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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.

News Posts 20120827-20120902 

Insurance

 

News

1 Sep 2012 21:20  -  Public
 
With the acquisition of Jerneh, ACE Jerneh aims to increase its agency business to 40% of its total business within 5 years. The company currently has 1,800 agents. It intends to adopt multi-product, multi-distribution strategy going forward. http://bit.ly/TAS0901b


ACE Jerneh Insurance Bhd expects its agency business to contribute about 40 per cent to its total business in five years, its top executive said.
 
Oliver Tan has been appointed Head of Kuala Lumpur branch and director of reinsurance by Swiss Re. Oliver's areas of responsibility include Vietnam, Cambodia and Laos. http://bit.ly/TAS0901a


KUALA LUMPUR: Swiss Reinsurance Co Ltd (Swiss Re) has appointed Oliver Tan as its head of Kuala Lumpur branch and director of reinsurance.

Insurance

News

31 Aug 2012  -  Public
 
With the adoption of RBC framework for the takaful industry in 2014, there may be opportunities for Zurich to venture into takaful. The company also thinks that the Malaysian takaful market alone is too small for its liking but together with the Indonesian market, it would be different.  Meanwhile Zurich is still discussing with Koperasi on its exit plans with regards to its stake in MCIS Zurich.http://bit.ly/TAS0831b


KUALA LUMPUR: Zurich Financial Group Ltd (Zurich), Switzerland’s biggest insurer, has not ruled out venturing into the takaful business in Malaysia.

Insurance

 

News

31 Aug 2012  -  Public
 
Namlifa has called on BNM to review the OCC guidelines and Replacement of Policy definition. http://bit.ly/TAS0831a
65% of insurance agents earn below RM20,000 a year »
GENTING HIGHLANDS: Figures show that 65% of insurance agents earn below RM20,000 per year.

Insurance

 

News

30 Aug 2012  -  Public
 
ING may now split the auction of its Asian operations into more pieces - 1) Japan; 2) South Korea; 3) Hong Kong; 4) Malaysia & Thailand. The Malaysia & Thailand piece is facing complication as the regulators do not allow 100% foreign ownership. http://bit.ly/TAS0830b


ING is exploring a separate sale of its roughly US$1 billion (RM3.12 billion) Hong Kong insurance business, sources said, a move that could further complicate the auction of its Asian operations. 

Insurance

 

News

30 Aug 2012  -  Public
 
Zurich Insurance is keen to enter into Takaful market in Malaysia.http://bit.ly/TAS0830a


KUALA LUMPUR (Aug 30): Zurich Insurance Group Ltd, a composite insurer, is considering a foray in the Islamic insurance market in Malaysia.

Insurance

News

29 Aug 2012  -  Public
 
Zurich launched 3 new products: 1) CondoPAC 2) ShopPAC & OfficePAC and 3) SmiPAC. These are comprehensive insurance protection plans with 5-in-1 and 10-in-1 coverage. http://bit.ly/TAS0829a


THREE NEW PRODUCTS: Its target is to achieve 5pc of the value for first year and 10pc for second and third years

Insurance

 

News

28 Aug 2012  -  Public
 
Great Eastern sold 25% of its stake in its China Joint Venture to Chongqing City Construction Investment (Group) Co. Ltd. http://bit.ly/TAS0828e


Sale of 25% stake in China Joint Venture to Chongqing City Construction Investment Group

Insurance

 

News

28 Aug 2012  -  Public
 
Etiqa's motor takaful won bronze for 'Best Digital Promotion Marketing Campaign' and 'Best Use of the Internet in a Promotion Marketing Campaign', and silver for 'Best Activity Generating Brand Volume' awards.http://bit.ly/TAS0828d


Etiqa's Motor Takaful clinched three awards at the Promotion Marketing Awards of Malaysia. 

Insurance

 

News

28 Aug 2012  -  Public
 
GE Takaful, which currently ties up with OCBC and MBSB in bancatakaful, aims to secure another 3 strategic tie-ups by 2015. Bancatakaful is expected to contribute 20% of the new business for the operator. http://bit.ly/TAS0828c


KUALA LUMPUR: Great Eastern Takaful Sdn Bhd wants to have at least five bancatakaful partnerships by 2015 in order to become one of the country's top three takaful players.

 

Posted by Loo Hai Sunday, September 2, 2012 5:53:00 PM Categories: ACE Jerneh Etiqa Great Eastern ING Namlifa Swiss Re Zurich
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News Posts 20120819-20120826 

Insurance

News

26 Aug 2012  -  Public
 
If there is a significant demand for PRS, the SC may issue more licences. However it is not likely that more new licences would be issued this year.http://bit.ly/TAS0826b


BUILDING DEMAND: Private Retirement Scheme providers will first need to create awareness

Insurance

News

24 Aug 2012  -  Public
 
AIA received about 5000 applications for its Early Pay Critical Illness Rider since its mid-June launch. The rider covers up to 92 critical illness events grouped into 36 categories, with payouts of 30%, 60% or 100% of sum assured, depending on the severity of the illness.  http://bit.ly/TAS0824a


AMERICAN International Assurance Bhd (AIA) has launched a new insurance protection plan that covers early medical treatment for those diagnosed with a critical illness.

Insurance

News

23 Aug 2012  -  Public
 
Pakistan's 5 takaful operators filed a petition to protest the rules which allow conventional insurers to offer takaful services through takaful windows. Pending the final ruling by the court, conventional insurers meanwhile are not allowed to offer takaful services. http://bit.ly/TAS0823a
Pakistan's Islamic insurance rules in limbo after court hearing | Reuters »
DUBAI, Aug 16 (Reuters) - Pakistan's conventional insurancefirms will have to wait a few more weeks to learn if they canopen takaful, or Islamic insurance, windows after a state courton Thursday adjou...

Insurance

News

22 Aug 2012  -  Public
 
ACE Jerneh is totally focused on organic growth but does not rule out further acquisition. The company is targeting double-digit growth annually and will start refurbishing Wisma ACE Jerneh this month. http://bit.ly/TAS0822b


GENERAL insurer ACE Jerneh Insurance Bhd is interested in mergers and acquisitions (M&As) if it fits into its business strategy, said its top executive.

Insurance

News

22 Aug 2012  -  Public
 
Allianz's authorised agents will soon provide estate planning services offered by OSK following the recent strategic partnership between the 2 companies.http://bit.ly/TAS0822a


KUALA LUMPUR: Allianz Life Insurance Malaysia Bhd which today signed a strategic partnership agreement with OSK Trustees Bhd, hopes to offer a holistic financial solution to existing customers.

Insurance News

21 Aug 2012  -  Public
 
Korea Life may not pursue with its planned purchase of ING's Southeast Asian life business due to its "disadvantageous position". It is not clear whether the "disadvantageous position" has any connection with the jailing of the Chairman of the parent group for breach of trust. http://bit.ly/TAS0821c
Korea Life likely to ditch plan to buy ING's SE Asia unit »
SEOUL: Korea Life Insurance Co Ltd is unlikely to pursue its planned purchase of Dutch insurer ING's Southeast Asian life insurance operations, a spokesman for the Korean firm's parent Hanwha Group sa...

Insurance News

21 Aug 2012  -  Public
 
Professional indemnity insurance may have stronger growth and enjoy more prominence in the next few years due to greater consumer awareness. Competition among the insurance companies however may contain the increase in the premium rates. http://bit.ly/TAS0821b
Stronger growth in insurance sector seen »
PETALING JAYA: Although the recent legal suit brought by Silver Bird Group Bhd against its auditors may bring professional indemnity insurance into play, industry players see this class of insurance ...
 

Insurance News

21 Aug 2012  -  Public
 
Insurance fraud would be included in the 4th International Conference on Financial Crime and Terrorism Financing held next month due to the increase in frauds in the sector and also the sector has increasingly becoming a potential money laundering target. http://bit.ly/TAS0821a
IFCTF to address insurance fraud, cyber secruity issues »
KUALA LUMPUR: The International Conference on Financial Crime and Terrorism Financing 2012 (IFCTF 2012), to be held next month, will address cyber security issues as well as insurance fraud.

 

Posted by Loo Hai Sunday, August 26, 2012 3:13:00 PM Categories: ACE Jerneh AIA Allianz ING Merger PRS Takaful
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