to be a target set for only Sabah or the most for East Malaysia. The company also wants to be 1 of the top 5 in 2 to 3 years' time mainly through its agency force. http://bit.ly/6BDdfE

TM Asia Life aims to double premium
TM Asia Life Malaysia Bhd, which has embarked on an expansion plan in East Malaysia, hopes to double new business premium with the opening of its new premises in Kota Kinabalu. The company, with a strong ...

Insurance News Vincent Kwo is now COO for MAA. http://bit.ly/8O41Hb

MAA appoints chief operating officer
MALAYSIAN Assurance Alliance Bhd (MAA) has appointed Vincent Kwo Shih Kang as chief operating officer from January 2. Kwo, 49, graduated from City University, London, in 1982 where he obtained a Degree ...

Insurance News AXA Affin does not rule out acquisition to achieve its 8% market share target. Our view is that this may in fact be a more feasible route given that doubling the premiums every year is not an easy task at all. Perhaps AXA should explore with UOB and see whether the latter has intention to sell its insurance units in Malaysia? http://bit.ly/6dFGcH

AXA Affin not ruling out acquisitions, partnerships
AXA Affin Life Insurance Bhd hopes to grow its share of the local life insurance market from 1.5 per cent to 8 per cent by 2012, as it undertakes a AXA global branding exercise.Its chief executive officer ...

Insurance News It is unusual to have an Islamic bank that doesn't have any takaful operations to comment on takaful. OCBC Al-Amin commented that the growth of takaful lagged behind Islamic banking. Great Eastern, which is owned by OCBC, is believed to have applied for 1 of the 2 new takaful licences to be issued this year. GE has also recruited the ex-CEO of Prudential BSN to enhance its chance of getting the new licence. http://bit.ly/6hKEVH

Malaysian takaful growth lags banks
Growth in Malaysia’s takaful Islamic insurance industry has lagged the sharia banking sector as insurers struggle to find a home for premiums and players lack distribution channels, Singapore’s ...

Insurance News AXA Afiin Life needs to double premiums to be top 5 player by year 2012. http://www.actuaries.com.my/news/2010/01/axa-affin-life-needs-to-double-premiums.html

Insurance News: AXA Affin Life needs to double premiums
www.actuaries.com.my
Axa Affin Life has a huge target to achieve by year 2012. It has to grow its market share from the current 1.5% to 8%, to be among the top 5 in the industry. Its NB premium was RM162 mil in 2009, the target set for 2010 is RM320 mil and RM100 mil for total premiums and weighted premiums respectively...

Insurance News Dedicated to all our readers who are insurance agents. http://www.youtube.com/watch?v=ysA-wtl8-YI&feature=autofb

Insurance agent - Bangkok Life advertisement
Bangkok Life Assurance advertisement

Insurance News CIMB Aviva Takaful launched EasyLife Takaful Series and expects to secure contributions of RM35-40 mil. The takaful player aims to increase its market share from the current 2-3% to 5% in 2 years time. There are currently 8 takaful players in the market with 2 new licences to be issued soon. http://bit.ly/6nmFtQ http://bit.ly/6p0TRW http://bit.ly/5Q3TlO

CIMB Aviva aims for 5pc market share
CIMB Aviva Takaful Bhd is looking to increase its market share to five per cent in two years in line with the steady growth of the takaful industry, chief executive officer Muhammad Fikri Mohamad Rawi ...

Insurance News CIMB Wealth Advisors which started distribution for AIA since March 2009 secured RM7.6 mil premium in 2009. It sets a target of RM25 mil for 2010 planning to tie up with more insurers after obtaining its financial advisor licence. http://bit.ly/6ceiyR

CIMB Wealth sees RM25m premiums
CIMB Wealth Advisors Bhd aims to secure RM25 million premium this year from insurance and takaful products, chief executive officer Tan Beng Wah said today.The company managed to secure RM7.6 million premium ...

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posted by Teh Loo Hai @ 12:18 PM   0 Comments Links to this post