What this blog is about?

Purpose: This blog provides brief insurance news and digest for the busy executives. It is a handy archive covering major insurance news in Malaysia and nearby countries. 

Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we are not liable for any loss arising from the use of any information contained in this blog.

Reproduction: You may reproduce materials published here provided that the source (actuaries.com.my/insurance-news) is properly acknowledged.

Repositioning does not translate to earnings 

Insurance News

  -  Apr 29, 2013
Great Eastern has achieved some success in repositioning from a life insurance company to a life company as evidenced from the number of Live Great members, Facebook fans and number of views on Youtube. However, the company conceded the success does not translate into earnings for the company.
Great Eastern rewards healthy customers - The Star SINGAPORE: Since Great Eastern Holdings Ltd repositioned itself as a life company rather than just a life insurance company, it has continued to create products and programmes based on what customers want, with a special focus on helping people live healthily.

 

Posted by Loo Hai Monday, April 29, 2013 9:26:00 PM Categories: Great Eastern Strategy
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GI Industry expected to grow 6-9% 

Insurance News

  -  Apr 22, 2013
The GI industry is estimated to grow at 6-9% this year. To achieve higher market penetration, the industry should look towards modelling risks for growing economies, investing in other distribution channels and developing new products to satisfy the appetites of the discerning consumers, according to PIAM.
General insurance to see 6%-9% earned premium income growth - The Star KUALA LUMPUR: Malaysia's general insurance sector is expected to see between 6% and 9% growth in earned premium income this year from RM12.41bil recorded in 2012.

 

Posted by Loo Hai Monday, April 22, 2013 9:22:00 PM Categories: PIAM
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Great Eastern not keen on M&A at current valuation 

Insurance News

  -  Apr 22, 2013
Great Eastern is not keen on M&A as the valuations are high and timing is not right.
CEO: Timing not right for Great Eastern in M&As - The Star SINGAPORE: Asia's oldest insurance group Great Eastern Holdings Ltd is not jumping on the bandwagon of merger and acquisition activities (M&A) as the “timing is not right” and valuations are high.

 

Posted by Loo Hai Monday, April 22, 2013 9:13:00 PM Categories: Great Eastern Merger Strategy
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Etiqa claims No. 1 spot 

Insurance News

  -  Apr 17, 2013
Etiqa claims that it commands 49.9% and 36.3% of market share in general takaful and family takaful respectively. Its conventional insurance and takaful arms recorded a total combined gross premium and contribution of RM5.4 bil last year.
Etiqa records RM5.4bil gross premium - The Star KUALA LUMPUR: Etiqa Insurance and Takaful Bhd recorded a total combined gross premium and contribution of RM5.4bil for the financial year ended Dec 31, 2012.

 

Posted by Loo Hai Wednesday, April 17, 2013 8:36:00 PM Categories: Etiqa Market Share
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Lifting of overseas investment limit not likely to have impact 

Insurance News

  -  Apr 16, 2013
Takaful operators in Malaysia have low investment exposure in overseas assets; the lack of expertise and low risk appetite are 2 factors slowing down the drive for overseas venture. Recently the government lifted the limit on overseas investments but the move is seen to have minimal impact given that most operators are fall below the old limit.
Malaysia's Islamic insurers hesitant on overseas investment - The Edge KUALA LUMPUR/DUBAI, April 15 (Reuters) - Malaysia is promoting overseas investment by its takaful firms(Islamic insurers) as it seeks to internationalise its Islamic finance industry, but a lack of expertise and low risk appetite are likely to slow the drive.

 

Posted by Loo Hai Tuesday, April 16, 2013 6:59:00 PM Categories: Regulations Takaful
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The life insurance industry to grow 8-10% despite challenges 

Insurance News

  -  Apr 16, 2013
LIAM expects the industry to grow by 8-10% this year driven by medical, deferred annuity and investment-linked products.  The challenges faced by the industry include compliance with Financial Services Act and the Malaysian Competition Act and achieve a higher insurance penetration rate. The Association has applied for block exemption with the Malaysia Competition Commission.
LIAM expects life insurance industry to grow 8-10% this year - The Edge KUALA LUMPUR (April 16): The Life Insurance Association of Malaysia (LIAM) expects the life insurance industry to grow by eight to 10% this year, driven by various innovative products.

 

Posted by Loo Hai Tuesday, April 16, 2013 6:45:00 PM Categories: LIAM Outlook Regulations
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AIA on recruitment drive targeting Gen Y agents 

Insurance News

  -  Apr 15, 2013
AIA is rolling out recruitment campaign on 18/4 targeting Gen Y agents. The agents will be provided with iPad equipped with point-of-sale application. By year-end, the iPad application will facilitate e-policy issuance and accommodate credit card payments in the near future.  AIA is also expected to roll out its PRS this month or next.
AIA eyeing Gen Y agents - The Star KUALA LUMPUR: Hot on the heels of its recent acquisition of ING’s insurance business in the country, American International Assurance Bhd (AIA Malaysia) is, among others, looking to aggressively recruit Gen Y agents to add more customers to its existing pool of 2.6 million policyholders.

 

Posted by Loo Hai Monday, April 15, 2013 7:08:00 PM Categories: AIA Strategy
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