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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.

High medical charges for insurance cardholders to be investigated 

The Health Ministry will discuss with relevant parties including insurance agents, private hospitals, MCOs and BNM to address the high medical charges on patients using insurance cards as opposed to those paying in cash. While the professional fees are capped in accordance with Schedule 13 of the Private Healthcare Facilities and Services Regulation 2006, other charges and fees, like accommodation, nursing procedures, equipment, lab tests and medicines, are not regulated by the ministry. http://bit.ly/TAS141027a

Monday, October 27, 2014 8:31:00 PM Categories: Medical Product
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Medical insurance premium hikes 

Insurance News

  -  April 20, 2014
A series of articles on medical insurance: a) Medical insurance premiums increased by up to 20% due to higher claims and rising medical costs.  http://bit.ly/TAS140420a b) Agents called on BNM to put a stop to premium hikes. http://bit.ly/TAS140420b c) Employers face higher premium rates with the increase of retirement age. http://bit.ly/TAS140420c d) BNM said that medical insurance premiums are determined based on actuarial principles; exposure to anti-selection risk and medical inflation might lead to premium rates review. http://bit.ly/TAS140420d


Posted by Loo Hai Sunday, April 20, 2014 5:36:00 PM Categories: actuary BNM Medical Product
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PruBSN launched HealthEnrich 

Insurance News

  -  October 18, 2013
PruBSN has made available its new medical plan HealthEnrich to Saadiq's customers. HealthEnrich is a comprehensive medical plan attachable to investment-linked plans.
PruBSN HealthEnrich for Saadiq customers - The Sun Daily KUALA LUMPUR (Oct 18, 2013): Prudential BSN Takaful Bhd's (PruBSN) new medical plan known as HealthEnrich will be made available to Standard Chartered Saadiq Bhd's customers.


Posted by Loo Hai Friday, October 18, 2013 5:54:00 PM Categories: Medical Product PruBSN
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Allianz to launch retirement products by year end 

Insurance News

  -  August 6, 2013
Allianz is planning to launch its retirement products by end of the year. With its new partnership with HSBC, Allianz is targeting RM300 mil new business this year. The best selling products for the company are critical illness and health insurance, with education product as the 3rd pillar.
Allianz to grow assets under management by 10%-15% in H2 - The Sun Daily KUALA LUMPUR (Aug 6, 2013): Allianz Malaysia Bhd aims to grow its assets under management (AUM) by 10% to 15% in the second half of this year from about RM10 billion now, as it launches new retirement-linked insurance products, said its CEO Jens Reisch.


Posted by Loo Hai Tuesday, August 6, 2013 8:18:00 PM Categories: Allianz Annuity Bancassurance Medical Product Product PRS Strategy
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Enhanced Medicover and PrimeCare 

Insurance News

  -  May 13, 2013
Allianz today launched 2 new riders for its PowerLink protection product - Enhanced MediCover (medical) and PrimeCare (health). The company is targeting 70,000 customers this year and aims to increase its new business premium to RM150 mil from between RM110 mil and RM120 mil achieved last year. A new retirement product is also expected to be rolled out in September this year.
Allianz targets RM150m new business premiums this year - The Star KUALA LUMPUR: Allianz Life Insurance (M) Bhd aims to increase its new business premium this year to RM150mil with the launch of its investment-linked insurance plan.


Posted by Loo Hai Monday, May 13, 2013 7:22:00 PM Categories: Allianz Medical Product Product Strategy
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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
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Great Eastern launched Smart Premier Health Plan 

Insurance News

  -  Mar 19, 2013
Great Eastern has launched Smart Premier Health plan that reduces insurance premium yearly and increases coverage triennially for healthy customers. The lifetime coverage starts from RM2 mil. The plan also comes with critical surgery recovery allowance.
Great Eastern to reward customers staying healthy - The Star KUALA LUMPUR: Great Eastern Life Assurance (Malaysia) Bhd is rewarding customers who stay healthy under its comprehensive Smart Premier Health plan.


Posted by Loo Hai Tuesday, March 19, 2013 8:53:00 PM Categories: Great Eastern Medical Product
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