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.

Allianz expects market to be flat and challenging 

Allianz expects the business and investment outlook to be difficult for the remaining year. The insurance industry growth is expected to remain flat for 2015. http://j.mp/TAS150827b

Thursday, August 27, 2015 6:40:00 PM Categories: Allianz Outlook
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STMB pays RM110 mil for bancatakaful partnership 

STMB has entered into a 10-year exclusive bancatakaful deal with RHB Islamic Bank for a fee of RM110 million. The deal covers both family and general takaful products. http://j.mp/TAS150827a

Thursday, August 27, 2015 6:34:00 PM Categories: Bancassurance STMB
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Life insurance industry suffered negative growth 

Life insurance NB weighted premiums dipped 0.7% in 1H 2015 compared with the same period last year. The gross sum assured on the other hand rose 8.1%. http://j.mp/TAS150817a

Monday, August 17, 2015 8:33:00 PM Categories: LIAM
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GI growth rate revised down 

PIAM has revised down the general insurance growth rate to 3-4% from 5.5-6.5%, citing weakening ringgit, cautious economic outlook and moderation in consumer spending post GST. In 1H 2015, the industry grew 2.3% compared with 6.4% for the same period last year. http://j.mp/TAS150813a

Thursday, August 13, 2015 6:19:00 PM Categories: Outlook PIAM
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Single digit growth for insurance industry 

CIMB Research forecasts single digit growth rates for both life and general insurance industry at 7-8% and 5-6% respectively. Higher growth rates are however forecast for family takaful (12-15%) and general takaful (10-12%). http://j.mp/TAS150805a

Wednesday, August 5, 2015 5:59:00 PM Categories: Outlook
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Lloyd's applying for onshore licence in Malaysia 

Lloyd's is applying for an onshore reinsurance licence in Malaysia. Lloyd's currently writes Malaysian business from London, Singapore and Labuan. The new licence will give Lloyd's a significant opportunity to develop its marine, energy, construction, engineering and liability business, as well as introduce new products. http://j.mp/TAS150730b

Thursday, July 30, 2015 8:00:00 PM Categories: Lloyd's
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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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