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.

EB business main contributor to ING Public Takaful's top line 

Insurance News

  -  Dec 13, 2012
ING Public Takaful derives 60% of its business from Employee Benefits. The company expects its gross contributions to grow to RM80 mil this year from RM50 mil achieved last year. http://bit.ly/TAS1213b
ING Public Takaful upbeat KUALA LUMPUR: ING Public Takaful Ehsan Bhd expects its gross contributions to rise by 20 per cent this year to RM80 million from RM50 million last year, said its top executive.

 

Posted by Loo Hai Thursday, December 13, 2012 2:41:00 PM Categories: ING Public Takaful
Rate this Content 0 Votes

Insurers' operating margin could be affected 

Insurance News

  -  Dec 13, 2012
The planned removal of both the cap on acquisition costs and tariff pricing structure could undermine the stability of insurer's operating margin. Compliance costs may also increase with the implementation of Personal Data Protection Act. http://bit.ly/TAS1213a
Fitch: Insurance sector may be affected by regulatory efforts PETALING JAYA: Malaysia's insurance and takaful sector may see its earnings stability challenged by regulatory initiatives and on-going capital market volatility, says Fitch Ratings.
Posted by Loo Hai Thursday, December 13, 2012 1:49:00 PM Categories: Commission Tariff
Rate this Content 0 Votes

Takaful Ikhlas signed MOU with IJN in promoting ChoicePlus 

Insurance News

  -  Dec 12, 2012
Takaful Ikhlas signed MOU with IJN appointing the latter as its strategic partner and panel hospital for its ChoicePlus medical product. IJN in return will assist Takaful Ikhlas in its promotion activities including giving health talks and health check-ups. http://bit.ly/TAS1212e
Takaful Ikhlas Aims For RM66 Million From Health Insurance In FY 2012/2013 KUALA LUMPUR, Dec 12 (Bernama) -- Takaful Ikhlas Sdn Bhd aims to achieve RM66 million in contribution from its health insurance products for the financial year 2012/2013.
Posted by Loo Hai Wednesday, December 12, 2012 8:58:00 PM Categories: Ikhlas Medical Product
Rate this Content 0 Votes

PRS or Deferred Annuity? The competition has heated up. 

Some PRS players are feeling the heat of not being able to guarantee a return on their PRS funds. This is especially so after the launch of a deferred annuity product by an insurer which guarantees the annuity payments (see how-attractive-is-the-great-retirement-plan-return on the calculation of the guaranteed return).

A PRS distributor challenged the validity of the term "guarantee" (http://bit.ly/TAS1212d) and hinted that the rules governing deferred annuity products by BNM are not as stringent as the requirements by the Securities Commission.

The insurer, Great Eastern, has since refuted the arguments (http://bit.ly/TAS1212c).  Under BNM's regulations, the term "guarantee" is not to be used freely. The guaranteed benefits are subject to stringent actuarial reserve under the Risk Based Capital framework.  It is also not fair to say that as insurers do not issue prospectus, the disclosure level is less stringent. BNM requires deferred annuity products to meet the Retirement Savings Standards before the products are allowed to be offered to the public.

Meanwhile HwangIM chief product officer was quoted as saying that PRS clients are not subject to any lock-in period. Our understanding from reading their PRS Disclosure Document is that this is not strictly true.  There is a lock-in period of 1 year as "The first request for a withdrawal from a private retirement scheme may only be made after one year has elapsed from the date of the first contribution to the private retirement scheme" (Clause 7.3, Disclosure Document dated 31 October 2012).

There are other subtle differences between a PRS product and a deferred annuity, some of which were highlighted by us in our recent presentation to Actuarial Society of Malaysia.

To us, whether a deferred annuity or a PRS product is better really depends on the needs of the investor. Factors to consider include the guaranteed yield vs the loss in potential upside return, the discipline of the investor in handling a lump sum at retirement vs receiving annuity payments over a period, the portability of the product, the trust placed by the investor on the company and the service level provided by the company and its distributors.

Posted by Loo Hai Wednesday, December 12, 2012 4:24:00 PM Categories: Annuity Great Eastern PRS
Rate this Content 31 Votes

ACE Jerneh launches FlexiGuard 

Insurance News

  -  Dec 12, 2012
ACE Jerneh launched FlexiGuard, a business insurance targeting SMEs with coverage on fire, burglary and group PA. http://bit.ly/TAS1212b
ACE Jerneh unveils FlexiGuard for SMEs KUALA LUMPUR: ACE Jerneh Insurance Bhd, part of the ACE group of companies, yesterday announced the launch of FlexiGuard Business Insurance for small business owners.
Posted by Loo Hai Wednesday, December 12, 2012 2:25:00 PM Categories: ACE Jerneh Product
Rate this Content 12 Votes

Sanlam to acquire 49% of P&O for RM270 mil by 1H 2013 

Insurance News

20:38  -  Public
P&O intends to sell 49% of its insurance stake to Sanlam for RM270 mil. The divestment is expected to complete by June 2013. http://bit.ly/TAS1211a
P&O to sell stake in Pacific Orient ยป
PETALING JAYA: Pacific & Orient Bhd (P&O) has proposed to dispose of a 49% stake in Pacific Orient Insurance Co Bhd (POI) to Sanlam Emerging Markets Proprietary Ltd for RM270mil cash.

 

Posted by Loo Hai Tuesday, December 11, 2012 8:39:00 PM Categories: Merger P&O
Rate this Content 0 Votes

New legal framework for Takaful being enacted 

Insurance News

  -  Dec 6, 2012
The new legal framework for takaful is currently undergoing the legislative process towards its enactment. http://bit.ly/TAS1206a
Zeti: Legal framework for Islamic banking, takaful being enacted JOHOR BAHARU: The new legal framework for Islamic banking and takaful is currently undergoing the legislative process towards its enactment, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said.
Posted by Loo Hai Friday, December 7, 2012 10:29:00 AM Categories: BNM Regulations Takaful
Rate this Content 0 Votes
Page 50 of 54 << < 30 43 44 45 46 47 48 49 50 51 52 53 54 > >>
  • RSS
  • Subscribe