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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.

Zurich sets targets for GI and Life businesses 

Insurance News

  -  July 31, 2013
Zurich targets to grow its GI GWP to RM570 mil in 2013 from RM480 mil recorded last year.  For life insurance business, it sets a target of RM150 mil APE.  The life insurance product strategy will centre on ILP while for GI, it will tap into new segments such as SME, infrastructure and specialised insurance and expand marine cargo and property.
Zurich Insurance eyes RM570mil premiums - The Star KUALA LUMPUR: Zurich Insurance Malaysia Bhd aims to grow its general insurance gross written premiums to RM570mil this year from RM480mil it recorded last year.

 

Posted by Loo Hai Wednesday, July 31, 2013 9:33:00 PM Categories: Strategy Zurich
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MAA and Zurich settle dispute 

Insurance News

  -  July 29, 2013
MAA and Zurich has settled their longtime dispute with net amount payable into the escrow account by Zurich of RM78.83 mil.  The dispute was over certain downward adjustments made to the draft completion accounts and statement of aggregate net asset value of disposed subsidiaries.
MAA Group, Zurich settle longtime dispute - The Sun Daily PETALING JAYA (July 25, 2013): MAA Group Bhd, controlled by the Melewar group, which is linked to the Negeri Sembilan royalty, will finally get to proceed with plans to buy new businesses after reaching a settlement agreement with Zurich Insurance Co Ltd yesterday.

 

Posted by Loo Hai Monday, July 29, 2013 5:57:00 PM Categories: MAA Zurich
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Improved Takaful myGen Life in the pipeline 

Insurance News

  -  July 29, 2013
STMB plans to introduce improved version of Takaful myGen Life and launch a new standalone health takaful by the end of the year to boost revenue.  It expects its revenue to grow at 20%, the same growth rate as the industry.
Takaful Malaysia sees better H2 growth - Business Times PETALING JAYA: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) expects its revenue growth to equal the industry growth of 20 per cent this year.

 

Posted by Loo Hai Monday, July 29, 2013 5:45:00 PM Categories: Product STMB Strategy
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The Real Life Company vs the Life Company 

Insurance News

  -  July 24, 2013
AIA has introduced a new brand positioning - The Real Life Company - to reflect its aspiration to become the No. 1 life insurer in Malaysia. The repositioning signals a concerted push to reinvigorate the brand and connect with the younger generation of consumers as well as potential new agency recruits.  Interestingly, Great Eastern in February last year launched a campaign to transform itself from a life insurance company to a life company.
AIA kicks off new brand positioning - The Sun Daily PETALING JAYA (July 23, 2013): Fresh off the successful integration of AIA and ING's insurance businesses in Malaysia under one licence, life insurer AIA Bhd has introduced its new brand positioning – The Real Life Company – last week with the launch of a television commercial which depicts real life moments.

 

Posted by Loo Hai Wednesday, July 24, 2013 7:08:00 PM Categories: AIA Great Eastern
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IFSA intensifies fight for talents 

Insurance News

  -  July 15, 2013
The new IFSA 2013 which requires separation of family and general takaful licences may put some strain on the takaful industry.  The fight for talents is likely to intensify with more takaful entities after the separation of licences chasing after the same pool of talents.
Takaful industry faces hiccups under new legislation - The Star KUALA LUMPUR: The takaful industry, which expects new business growth of at least 20% this year, faces some hiccups with the implementation of new legislation in the form of the Islamic Financial Services Act (IFSA) 2013.

 

Posted by Loo Hai Monday, July 15, 2013 7:11:00 PM Categories: Executive Movement Takaful
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STMB putting on hold purchase of foreign properties 

Insurance News

  -  July 11, 2013
STMB is putting on hold the purchase of foreign properties pending clarification on the requirements under the IFSA, in particular on the requirement to set up a financial holding company.
Takaful Malaysia suspends foreign property foray plans, awaits IFSA clarity - The Sun Daily PETALING JAYA (July 11, 2013): Syarikat Takaful Malaysia Bhd, the country's oldest Islamic insurer, has put all future investments on hold until it gets a clearer picture on the newly-enforced Islamic Financial Services Act (IFSA), its top executive said.

 

Posted by Loo Hai Thursday, July 11, 2013 5:38:00 PM Categories: FSA STMB Strategy
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Lonpac delivered strong 1H results 

Insurance News

  -  July 9, 2013
Lonpac has delivered a strong set of results for 1H 2013: NCI ratio reduced from 52% to 48%, combined ratio reduced to 73% from 79% and pre-tax profit improved by 24.1%.
LPI Capital Q2 net profit jumps 15.3% - The Sun Daily PETALING JAYA (July 9, 2013): LPI Capital Group Bhd, which announced the appointment of Tan Kok Guan as CEO yesterday, saw second quarter (Q2) net profit grow by 15.3% mainly due to the performance of subsidiary Lonpac Insurance Bhd.

 

Posted by Loo Hai Tuesday, July 9, 2013 7:15:00 PM Categories: Lonpac
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