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.

Prudential aims to hit above RM1 bil mark again 

Insurance News

  -  Dec 20, 2012
Prudential registered RM721 mil insurance and takaful annual premium/contribution equivalent in the 1st 9 months of 2012. It is confident that it can surpass last year's figure of RM1,107 mil by end of this month. Prudential recruited 3,800 new agents this year and has 14,000 agents nationwide with Bumiputera agents making up 66% of its agency force.
Prudential upbeat on RM1b new premiums - Business Times KUALA LUMPUR: Prudential Assurance Malaysia Bhd is optimistic of chalking up more than RM1 billion in annual premium equivalent from new businesses by year-end.

 

Posted by Loo Hai Thursday, December 20, 2012 8:48:00 PM Categories: Prudential
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New legislation for takaful products near finalisation 

Insurance News

  -  Dec 20, 2012
New legislation for takaful products that gives a stronger legal basis to contracts devised by takaful operators is in its final stages of introduction. However, no time frame has yet been set for its launch.
Zeti says the legislation will help Bank Negara better regulate the industry.(File pic shows Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz delivering her keynote address "Banking on Islamic Finance Form Legality to Ecomic Value" at the 8th World Islamic Economic Forum in Johor Baru on December 6, 2012. Pic by ABDUL RAHMAN EMBONG/The Star.)
 
New Malaysian law for Islamic banking and takaful products - The Star KUALA LUMPUR: Malaysia is in the final stages of introducing a new legislation for Islamic banking and takaful products, Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said, which gives a stronger legal basis to contracts devised by financial institutions.

 

Posted by Loo Hai Thursday, December 20, 2012 5:39:00 PM Categories: BNM Regulations Takaful
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Prudential's new CEO - Philip Seah 

Insurance News

  -  Dec 20, 2012
Philip Seah is officially the CEO of Prudential Malaysia effective today following the approval from BNM.  Philip was a steward with Singapore Airlines before he became a part-time agent in 1978. In 1989, he quit as an agent and joined the corporate world. He has since worked in several Prudential's offices in Asia including Singapore, Philippines, Hong Kong before he came to Malaysia.
Philip takes over from Charlie Oropeza, who stepped down in September this year. 
Seah is new Prudential M'sia CEO - The Edge KUALA LUMPUR (Dec 20): Philip Seah has been appointed as the chief executive officer of Prudential Assurance Malaysia Bhd effective today (Thursday), following written approval from Bank Negara Malaysia.

 

Posted by Loo Hai Thursday, December 20, 2012 3:13:00 PM Categories: Executive Movement Prudential
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AIA receives regulatory approvals for ING Malaysia acquisition 

Insurance News

  -  Dec 19, 2012
AIA has received the regulatory approvals for the acquisition of ING Malaysia. 
AIA completes acquisition of ING Malaysia - Business Times KUALA LUMPUR: AIA Group Ltd has completed the acquisition of ING Management Holdings (Malaysia) Sdn Bhd (ING Malaysia) after receiving regulatory approvals.

 

Posted by Loo Hai Wednesday, December 19, 2012 11:47:00 AM Categories: AIA ING Merger
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Labuan Re's ratings by Fitch 

Insurance News

  -  Dec 17, 2012
Labuan Re's outlook has been revised from Negative to Stable by Fitch and its Insurer Financial Strength Rating has been affirmed at 'A-'. 
Fitch ups Labuan Reinsurance's outlook to stable - The Star KUALA LUMPUR: Fitch Ratings has revised the Malaysia-based Labuan Reinsurance (L) Ltd's (Labuan Re) Outlook to Stable from Negative. At the same time, its Insurer Financial Strength (IFS) Rating has been affirmed at 'A-'.

 

Posted by Loo Hai Monday, December 17, 2012 7:14:00 PM Categories: Labuan Re Ratings
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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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Malaysian Reinsurance's ratings affirmed 

Insurance News

  -  Dec 14, 2012
A M Best has affirmed Malaysian Reinsurance Bhd's financial strength rating at "A-" and issuer credit rating of "a-". 
AM Best affirms ratings for Malaysian Reinsurance KUALA LUMPUR (Dec 14): MNRB HOLDINGS BHD [] says A M Best Co, a US-based insurance rating agency, has affirmed the financial strength rating of "A-" (excellent) and issuer credit rating of "a-" of the company's wholly-owned subsidiary Malaysian Reinsurance Bhd.
Posted by Loo Hai Friday, December 14, 2012 9:10:00 PM Categories: Malaysian Re Ratings
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