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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.

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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Allianz General eyeing double-digit growth 

Insurance News

  -  May 6, 2013
Allianz General is eyeing double-digit growth in its gross written premium as well as profit this year.  It is counting on its competitive edge namely agency force, IT tools and infrastructure, workflow and in-house actuarial resources to deliver the results.
Allianz Malaysia unit expects to beat industry growth rate - The Star PETALING JAYA: Allianz General Insurance Co (M) Bhd, a unit of Allianz Malaysia Bhd (AMB), expects to exceed the industry's projected growth rate this year by registering a double digit-growth for its gross written premiums.

 

Posted by Loo Hai Monday, May 6, 2013 9:47:00 PM Categories: actuary Allianz Product Strategy
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Proposed enhancements to appointed actuaries' role 

Insurance News

  -  Mar 22, 2013
BNM is targeting to release for consultation its proposed enhancements to existing Guidelines on the Appointed Actuary in April this year. The proposed enhancements would include:
  1. Strengthen the effectiveness of the actuarial function in supporting the insurers' and takaful operators' management of insurance/takaful and financial risks.
  2. Limit the Appointed Actuary's involvement in the pricing of insurance/takaful products.
  3. Set out requirements to support more effective communications of key issues and concerns by the Appointed Actuary to the board and management.
  4. Greater expectations for the board to have a good understanding of important actuarial issues and how these bear on an insurer or takaful operator's risk appetite and business strategy.
  5. Extend the appointed actuary guidelines to general insurers and takaful operators, including the requirement of financial condition reports to be tabled by the appointed actuaries to the board.
Prudential Requirements Applicable to Appointed Actuaries - The 2012 Financial Stability and Payment Systems Report Related to efforts by the Bank to strengthen risk governance practices in financial institutions was an exercise undertaken by the Bank to review the existing prudential requirements applicable to Appointed Actuaries.

 

Posted by Loo Hai Friday, March 22, 2013 6:56:00 PM Categories: actuary BNM Regulations Risk Management Takaful
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Will demand for actuaries increase post FSA? 

Insurance News

  -  Mar 8, 2013
Composite insurers and takaful operators are given 5 years to split their life and general insurance businesses to separate entities under the new Financial Services Act (FSA).
 
Will this result in the increase in the demand for actuaries? While RHB Research thinks so, we are of slightly different opinion.
 
Most composite players currently do not share their actuarial resources across their life and general operations. In fact most general insurers and the general insurance section of composite insurers outsource their actuarial functions to consultants. The separation of life and general units is therefore not likely to result in an increase in the demand for actuaries.
 
The demand for actuaries will increase however if BNM makes it compulsory for general insurers to set up in-house actuarial department. This move makes sense especially with the pending detariff of motor and fire insurance.
 
While the current 100 actuaries or so in the country are kind of sufficient to serve the insurance industry, most of the actuaries practise in the life insurance sector. There is a shortage of experienced general insurance actuaries in the country.
 
There is also a shortage of bumi actuaries in the country. However, as non-bumi actuaries are not prohibited to work in the takaful industry, currently the demand is partially met by non-bumi actuaries.  Approximately half of the takaful appointed actuaries are currently non-bumi.
Financial Services Act to spark new insurance company mergers? - The Star PETALING JAYA: Will the soon-to-be-gazetted Financial Services Act (FSA) and Islamic Financial Services Act (IFSA) spark another round of consolidation among domestic insurers?

 

Posted by Loo Hai Friday, March 8, 2013 4:25:00 PM Categories: actuary Regulations
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ASM elects new Council members 

The Actuarial Society of Malaysia (ASM) today held its AGM at Berjaya Times Square Hotel and elected its new Council members for 2013-14, as follows:

President: Yap Chee Keong
Immediate Past President: Liew Pek Hin
Vice President: Wan Saifulrizal Wan Ismail
Secretary: Lim Weng Soon
Treasurer: Kelvin Hii Chee Yun
Committee Members: Vas Ramanujam
Krystle Lim Pei Chin
Jack Soh Wai Sun
Charlene Lee Shen-Yi
Auditor: Lim Kuan Hong

In his speech as the new President, Yap Chee Keong told the members that Malaysia was one of the few countries with its own regulator not recognising the local actuarial qualification: Fellow of Actuarial Society of Malaysia (FASM).  The new Council under his leadership would work towards having FASM qualification recognised by the regulator.

Earlier in the day, 3 local actuaries: Farzana Ismail, Patrick Cheah and Kelvin Hii presented their talk to an audience of over 100.

ASM also announced that its Fellow membership has crossed the mark of 100 for the first time in its 35 years history.

Posted by Loo Hai Tuesday, February 26, 2013 7:03:00 PM Categories: actuary ASM
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