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.

HLMT to have a new CEO 

Insurance News

  -  June 27, 2013
Wan Mohd Fadzlullah Wan Abdullah is slated to replace Mohd Fauzi Yaakub as the CEO of HLMT, according to one source.  Apparently, Wan Mohd Fadzlullah resigned from his EVP position with Takaful Ikhlas on 19/6/2013.
Wan Mohd Fadzlullah tipped for HLMT top job - The Sun Daily PETALING JAYA (June 27, 2013): Wan Mohd Fadzlullah Wan Abdullah, former executive vice-president of Takaful Ikhlas Sdn Bhd, is tipped to take over the helm at Hong Leong MSIG Takaful Bhd (HLMT), say sources.

 

Posted by Loo Hai Thursday, June 27, 2013 7:27:00 PM Categories: Executive Movement Hong Leong MSIG
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Manulife, ACE and MetLife shortlisted for AmLife and AmTakaful 

Insurance News

  -  June 26, 2013
Manulife, ACE and MetLife are apparently the shortlisted bidders for AmLife and AmTakaful.
Manulife, ACE among bidders for AMMB’s insurance stake - The Star KUALA LUMPUR: Insurers Manulife Financial Corp and ACE Insurance are among the shortlisted bidders for a majority stake in the life insurance division of AMMB Holdings Bhd, a deal that could be worth as much as US$600mil, people with knowledge of the sale process said.

 

Posted by Loo Hai Wednesday, June 26, 2013 10:16:00 PM Categories: AmMetLife AmMetLife Takaful Manulife Merger
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Life insurance industry projected to grow at 10% 

Insurance News

  -  June 26, 2013
Life insurance sale is expected to pick up steam after a slow start in Q1. The projected growth by LIAM is 10% for year 2013.
Life insurance set to pick up on strong demand - The Star PETALING JAYA: After a slowdown in the first quarter, the life insurance sector is expected to pick up steam for the remaining year underpinned by strong demand for specific products, good economic growth and a relatively low penetration rate of insurance in the country.

 

Posted by Loo Hai Wednesday, June 26, 2013 11:19:00 AM Categories: LIAM
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PRS scorecard shows a very slow take up 

Insurance News

  -  June 26, 2013
The PRS scorecard so far: 30,000 PPA account holders with net asset value of RM100 mil.  Much lower than anticipated by most when it was launched 6 months plus ago.
Prioritising security in retirement - KiniBiz “The rollout of the Private Retirement Scheme otherwise known as PRS late last year marked a major milestone for the pension landscape and investment management industry in Malaysia,”

 

Posted by Loo Hai Wednesday, June 26, 2013 11:09:00 AM Categories: PRS
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HLMT not selling general takaful business 

Insurance News

  -  June 26, 2013
HLMT has clarified that they are not selling their general takaful business.
Hong Leong MSIG Takaful not selling general insurance biz - The Sun Daily PETALING JAYA (June 25, 2013): Hong Leong MSIG Takaful Bhd (HLMT) said it has no plans to sell its general insurance business.

 

Posted by Loo Hai Wednesday, June 26, 2013 11:00:00 AM Categories: Hong Leong MSIG Strategy
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General takaful licences up for grabs? 

Insurance News

  -  June 24, 2013
HSBC Amanah Takaful, PruBSN, HLMT and maybe even CIMB Aviva Takaful are considering disposing their general takaful business, given that under IFSA their family and general takaful businesses are to be separated into 2 legal entities with minimum capital of RM100 mil each. The small size of their general takaful business means that injection of new capital is hardly sensible from commercial point of view.
Takaful companies plan to dispose general biz - The Sun Daily PETALING JAYA (June 24, 2013): At least three Islamic insurers are considering disposing their general takaful business ahead of the Islamic Financial Services Act 2013 (IFSA), which comes into force next month.

 

Posted by Loo Hai Monday, June 24, 2013 6:39:00 PM Categories: Aviva CIMB FSA Hong Leong MSIG HSBC Amanah Takaful Merger PruBSN Takaful
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Low penetration rate to propel takaful growth 

Insurance News

  -  June 20, 2013
Etiqa estimates that the family takaful sector will grow at 20% p.a. over the next 2 to 3 years given the low penetration rate of 11%.
Etiqa sees good family takaful growth - The Star KUALA LUMPUR: The family takaful sector in Malaysia is expected to record a 20% growth in premium over the next two to three years, said Etiqa Takaful Bhd.

 

Posted by Loo Hai Thursday, June 20, 2013 9:14:00 PM Categories: Etiqa Outlook
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