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.

Accident rate in Malaysia is 1.4 times world average 

PIAM expects the gross written premim this year to grow 6-7%, mainly driven by M&H, Liabilities, PA and Fire. The accident rate in Malaysia is close to 40% higher than the world average and 4-7 times higher than developed countries. The world average rate is 18 per 100,000 population. http://bit.ly/TAS140924a

Wednesday, September 24, 2014 9:28:00 PM Categories: Motor Insurance PIAM
Rate this Content 0 Votes

Price war likely post de-tariffication 

Insurance News

  -  June 3, 2013
The motor and fire insurance premium rates would be de-tariffed in 2016. There is a likelihood of a price war which will affect profitability. Insurers are looking at various strategies including risk-based pricing, product innovation and differentiation, customer service as well as strengthening of delivery and distribution channels in preparation for the de-tariffication.
Insurers brace for likely price war - The Star PETALING JAYA: With less than three years to go before motor and fire insurance rates are de-tariffed, insurers, who are bracing for a price war, have embarked on various measures to ensure their market share and profitability are not significantly impacted.

 

Posted by Loo Hai Monday, June 3, 2013 6:47:00 PM Categories: Allianz Etiqa Motor Insurance Tariff Tune
Rate this Content 0 Votes

STMB up no claim rebate for non-motor products 

Insurance News

  -  May 23, 2013
STMB is offering 15% no claim rebate to motor takaful products and 20% to non-motor products. The rebate will cost the company RM35 mil, compared to RM31 mil paid last year. 
Takaful Malaysia aims RM35m in no claim rebate this year - The Sun SHAH ALAM (May 22, 2013): Syarikat Takaful Malaysia Bhd (Takaful Malaysia) expects to disburse RM35 million in no claim rebate this year to its customers, given the positive growth in its General Takaful portfolio.

 

Posted by Loo Hai Thursday, May 23, 2013 3:30:00 PM Categories: Motor Insurance STMB
Rate this Content 0 Votes

General insurance industry performed well in 2012 

Insurance News

  -  May 4, 2013
The GI industry grew 8.2% in 2012.  The net claims incurred ratio (NCIR) improved from 60.7% to 57.1%.  The same improvement was observed in various insurance classes: Motor (from 76.8% to 72.8%), Medical (55.6%), PA (28.9%), Motor Act (from 287.6% to 262.1%).  Meanwhile the combined management expenses and commissions ratio increased from 29.5% to 30.3%.
Growth guaranteed for insurance industry - Business Times KUALA LUMPUR: The general insurance industry's gross premiums rose 8.2 per cent to RM15.18 billion last year compared with RM14.02 billion in 2011.

 

Posted by Loo Hai Saturday, May 4, 2013 6:09:00 PM Categories: Medical Product Motor Insurance PIAM
Rate this Content 0 Votes

Etiqa to scale down motor portfolio 

Insurance News

  -  Apr 15, 2013
Etiqa is among the top 5 motor insurance players and the number 1 motor takaful provider in the country.  It however intends to be more selective going forward and scale down unprofitable motor policies. The strategy is to grow the fire and PA portfolio by tapping on banccassurance and agency channels. The GI business is expected to grow 5-6% this year.
Etiqa to scale down on motor policies - Business Times ETIQA Insurance and Takaful Bhd expects its motor insurance business to remain flat this year as it aims to be more selective and scale down on unprofitable motor policies.

 

Posted by Loo Hai Monday, April 15, 2013 6:58:00 PM Categories: Etiqa Motor Insurance Strategy
Rate this Content 0 Votes

News Posts 20121029-20121104 

Insurance News

1 Nov 2012  -  Public
 
Insurance experts said that insurance products should be simple, transparent, meeting consumers needs and with robust pricing. http://bit.ly/TAS1101f
Insurance companies told to make their products ‘transparent’ »
KUALA LUMPUR: Insurance companies should simplify the products they sell and make them transparent for customers, according to Swiss Re managing director (property and specialty) Asia Mike Mitchell.
 

Insurance News

1 Nov 2012  -  Public
 
The motor insurance de-tariff, nothing really new being mentioned by the DFM.http://bit.ly/TAS1101e
Awang Adek: Insurance premium payments for vehicles to increase in stages until 2015 »
KUALA LUMPUR: Motor vehicle premium payments, currently the lowest in the region, will see changes by 2015 to reflect actual risks factors said Deputy Finance Minister Datuk Dr Awang Adek Hussin.

Insurance News

1 Nov 2012  -  Public
 
Features of Hwang PRS Solutions: 1) 0 front-end fees; 2) 4 funds available: Growth, Moderate, Conservative and Syariah Growth; 3) Targeted return 5-11%; 4) No capital guarantee; 5) Min investment: RM100 per fund; 6) Min top-up: RM50; 7) Min entry age: 18. Hwang is targeting RM100 mil in 3 years.http://bit.ly/TAS1101b http://bit.ly/TAS1101c http://bit.ly/TAS1101d

Insurance News

1 Nov 2012  -  Public
 
Ahman Rizlan Azman has been appointed the new CEO of Etiqa Takaful.http://bit.ly/TAS1101a


KUALA LUMPUR: Etiqa Takaful Bhd yesterday announced the appointment of Ahmad Rizlan Azman as its new chief executive officer (CEO).

Insurance News

31 Oct 2012  -  Public
 
PwC identified heightened regulatory environment post global financial crisis and greater market volatily as two of the challenges faced by the insurance industry.  http://bit.ly/TAS1031f
Insurance sector faces heightened regulatory environment »
KUALA LUMPUR: Increased regulations for the insurance industry, which have become more pronounced after the global financial crisis, will be a key challenge for the industry, according to the Pricewat...
 

Insurance News

31 Oct 2012  -  Public
 
With the mutual recognition of financial planners and financial advisers by BNM and SC, AFA's proposal for a single licensing framework may not longer be required. http://bit.ly/TAS1031e
Financial advisers association hopes for single licence »
Local financial advisers need not apply for separate licences to provide insurance and investment consultation in the near future, if the single licensing framework proposed by the Association of Fina...

Insurance News

31 Oct 2012  -  Public
 
BNM and SC signed an MoU covering various aspects including mutual recognition of financial planners and financial advisers. http://bit.ly/TAS1031d


KUALA LUMPUR: Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) yesterday signed a memorandum of understanding (MoU) to enhance the scope of collaboration and cooperation.

Insurance News

31 Oct 2012  -  Public
 
How big is the PRS market? Yesterday we heard RM39 bil, today RM18 bil. Realistically there are only 1 mil taxpayers in Malaysia. Even everyone takes advantage of the RM3,000 tax relief, the market size is only RM3 bil. And of course not all of the 1 mil taxpayers will buy PRS, due to various reasons such as lack of awareness. Also those taxpayers at lower tax brackets may not find the tax relief attractive enough for them to lock up their money for retirement. What's your view?
 

Insurance News

31 Oct 2012  -  Public
 
Hwang has become the first company to launch PRS. http://bit.ly/TAS1031a   Manulife estimates the potential market size of PRS to be RM18 bil per year, based on 8 mil customers. http://bit.ly/TAS1031b
Hwang IM launches private retirement scheme »
Hwang Investment Management, which received the Securities Commission's approval for its private retirement scheme (PRS), launched the scheme on Wednesday.

Insurance News

30 Oct 2012  -  Public
 
Climate change is identified as one of the biggest risks to the insurance industry with increased frequency and severity of weather related natural disasters. With increase in insurance penetration rate and population in Asia, general insurers will face a greater concentration of exposure to natural disasters. Life insurers meanwhile may face higher incidences of diseases. http://bit.ly/TAS1030c
Climate change ranks as one of the biggest risks to insurance industry »
KUALA LUMPUR: Climate change is one of the biggest risks to the insurance industry, says Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz.

Insurance News

30 Oct 2012  -  Public
 
The potential market for PRS is estimated to be RM39 bil per year (13 mil Malaysians paying RM3,000 each). http://bit.ly/TAS1030b


KUALA LUMPUR: Malaysia's private retirement scheme (PRS) which was launched in July could generate RM1 trillion in savings in 25 years which can help the country's capital market, retirees, as well as the country's economy in a big way.

Insurance News

30 Oct 2012  -  Public
 
Allianz General launched a Hotel Shield policy targeting specifically budget hotels. http://bit.ly/TAS1030a
Allianz policy for budget hotel »
KUALA LUMPUR: Allianz General Insurance Company (M) Bhd has introduced Hotel Shield policy, the first of its kind that offers various insurance protections specially designed for budget hotels.

Insurance News

29 Oct 2012  -  Public
 
PERWAKIM in its recent general meeting passed a resolution to request for an increase in agents commissions. The request will be submitted to BNM.http://bit.ly/TAS1029b
2012年10月29日 - 普險代理員公會大會議決‧要求保險公司增15%傭金 - 國內 - 星洲日報 »
(吉隆坡28日訊)大馬普險代理員公會(PERWAKIM)代表大會議決,向一般保險公司要求將代理員所抽取的傭金提高15%。

Insurance News

29 Oct 2012  -  Public
 
Volunteer firefighters will be covered with group insurance by the government wef 1/1/2013. http://bit.ly/TAS1029a
Volunteer firefighters to get group insurance cover from Jan 1 »
KUALA LUMPUR: The Government has agreed to provide group insurance cover to volunteer firefighters starting Jan 1 next year as an incentive against the dangers they encounter on the job.

 

Posted by Loo Hai Sunday, November 4, 2012 9:52:00 PM Categories: Allianz Commission Etiqa Executive Movement Financial Adviser Motor Insurance Product PRS
Rate this Content 0 Votes
  • RSS
  • Subscribe