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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.

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Change in professional indemnity coverage increases cost significantly 

The change of professional indemnity coverage from occurrence-based to claims-based has caused many senior obstetricians to quit their practice. The new insurance requires payment of annual premiums for 25 years, even after the obstetrician has retired. The annual premium for an unlimited indemnity can come close to RM70,000, according to a source. http://j.mp/TAS150727b

Monday, July 27, 2015 5:53:00 PM Categories: Nice2Know
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Singapore launches portal for life insurance comparisons 

Singapore launched its first web portal that allows consumers to compare life insurance products of different companies. The portal is a joint effort by the Consumers Association of Singapore, the Monetary Authority of Singapore, the Life Insurance Association of Singapore and MoneySENSE. Consumers can compare features such as premium, guaranteed death benefit, and the surrender values at different years. Life insurance companies also start selling direct purchase insurance. These are simple life insurance products sold without commissions and financial advice. http://j.mp/TAS150407a

Tuesday, April 7, 2015 8:55:00 PM Categories: MAS Nice2Know Product
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Smog insurance stopped 

Insurance News

  -  March 27, 2014
Chinese regulators have stopped the selling of the innovative smog insurance after it was introduced for less than 2 weeks. No reason was given.  http://bit.ly/TAS140327c 

 

Posted by Loo Hai Friday, March 28, 2014 9:54:00 AM Categories: Nice2Know
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Insurance scheme for artistes 

Insurance News

  -  Dec 16, 2012
Artistes including entertainers, comedians and actors will get their own insurance scheme next January. Similar scheme was earlier made available to taxi drivers. 
 Rais handing over the aid to Yahya when he visited the latter on Saturday.
Insurance scheme for artistes by mid-January, says Rais - The Star KUALA LUMPUR: Information Communications and Culture Minister Datuk Seri Dr Rais Yatim said the insurance scheme for artistes is expected to be announced and implemented in the middle of January.

 

Posted by Loo Hai Sunday, December 16, 2012 9:26:00 PM Categories: Nice2Know
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News Posts 20121008-20121014 

Insurance News

14 Oct 2012  -  Public
 
So what will happen to car insurance if you own one of these driverless cars?  Would the car manufacturer take up the insurance instead of you because if there is an accident, it is no longer you that are at fault as you are a mere passenger. http://bit.ly/TAS1014a
Driverless cars – a new insurance dilemma : Insurance Daily »
Lloyds is questioning whether driverless cars will shift the need for insurance away from consumers and towards manufacturers. Autonomous, or driverless, cars navigate using sophisticated technologies...

Insurance News

12 Oct 2012  -  Public
 
More news on AIA ING merger, including: 1) Second largest bancassurer post merger; 2) No 1 in market share is as measured by total premiums (including in-force block?); 3) "Will take the best from both sides" "too early to consider retrenchment" "natural attrition would not be surprising" "reassure our colleagues from ING that whatever we do will be fair and transparent".http://bit.ly/TAS1012d http://bit.ly/TAS1012e
 
The purchase of ING by AIA does not affect AIA's ratings, according to S&P.http://bit.ly/TAS1012c
S&P:No rating impact on AIA,AIA Bermuda »
Standard & Poor's Ratings Services said today that its ratings and outlook on American International Assurance Co. Ltd. (AIA; local currency AA-/Stable/--; cnAAA/--) and American International...

Insurance News

12 Oct 2012  -  Public
 
Tune Insurance, previously named Oriental Capital Assurance and for which 80% of its stake was bought for RM151.91 mil, is slated for listing next year with an estimated market capitalisation of close to RM800 mil.http://bit.ly/TAS1012b
Tune Group chief Tony Fernandes says listing is on his mind »
BUSAN: The initial public offering (IPO) fervour surrounding maverick businessman Tan Sri Tony Fernandes continues – now he is considering to float the Tune Group.

Insurance News

12 Oct 2012  -  Public
 
AmG wants to keep Kurnia's brand post merger.  The plan is for both AmG and Kurnia to be under AmG's licence.  It would be interesting to see whether this is allowed by BNM as this will create the first insurance company in Malaysia that sells products under two different brands. http://bit.ly/TAS1012a

The plan will possibly see Kurnia surrender its insurance licence and operate under AmG's operating licence.

Insurance News

11 Oct 2012  -  Public
 
AmG held a special event to welcome Kurnia into its family.  Post merger, AmG will become the largest general insurer in the country and market leader in motor insurance. http://bit.ly/TAS1011f

Ambank Group is eyeing 50 per cent growth for its motor insurance from 22 per cent currently, said Duncan Brain, Chief
Executive Officer AmG Insurance Bhd and Kurnia Insurans (M) Bhd.

Insurance News

11 Oct 2012  -  Public
 
It is interesting to see what would happen to ING Public Takaful Ehsan post AIA-ING merger. AIA already has a stake in AIA AFG Takaful and under the current BNM rules, they are not allowed to hold 2 takaful licences. Merging AIA AFG with ING Public will mean Public Bank and Alliance Bank having JV in takaful, feasible?

Insurance News

11 Oct 2012  -  Public
 
Contrary to the earlier report, AIA has claimed No. 1 in market share post merger with ING, unseating Great Eastern as well. http://bit.ly/TAS1011d
#Update* AIA Malaysia becomes biggest life insurer after buying over ING »
The deal catapults AIA to the top, displacing Great Eastern that has market share of 22.9%.

Insurance News

11 Oct 2012  -  Public
 
AIA has agreed to pay US$1.73 bil (another report says US$1.68 bil) in cash to buy ING's Malaysian insurance operations. The deal values ING at 1.8 times its embedded value, much higher than the value of AIA which is at 1.5 times. The purchase of ING will push AIA from the No. 4 position to No. 2 in Malaysia, unseating Prudential. AIA had earlier acquired Aviva's Sri Lankan operations less than a month ago. http://bit.ly/TAS1011b http://bit.ly/TAS1011c
ING announces sale of M'sian insurance unit to AIA for US1.6bil(update) »
AMSTERDAM: ING said it has agreed to sell its Malaysian insurance unit to pan-Asian insurer AIA Group Ltd for 1.3 billion euros (US$1.68 billion) in cash, kicking off the Dutch group's long-awaited di...

Insurance News

9 Oct 2012  -  Public
 
George Chew is Manulife's new CEO effective September 28.http://bit.ly/TAS1009a

KUALA LUMPUR: Manulife Insurance Bhd (Manulife Malaysia), a subsidiary of Manulife Holdings Bhd, has appointed George Chew as its new chief executive officer (CEO), effective September 28. 

Insurance News

8 Oct 2012  -  Public
 
So, is it true that Mohamad Salihuddin Ahmad stepped down as CEO of GETSB because he didn't want to report to Koh Yaw Hui? http://bit.ly/TAS1008a
Malaysia: Great Eastern Takaful CEO steps down amid structural changesInsurance Research Center »
::Malaysia: Great Eastern Takaful CEO steps down amid structural changes. Great Eastern Takaful CEO Mohamad Salihuddin Ahmad has resigned from his position, with local media suggesting that it was in ...

 

Posted by Loo Hai Wednesday, October 17, 2012 4:37:00 PM Categories: AIA AmG Executive Movement GETSB Great Eastern ING Kurnia Manulife Merger Nice2Know Tune
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