| 1. IBFIM To Host Three Key Islamic Finance Events In May
Bernama, 06/04/2012
Kuala Lumpur: IBFIM, a business advisory and professional development organisation for the Islamic finance industry, will will organise three key events in May. In collaboration with the Malaysian Insurance Institute (MII) and the Malaysian Takaful Association (MTA), it will hold the 2nd Takaful Agent Convention on May 19. Two days later, it will host the 4th International Islamic Venture Capital and Private Equity Conference. It will partner with the Malaysian Venture Capital Association (MVCA) for this two-day event. On May 22, IBFIM and the Financial Planning Association of Malaysia (FPAM) will organise the 2nd Islamic Financial Planning and Wealth Management Conference. In a statement, IBFIM said the events would address important issues in Islamic Risk Capital, Future of Takaful Industry and Growth of Islamic Assets. It will feature distinguished speakers from the regulators, learning and research institutions as well as industry players. Among them are key officals from Bank Negara Malaysia, the International Centre For Education In Islamic Finance (INCEIF) and the Dubai Financial Services Authority. | | 2. Ministry to Discuss ING's Appeal for Compensation
The Star, 09/04/2012
Kuala Lumpur: The Finance Ministry will discuss with Bank Negara ING Insurance Agency Force Association Malaysia’s (INGIAFAM) request for a fair compensation for agents from the ING Groep NV’s (ING) Asian units’ sell-off exercise. “They have submitted a memorandum on their request and the ministry will discuss with Bank Negara on this matter as I was informed by the members that the central bank did not agree to it,” Deputy Finance Minister Datuk Donald Lim Siang Chai told Bernama after opening INGIAFAM’s new office building on Saturday. ING, a Dutch financial services company, plans to scrap its plan to list its combined European Union (EU) and Asian insurance and investment management operations, to make it easier to sell the Asia operations separately, in return for EU’s approval for 10 billion euro of Dutch state aid received in 2008. According to the association, the ING Asian business book value is RM24bil. Earlier, Lim said he hoped Bank Negara would consider INGIAFAM’s request since ING Hong Kong and ING Korea agency force were compensated from the selling exercise. INGIAFAM represents about 10,000 ING agents in Malaysia. Meanwhile, Lai Keun Ban, INGIAFAM chairman, compensation sub-committee, said ING Malaysian agency force was still uncertain and the livelihood of the agents and their families would be badly affected due to the possible negative consequences.“If ING Malaysia does not fairly compensate the agents, we will face confidence crisis as they will give up their careers. Our policyholders will be badly affected as well if the agents leave the company,” he said. He urged the Dutch company to consider its appeal seriously as the agents had always remained loyal to ING and continuously delivered promises to policyholders with efficient, effective and professional services. | | 3. MUI to Dispose of Insurance Ops to Tokio Marine
The Star, 13/04/2012
Petaling Jaya: Malayan United Industries Bhd (MUI) has proposed to sell the insurance assets and liabilities of MUI Continental Insurance Bhd (MCI) to Tokio Marine Insurans (M) Bhd for a premium of RM180.23mil. MUI told Bursa Malaysia that it had applied to Bank Negara for its approval of the proposed sale on April 10. MCI is a 52.21% owned subsidiary of Novimax (M) Sdn Bhd, which is a wholly-owned subsidiary of MUI. “The value of the insurance assets to be transferred to Tokio Marine shall be equal to the value of the insurance liabilities assumed by Tokio Marine as at the transfer date, to be determined,” said MUI. This is not the first time that MUI has put MCI up for sale. Early last year, MUI had started negotiations to sell MCI to United States-based Liberty International Holdings Inc. However, in June 2011, MUI told Bursa Malaysia that it had stopped negotiations with Liberty International after both parties failed to agree on certain terms. StarBiz had reported that the sale of an insurance company tended to present its own complexities, as common yardsticks such as net asset value or price earnings ratio were not the best tools to value the company’s intrinsic value. Many proposed acquisitions in the insurance industry have fallen through as parties failed to agree on pricing. Maybank Investment Bank (IB) Research said in a recent report that valuations paid for general insurance companies have been wide ranging, from 1.4 times book for the sale of MAA’s insurance business to Zurich Insurance, to 3.3 times for Berjaya Corp’s Berjaya Sompo Insurance. “Pacific Insurance was sold at 1.7 times while Jerneh Insurance was disposed at 2.3 times. Averaging these valuations yield a price-to-book value of 2.2 times (or 2.4 times excluding MAA, whose valuations were at the low end due to recapitalisation needs),” said Maybank IB. Meanwhile, an insurance industry observer said MUI could be selling its interests in MCI as insurance companies were getting good valuations. “It is a good time to sell out. The industry is also becoming more competitive, especially with the number of merger and acquisition deals. ,” he said. MCI was established in 1976 as a Malaysian joint venture general insurance company between MUI and United States-based CNA Financial Corp. MCI has 13 branches offices throughout Malaysia and offers a variety of products including fire, marine, health, engineering, motor, liability and other classes of insurance. | | 4. MNRB to Come Up With 5-Year Plan
Business Times, 12/04/2012
MNRB Holdings Bhd is drafting a five-year plan to drive the reinsurance group to the next level of profitability. President and chief executive officer Mohd Din Merican said the plan to be unveiled "soon" would include creating synergy among the group's subsidiaries. "We want to grow in a more profitable way," he told Business Times recently his first interview since heading the the group in January. MNRB's wholly-owned subsidiaries include Malaysian Reinsurance Bhd (a general reinsurance company), Takaful Ikhlas Sdn Bhd (an Islamic insurance provider), MNRB Retakaful Bhd (a general and family retakaful operator) and Malaysian Re (Dubai) Ltd, which underwrites the reinsurance business for Malaysian Re in the Middle East and North Africa.
The main focus of the plan, said Mohd Din, was to create synergy within the group."The objective is to have a common vision as well have a better economies of scale when we operate as a group," he explained. This, he noted, would ultimately lead to better cost savings and better returns for the group, whose largest shareholder is Permodalan Nasional Bhd (PNB). He declined to reveal details of the plan as it was in the "budgetary" process. "We are looking at the numbers. In fact, from the group level itself, we are looking at the overall strategy for where we want to be in the next five years. "(But) it should be finalised pretty soon," he said. MNRB is restrategising its business direction in accordance to external factors that are putting pressure on reinsurers worldwide.
He opined that the MNRB would continue to tread carefully moving forward in view of the uncertainty in the global economic climate as well as the many catastrophes that hit globally. MNRB will be participating in the upcoming Minggu Saham Amanah Amanah Malaysia (MSAM), to be held from April 20 to April 28 in Kota Kinabalu. As one of the "Rakan Utama" during the MSAM 2012, MNRB will be holding an activity related to the objective of MSAM.
| | 5. Allianz In The Driver's Seat On Child Safety
The Star, 12/04/2012
Petaling Jaya: An insurance company has embarked on a year-long programme to distribute up to 9,000 child safety booster seats for free nationwide. Allianz Malaysia, which kickstarted the programme in tandem with its Road Safety Advocacy Campaign in February, said the distribution of the seats would continue nationwide throughout the year. After reading The Star's front-page story on Monday on the deteriorating awareness on vehicle safety for children, the company came forward with the offer to reach out to more people.
“We believe it is important for us to educate the public on road safety and play a role in creating safety awareness,” said Allianz General Insurance Company (M) Bhd CEO Zakri Khir. “We want to send the message that a simple measure, like installing a child safety booster seat, can save a child's life,” he added. The company's campaign, which will be held in Taman Maluri today, is conducted in collaboration with the Road Safety Department, police and the Road Transport Department. The campaign will also take place in Kepong on April 26 and KL Sentral on April 30. The seats are distributed to parents travelling with children in their cars who meet the requirements to use these. The seat is designed as a universal child restraint device to enable a child to use a passenger vehicle's three-point seat belt by boosting the sitting height. According to a 2009 study, the proper use of child safety booster seats has been associated with a 28% reduction in risk of death for children aged between two and six in a road accident. While most parents are aware of the importance of an infant car seat, many remain unaware that some children up to the age of eight are still too small to be properly fitted with an adult sized seat belt, said Allianz in a statement. | | 6. Takaful Ikhlas Tightening Grip On Sabah, Sarawak
Business Times, 12/04/2012
TAKAFUL Ikhlas Sdn Bhd expects its operations in Sabah and Sarawak to contribute up to RM50 million this year, its president and chief executive officer, Datuk Syed Moheeb Syed Kamarulzaman says. The company, a subsidiary of MNRB Holdings Bhd, foresees a lot of potential from the states, due to the low penetration rate in the individual family business there. Among initiatives planned by the company to increase its presence in the states include appointing more agents and a dedicated person or department. "For the financial year ending March 31 2013, Takaful Ikhlas targets Sabah and Sarawak to contribute about RM20 million to RM25 million each," Syed Moheeb told Business Times recently. Last year, the company raked in RM37.7 million in contributions from the markets. Contributions from the family business in-force from Sabah and Sarawak as at December 2011 reached RM28.9 million, while that of general business stood at RM8.8 million.
Syed Moheeb said despite Sabah and Sarawak being the two largest states in the country, there is only one branch in both states. "To ensure Takaful Ikhlas can provide services at par with other insurers or takaful operators that have about two or three branches in both states, Takaful Ikhlas will enhance its system and technology to provide better communication between the headquarters, branches and agents within the states and also to increase the service level," he said. He noted there is a growing demand for investment-linked products and the company is in the process of developing such plans to further expand its penetration rate. "We are also playing active role in educating and creating awareness on takaful in Sabah and Sarawak," Syed Moheeb said, adding that with improved awareness among the public there, contributions from the two states are also expected to increase.
Takaful Ikhlas has 462 agents in Sabah and 420 in Sarawak, but most of its business comes from financial institutions. The company is showcasing its products at Minggu Amanah Saham Malaysia 2012 (MSAM 2012), to be held in Kota Kinabalu, from April 20 to April 28. Syed Moheeb expects a boost to its business after MSAM 2012 from the thousands of referrals it is expecting to receive. The Islamic insurer has participated in the MSAM for the past nine years and has been a visible partner in MSAM as "Rakan Keagamaan" since 2008. It sees MSAM as its corporate social responsibility, helping to provide financial planning awareness through various activities, such as talks, career counseling and quizzes.
MSAM has also become a platform for Takaful Ikhlas to launch and promote new products.
This year, it is the official partner for "Rakan Program Kemasyarakatan" and will be promoting savings, investments and financial protection within the scope of syariah to all Malaysians. It will hold a list of activities during the event, which will include the highly-anticipated Kuiz Ikhlas@ MSAM 2012. By answering three simple questions, visitors have a chance to win Modenas motorcycles (grand prize), 42-inch televisions (bonanza prize) and ASB units worth RM300 each (consolation prize). Visitors participating in the e-kuiz have a chance to win tablet computers and digital cameras. | | 7. A Career Switch That Was Well Worth It
The Star, 12/04/2012
A quest for financial freedom and a need to break away from office politics proved to be a good thing for K. Anandraj. The 39-year-old insurance managing consultant is living a life he has dreamed of and has no regrets making a career switch from accountancy to insurance 11 years ago. “In my previous job, I basically saw no career growth and the pay I earned was not sufficient for my family especially with the increasingly high living standard. ‘So when my aunt introduced me to insurance, I decided to take it up. The best part is, while I am on top of my own time and earnings, I am also able to help people along the way,” said the recipient of the Malaysian Assurance Alliance Bhd’s (MAA) Million Dollar Round Table by First Year Commission for the seventh time consecutively. The father of two was awarded during the Agency Award Presentation Dinner recently. He was also awarded for top-selling medical policies and takes healthcare policies as a personal mission. Anandraj said health was sometimes a matter of life and death and medical bills in the system can be very intimidating. Hence, a medical policy is crucial for every individual. “I believe every person in Malaysia should have a medical policy of some kind,” said Anandraj, adding that he also strongly advocates retirement policies. Anandraj, who joined MAA in 2001, started off as an insurance consultant on a part-time basis, and he attributes the biggest challenge in the industry to time management. However, with support from an understanding family, he seems to be managing well. With that, Anandraj now hopes to build his own agency. “I’ve been an independent producer all this time and now I would like to build my immediate group. I want to replicate more people like me and enjoy success together. This will be challenging as it will need good teamwork. But it’s good for career growth,” he said. | | 8. HDFC ERGO Introduces 'Health Claim Services'
Insurance Business Review, 12/04/2012
Private sector insurer HDFC Ergo General Insurance has unveiled its in-house health claim servicing department Health Claim Services (HCS), to facilitate faster and transparent claim settlement process. The newly introduced claim settlement department will serve as a single point for all healthcare related services to the customers, said the firm. HDFC ERGO General Insurance strategic planning group head Mukesh Kumar said with this internal mechanism the company is planning to establish better control on the overall claim settlement process and improve the Turn around Time (TAT) with seamless, hassle free and transparent services in health claim settlements. Apart fom providing personalised claim settlement services, HCS will prove to be a guidance centre for all queries related to health care. For the successful implementation of its new plan HDFC ERGO has teamed up with various service providers such as pharmacies, diagnostic centers, ambulances and wellness centers, for health services apart from the existing spread of more than 3,000 network hospitals. Housing Development Finance Corporation and ERGO Insurance Group have 74:26 stakes in their joint venture HDFC Ergo General Insurance Company. The insurance firm also offers a wide array of general insurance products like motor, health, travel, home, and personal accident in the retail arena. | | | | 9. AmG Buying Stake in Kurnia Insuran for RM1.55bil
The Star, 13/04/2012
Petaling Jaya: AmG Insurance Bhd, a 51%-owned subsidiary of AMMB Holdings Bhd, has signed a conditional sale and purchase agreement with Kurnia Asia Bhd to acquire the entire stake in Kurnia Insurans (M) Bhd for RM1.55bil. The acquisition would be funded by capital funds to be injected proportionally by AmG's shareholders, AMMB and Insurance Australia Group Ltd (which holds the remainder stake). AMMB and AmG chairman Tan Sri Azman Hashim said that the acquisition would position AmG's strategic objective of being among the top three domestic general insurers. “The combined businesses of AmG and Kurnia will emerge as the largest domestic general insurer and the market leader in motor insurance,” he said. With the acquisition, AmG would have a 13% market share in general insurance and 22% market share in motor insurance by gross written premium. AmG has access to a bancassurance distribution channel with an agency distribution force of 2,900 while Kurnia has an agency force of 5,500 and a 30-branch network. As at Dec 31, 2011, AmG was the fourth largest motor insurer and the eighth largest general insurer while Kurnia Insurans ranked as the fourth largest general insurer with 8% market share and the largest motor insurer with 14% market share. Azman said the acquisition complemented the group's medium-term aspiration and strategic priorities to grow income from profitable segments. “It will accelerate our recurring non-interest income growth and provide cross-selling benefits. “We are excited about this acquisition and the value creation that this will bring to our various stakeholders and customers,” he added. AMMB group managing director Ashok Ramamurthy said there were substantive cost synergies and supply chain operational efficiencies from the enlarged scale, which would benefit its customers and business partners. He added that Kurnia Insurans' three million policyholders represented a ready pool of customers for cross-selling opportunities of the group's other financial products and services, such as banking and fund management. AmG chief executive officer Duncan Brain expected the process of integrating both companies to take two years following the acquisition with the AmAssurance and Kurnia brands to continue being used. | |
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Last Updated ( Thursday, 10 May 2012 )
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1. SC Approves Eight Private Retirement Scheme Providers
Bernama, 05/04/2012
Kuala Lumpur: The Securities Commission Malaysia (SC) today announced the initial list of eight intermediaries approved as providers of Private Retirement Schemes (PRS Providers), marking a significant milestone in the development of a long-term sustainable private retirement industry in Malaysia. In a statement, the SC said the eight PRS Providers are AmInvestment Management Sdn Bhd; American International Assurance Bhd; CIMB-Principal Asset Management Bhd; Hwang Investment Management Bhd; ING Funds Bhd; Manulife Unit Trust Bhd; Public Mutual Bhd; and RHB Investment Management Sdn Bhd.. 
2. PruBSN's Pretax Profit Grows 41 Per Cent In 2011
The Star, 22/03/2012
Kuala Lumpur: Prudential BSN Takaful (PruBSN) has reported a 41 per cent increase in pre-tax profit to RM19.7 million in 2011 from RM13.9 million a year ago. The takaful operator's gross contributions grew 32 per cent to RM527.5 million while its asset under management jumped 39 per cent to RM674.4 million. In 2011, PruBSN had a market share of 29 per cent of the takaful industry with RM231 million in Annual Contribution Equivalent (ACE). In a statement today, Chief Executive Officer, Azim Mithani said all of the company's Direct Agency and Prudential Assurance Agency channels as well as its Partnership Channel performed vigorously and consistently..
3. Malaysia's Largest General Insurer In The Making
The Star, 06/04/2012
Petaling Jaya: AMMB Holdings Bhd's proposed acquisition of Kurnia Asia Bhd subsidiary Kurnia Insurans (M) Bhd could make it the country's largest general insurer, analyst said. Affin Investment Bank analyst Eileen Tan said in a note to clients that AMMB's unit, AmG Insurance Bhd, would catapult into the No. 1 position from fifth place currently, based on a net written premium market share 13.2%, ahead of Allianz Malaysia (11.7%) and MSIG (10.6%). AMMB and Kurnia Asia had on Wednesday received Finance Ministry's approval through Bank Negara to proceed with the plan to sell the latter's wholly-owned unit Kurnia Insurans to AmG, which is AMMB's 51% owned general insurance unit..
4. AXA Affin Awards Top Agencies
New Straits Times, 03/04/2012
Kuala Lumpur: AXA Affin Life Insurance Bhd recently organised an Agency Award Presentation at the Genting Internationall COnvention Centre to honour its agents for their hard work and outstanding performance last year. AXA Affin chief executive officer Loke Kah Meng praised the agency's "Fast and Furious" performance last year and its achievement of 96 per cent growth in new business index. This year, AXA Affin acknowledged 85 top performers in categories such as Top National Manager, Top Agency Manager, Top Unit Manager, Top Master Recruiter, Top National Agent, Top Agent, Top Rookie Agent, Million Dollar Round Table (MDRT) and many more..
5. DRB-Hicom May Sell Stakes In Uni. Asia
Business Times, 03/04/2012
DRB-Hicom Bhd said it may consider selling its stakes in Uni.Asia Life Assurance Bhd and Uni.Asia General Insurance Bhd if it’s in the company’s best interests. “The company is continually reviewing its investments and may consider any such proposal,” DRB said in a Kuala Lumpur stock exchange filing in response to local Malaysian newspaper reports..
6. AMMB Move Should Boost Earnings
The Star, 06/04/2012
AMMB announced that it had received the Finance Ministry's approval, through Bank Negara, for the acquisition of a 100% equity interest in Kurnia Insurans. Kurnia Asia Bhd (KAB) told Bursa Malaysia that its application to Bank Negara for the possible disposal of its equity interest in Kurnia Insurans to AmG Insurance Bhd (AmG), which is a 51% subsidiary of AMMB, had been approved. Both companies said details on this proposal would be released subject to the signing of a definitive agreement between AmG and Kurnia Asia. Even though the details on this potential acquisition remain scanty at this point, we view the announcement positively since it illustrates management's undivided commitment to grow its non-interest income..
7. South Korean Held For Girlfriend's 'Live Octopus' Death
The Sun Daily, 03/04/2012
Seoul: A South Korean has been arrested for allegedly killing his girlfriend who was initially believed to have accidentally suffocated while eating a live octopus, a prosecutor said Tuesday. After an investigation lasting many months the suspect identified only as Kim was formally arrested for murder last Friday, prosecutor Lee Geon-Tae at Incheon city, west of Seoul, told AFP. Kim would be charged within the next 10 days, he said. "He's still denying the charge... we believe enough evidence has been collected to charge him," the prosecutor said without elaborating..
8. For Financial Stress Ills, Try Education Cure
Reuters, 06/04/2012
Stomach hurting? Feeling a migraine coming in? It might not be a virus or allergies, it might be your finances. Some 60 percent of illness is caused by financial stress, according to a Financial Finesse Inc compilation of 200 stiudies on the correlation between money and healthcare costs. The remedy, it seems, is a little knowledge. Financial education can save as much as $2,000 per employee annually through increased productivity, reduced healthcare costs and better utilization of employee benefits, according to the Personal Finance Employee Education Foundation (PFEEF).. |
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1. Alliance, AIA In Tie-up
The Star Online, 29/03/2012
Kuala Lumpur: Alliance Bank Malaysia Bhd with American International Assurance Bhd (AIA) jointly aim to increase insurance coverage among Malaysians. According to Alliance Bank executive vice president and head of consumer banking Ronnie Lim, currently only four out of 10 Malaysians have insurance coverage whereas in Western countries, the coverage is 150%. This means that each person holds more than one insurance policy. Alliance Bank and AIA signed an eight-year bancassurance agreement to provide conventional life insurance to Alliance Bank customers yesterday...
2. Manulife Aims To Strengthen Position in Malaysia
Bernama, 29/03/2012
Kangar: Manulife Insurance Bhd plans to strengthen its position in Malaysia and aims to be among the best insurance companies in the country. Manulife Chief Agency Development Officer, Ivan Chan said, the company's long establishment in Malaysia will provide confidence to the community to become its policyholders. Speaking to Bernama after opening the Arau Manulife agency office at Komplek Tok Arau today, he said the company has about 290,000 policyholders nationwide currently and this is expected to increase further..
3. Towards Better Health
The Star Online, 29/03/2012
COLUMBIA Asia, GNC Malaysia and Guardian who will be participating in The Star’s inaugural Health Fair 2012, are eager to share their responsibility in forming a more health conscious society. South-East Asia Columbia Asia Group of Companies chief executive officer Kelvin Tan said he was happy to be part of this big event as it would spread awareness on the importance of health to the public. “We view this as a significant event to help emphasise the importance of maintaining good health and create greater public awareness of chronic health conditions impairing family units. We owe it to ourselves to stay healthy,” he said, while urging the public to join the event..
4. Protection Scheme to Care for Customers Goods
The Star Online, 28/03/2012
When freight forwarders handle someone else’s goods, they become legally accountable for taking all the essential steps to care for and safeguard that consignment. This means the forwarder is liable to the owner for any subsequent damage or loss and this is where freight forwarders sign up for an insurance scheme so that when requested by the customer they can provide it as an added value. Aktiv Aspac, a member of the Aktiv AG Group based in Munich, Germany, recently inked a memorandum of agreement between the Federation of Malaysian Freight Forwarders (FMFF), Aktiv Aspac Sdn Bhd and Multi-Purpose Insurans Bhd..
5. Takaful Malaysia Going Paperless
The Malay Mail, 28/03/2012
Kuala Lumpur: The country's first Islamic insurance operator, Syarikat Takaful Malaysia Bhd, expects to invest an additional RM1-2 million by the end of this year to fully automate its paperless operation, said managing director Datuk Hassan Kamil. This focus underpinned Takaful Malaysia's plans to boost its operational efficiency and productivity when the system takes centre stage nationwide. "So far, 60% of our workload has been successfully automated from the traditional paper-based processing to being paperless, with the remainder under way. We have so far spent RM3 million on the technology to handle critical workloads when dealing with claims payout, certificate servicing, underwriting and quotation issuance."..
6. ING Eyes At Least US$7b for Asian Insurance Assets
Business Times, 30/03/2012
ING Groep NV, the largest Dutch financial-services company, is seeking at least US$7 billion (RM22 billion) for its Asian insurance business and has drawn interest from potential suitors including MetLife Inc, said people with knowledge of the matter. ING plans to distribute limited financial information on the assets by mid-April, said one of the people, who declined to be identified because the process is private. AIA Group Ltd, Prudential Financial Inc, KB Financial Group Inc and Manulife Financial Corp are among other companies studying offers, the people said. ING is under European Union orders to divest its entire insurance operations before the end of 2013 as a condition for approval of state aid. The firm earlier scrapped plans to create an Asian-European insurer in an initial public offering (IPO) and said it may sell the Asian business separately, given its greater allure for buyers after European markets worsened.. 7. Top Agents Bag Awards
The Star Online, 30/03/2012
Success seeks people who seek it and ignores people who only dream about it,” MAA Takaful chief managing consultant Lee Kah Weng said, after receiving the Top of the Table (TOT) award, the most prestigious one up for grabs at the Agency Awards Night. “You cannot wait for success to find you because it won’t. The main ingredients are enthusiasm and commitment. “We have to understand that there are few things that will go in the direction we desire and the more we practise our skills, the luckier we become. “Success is something that represents perseverance, self sacrifice, determination and passion. “Before joining MAA Takaful in 2007, I did my research and found that there was a huge market for non-Muslims,” said Lee who has been in the business for more than 25 years..
8. Come Have a Great Time
The Star Online, 30/03/2012
Kuala Lumpur: Visitors to the Great Eastern Life booth at The Star’s inaugural Health Fair 2012 can look forward to participating in its many fun and engaging activities. These include a clinic for runners and a “yoga for the family” workshop. “We will also be launching our Live Great loyalty card there. Those who sign up for the card will enjoy discounts and special privileges with our 500 partnering merchants, which include health and fitness centres and organic food shops,” said Great Eastern Life Assurance (M) Bhd director and chief executive officer Datuk Koh Yaw Hui. He said this at Menara Great Eastern on Wednesday after meeting with Star Publications (M) Bhd group managing director and CEO Ho Kay Tat to formalise the partnership..
9. Kick The Habit Via 21-day Smartphone App
The Star Online, 30/3/2012
Kuala Lumpur: To promote healthier, better and longer living, an insurance company has launched its “21-Days” app for iPhone and Android smartphones that aims to help users break bad habits and start good ones. Great Eastern Life Assurance (M) Bhd director and chief executive officer Datuk Koh Yaw Hui said the app was based on a proven theory that it takes 21 days to effectively break an old habit or adopt a new one. “All you have to do is key in your ‘intentions’ to start a new habit or break an old one. The app will track your progress for 21 days and remind you to keep at it every day. “You can also share your progress via Twitter or Facebook, so that your friends and loved ones can keep you accountable as you go,” he said.. |
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1. Etiqa Targets RM5 Billion Premiums This Year
Bernama, 21/03/2012
Kuala Terengganu: Etiqa Takaful Bhd (Etiqa) targets RM5 billion in premiums this year, compared to RM4.7 billion last year. Etiqa Insurance & Takaful chief financial officer Shahril Azuar Jimin said the target is achievable given Etiqa's status as the core brand for all of Maybank Fortis' convetional and takaful insurance businesses. He said the Etiqa brand stands for humanising insurance, and this objective is supported by four features -- performance with concern, transparency, working hand in hand, and strong unity. "For the East Coast of Peninsular Malaysia, Etiqa is a premier name and is the local people's choice aided by its 3,000 agents," he said at the handing over of Etiqa's zakat contribution worth RM190,469.17 to the Terengganu Islamic and Malay Customs Council (Maidam)..
2. Better RBC Framework For Insurance Sector
The Star, 22/03/2012
For the insurance industry, a number of planned enhancements to the Risk-Based Capital Framework (RBC framework) were completed in 2011. This included the necessary changes to converge the valuation rules for financial instruments under the RBC framework with the Financial Reporting Standards 139. Following the adoption of the FTSE Bursa Malaysia KLCI as the main index for the equity market in July 2009, the calibration of market risk charges for indexed investments was also reviewed to ensure that the treatment for the new index reflects the relative volatility of the constituent stocks. However, these changes had minimal impact on the capital adequacy positions of insurers. Work on more fundamental enhancements to the RBC framework is continuing, including proposals to refince the valuation methodology for life insurance..
3. Third Tokio Marine Agency Recruitment Centre in JB
The Malay Mail, 22/03/2012
The third agent recruitment centre has been opened by Tokio Marine Life Insurance Bhd in Johor Baru, following similar setups in Miri and Butterworth. “With the projected population increase in Johor Baru, we hope to serve our existing as well as future policyholders better by providing more quality insurance advisors,” said deputy chief executive officer Jun Tokura. Tokio Marine Life is aiming to achieve a recruitment growth of 66% by year’s end. For this year to date, the Johor Baru branch has achieved its business target of 135% and the insurer aims to increase its productivity by investing more into its manpower recruitment and development, he added. The insurance company has plans to open more recruitment centres.. 4. Takaful Need To Solidify, Energize Itself To Face Challenges - MTA
Bernama, 22/03/2012
Kuala Lumpur: The country's Takaful industry must energize and solidify itself to be competitive, dynamic and resilient to withstand the challenges faced by globalization and liberalization of the financial market. Takaful Malaysia Association (MTA) President Datuk Syed Moheeb Syed Kamarulzaman said Malaysia can become a hub for the banking industry and Global Islamic Finance by stimulating the Takaful industry to be strong, sustainable and counter productive to withstand any financial crisis. Apart from strengthening itself, the Takaful industry must also provide legal..
5. Amlife Insurance Records Growth In Policyholders In Kelantan
Bernama, 20/03/2012
Kota Baharu: AmLife Insurance has recorded a significant growth in insurance policyholders in Kelantan compared with ten years ago. Asistant Agency Manager, AmLife Insurance in Kelantan, Zainab Hassan said some 6,000 policyholders were registered with the company last year. "This showed a significant increase compared with 10 years ago where our policyholders amounted to only about 1,000. "We have also recorded collection of RM37 million from policy renewals last year," she told Bernama when met at Sekolah Menengah Kebangsaan Pengkalan Chepa 2 here, after handing over compensation to a teacher, Rahimabivi Omar Hathab, following the death of her husband last year..
6. Islamic Banking, Takaful Nears Growth Target
Business Times, 23/03/2012
Malaysia's islamic banking and takaful is close to gaining a 20 per cent share in the total banking and insurance market in near future. Malaysia Takaful Association (MTA) said the takaful industry has been steadily closing ground over its conventional peers with strong growth from both the family and general segments. Under the Financial Sector Masterplan (FSMP) for 2000- 2010, Bank Negara Malaysia had targeted the Islamic banking and takaful to reach a fifth of the total banking and insurance market in 2010. According to MTA chairman Datuk Syed Moheeb Syed Kamarulzaman, new business in the takaful industry has exceeded the target by achieving 28 per cent, while the overall takaful market is currently about 13 per cent..
7. Commendable Growth Of Islamic Finance
The Star, 22/03/2012
Malaysia made further progress as it Islamic financial system transitions to become an international Islamic financial centre, recording commendable growth despite the volatile international financial markets and uncertainties clouding the global economy. Total assets in the Islamic banking sector increased by 23.8% to RM434.6bil to account for 22.4% of total banking system assets as at end-2011. The volume of Islamic foreign currency business conducted by international Islamic banks and international currency business units within licensed Islamic banks has also increased substantially over the years. In the takaful sector, total assets of takaful funds increased by 15.8% to RM17bil as at end-2011..
8. Robust Demand Posts Challenges To Talent Development
The Star, 22/03/2012
The development of talent for the financial sector continues to present considerable challenges for the industry as demand continues to exceed supply. In the medium to longer term, this can increase pressures on wages, and undermine the ability of financial institutions to maintain competitive positions and effectively control risks. Significant investments have been made by the Bank to support the development of high quality talent for the financial sector, across all levels, from entry to leadership positions. Since its implementation in 2007, the Financial Sector Talent Enrichment Programme (FSTEP) developed by the bank in collaboration with the financial industry has prepared more than 1,000 new graduates..
9. EU Agrees Some Iran Oil Insurance Exemptions
Reuters, 23/3/2012
Brussels: The European Union will allow some insurance on Iranian oil shipments before its full embargo starts on July 1, member states agreed on Thursday, responding to concerns from Asian importers heavily reliant on the EU for their cover. The decision, expected to be formally approved by EU foreign ministers on Friday, should make it easier for the likes of Japan and South Korea to import Iranian crude at least until the deadline, EU diplomats said. Those countries lobbied the EU for an exemption on insurance restrictions after the bloc agreed an oil embargo in January as part of efforts to pressure Iran to curb nuclear work many western countries fears is aimed at making atomic bombs. As well as stopping EU states from importing Iranian crude, the embargo banned European companies from transporting, purchasing or insuring crude and fuel originating in Iran and intended for anywhere in the world..
10. Abu Dhabi Residents Told To Report Insurance Fraud
Gulfnews.com, 23/03/2012
Abu Dhabi: Insurance experts have urged residents in the emirate of Abu Dhabi to report any suspicion of manipulation on their health insurance policies. These include the scheduling of unnecessary surgeries, treatment procedures, prescription forgery and unperformed medical services. "With the greater utilisation of health insurance in the emirate, cases of insurance policy manipulation are increasing. We therefore encourage residents to report suspected cases of fraud to the Health Authority Abu Dhabi (HAAD) for further investigation," Marwan Al Nabulsi, section head of enrolment and inspection at the HAAD, told Gulf News. Since 2008, employers in Abu Dhabi have been obligated to provide mandatory insurance coverage to all their workers. Currently, 95 per cent of the emirate's population has mandatory health insurance..
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1. Insurance Institute Focusing On Initiatives To Be Competitive
The Star Online, 05/03/2012
Kuala Lumpur: The Malaysian Insurance Institute (MII) is focusing on some key initiatives which will raise the insurance industry to a higher level so that it can compete globally and build a level of professionalism that is on par with developed economies. This includes enhancement to the current Competency Framework for the Insurance and Takaful industry and greater utilisation of the capacity-building fund to raise the level of services and competency in the industry. Its chief executive officer Khadijah Abdullah told StarBiz that there were plans to expand the type of job profiles in the framework beyond the current six different job families, which included underwriting, customer service, claims, management and sales, compliance and insurance broking.
2. AIG Selling $6 Billion Of AIA Shares To Repay Bail-Out
The Star Online, 05/03/2012
Hong Kong: American International Group (AIG) is selling part of its stake in AIA Group to raise about $6 billion to help the U.S. insurer repay a huge federal government bail-out. AIG is looking to place some 1.7 billion AIA shares in a range of HK$27.15-27.50 per share - a discount of up to 7 percent to Friday's AIA closing price, according to a term sheet seen by Reuters on Monday. The shares will go to institutional investors, and AIG expects to use the net proceeds to reduce the balance due to the U.S. Treasury Department's preferred equity interest in a special-purpose vehicle (SPV) in which AIG holds the AIA shares. The U.S. Treasury owns 77 percent of AIG following a massive $182 billion bail-out in the wake of the 2008 global financial crisis. AIG holds around a one-third stake in AIA which, at Friday's close, was worth $14.9 billion.
3. ING Insurance Offers Plans For Different Life Stages
The Star Online, 06/03/2012
ING Insurance recently unveiled a new series called ‘INGeasi For You’, comprising three all-in-one, flexible investment-linked insurance packages that offer protection and investment options to suit one’s needs at the different life stages. It offers customers financial solutions to match their needs when they graduate and join the working world, or as they advance on their career paths or as they start a family and have to plan for their future and that of their loved ones. Speaking at the launch, ING Insurance Berhad deputy chief executive officer Bruce Hodges said: “The INGeasi For You series was inspired by the fact that everyone has big plans for the future.” 4. Indonesian Revenue To Pick Up From 2014, Says Takaful Malaysia
The Sun Daily, 08/03/2012
Kuala Lumpur: Syarikat Takaful Malaysia Bhd, which is in the process of restructuring its Indonesian operations, expects revenue contribution from there to pick up steam in 2014 or 2015 from the current 5%, and to make up for half of the group's revenue in five years. It now derives 95% of its revenue from Malaysia. "The takaful (Islamic insurance) market in Indonesia is large. It's like a time-bomb about to explode. When it grows, it will grow rapidly. We have seen that happen to Islamic banking," Takaful Malaysia group managing director Datuk Mohamed Hassan Kamil told a news conference here yesterday. He expects the takaful market in Indonesia to pick up momentum in the next one to two years, when the country's regulator implements a plan to forbid the use of "Islamic window," or the sale of takaful products by conventional insurers, in order to encourage establishment of pure takaful companies.
5. Takaful Malaysia: We'll Still Control Unit
Business Times, 08/03/2012
Kuala Lumpur: Syarikat Takaful Malaysia Bhd will still hold a controlling stake in its Indonesian unit even if it is sold to a strategic partner in future, its top executive said. Group managing director Mohammad Hassan Kamil said the company aims to have the minimum controlling stake of 51 per cent in PT Syarikat Takaful Indonesia. It now holds holds 56 per cent stake in the subsidiary. The Indonesian unit is expected to see substantial growth in the years to come especially with the entry of new major shareholder with a large network in that country.
6. Aviva Posts Profit Rise, Capital Recovers
Reuters, 08/03/2012
London: Aviva reported a bigger-than-expected 6 percent rise in its 2011 earnings, helped by better profit margins in its life insurance business, and said capital reserves had recovered from a hit they took last year as a result of the euro zone debt crisis. The company, Britain's second-biggest insurer, had an operating profit for the year of 2.5 billion pounds ($3.93 billion), it said on Thursday, ahead of the 2.41 billion pounds pencilled in by analysts in a company poll. Aviva also said its Insurance Groups Directive capital surplus, a key measure of capital strength for European insurers, had risen to 3.3 billion pounds as of February 29, up from 2.2 billion pounds at the end of last year. 7. Insurers 'Campaign' For Regulation Change
Professional Pensions, 08/03/2012
European insurance firms are “campaigning” for pension funds’ capital requirements to be regulated more like insurers to generate increased business for the insurance sector, a leading MEP says. European Parliament economic and monetary affairs committee chairman Sharon Bowles told the hearing that plans to revise a directive for pension schemes to transpose Pillar I of Solvency II rules – applied to insurance firms – was a “political” point that was being lobbied for by some insurance firms.
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Last Updated ( Monday, 26 March 2012 )
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1. PruBSN Expects Significant Increase In Takaful Market Share
Bernama, 01/03/2012
Kuala Lumpur: Prudential BSN Takaful Bhd (PruBSN) expects its takaful market share to increase significantly following a collaboration forged with Kuwait Finance House (Malaysia) Bhd (KFH Malaysia). "We are very optimistic that this partnership will further strengthen our already strong franchise and enhance the experience of KFH Malaysia's customers," Chief Executive Officer Azim Mithani told reporters signing the Memorandum of Understanding (MoU) with KFH Malaysia here today..
2. PruBSN And KFH Malaysia Sign A Strategic Partnership MoU
Bernama, 01/03/2012
Kuala Lumpur: In Keeping With Its Vision Of Being A World-class Shariah-compliant Financial Solutions Provider, Prudential BSN Takaful Berhad (PruBSN) Today Entered Into A Memorandum Of Understanding (MoU) With The First Foreign Islamic Bank In Malaysia, Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) To Distribute Its Market-leading Takaful Solutions. Speaking at the press conference, Encik Azim Mithani, Chief Executive Officer of PruBSN said, “We are confident that this partnership with KFH Malaysia will further strengthen our already strong franchise and enhance the experience of KFH Malaysia’s customers,” explained Encik Azim. The MoU between PruBSN and KFH Malaysia envisages the promotion of PruBSN’s advisory and credit related plans, with the first phase focused on..
3. HSBC Close To US$1b Insurance Business Sale
Business Time, 02/03/2012
British bank HSBC Holdings plc is nearing a deal to sell its general insurance business for about US$1 billion (RM3 billion), sources familiar with the matter said, with French insurer AXA SA and Australia's QBE Insurance Group Ltd expected to split the business, a separate report said. The deal is part of efforts by new HSBC chief executive Stuart Gulliver to trim annual costs by US$3.5 billion (RM10.5 billion) and scale back in non-core regions and businesses. Europe's biggest bank has struck 18 deals in the past year releasing a combined US$48 billion (RM144 billion) of risk-weighted assets..
4. Tokio Marine Launches Tokiomarine-XtraCash
Bernama, 29/02/2012
Kuala Lumpur: Tokio Marine Life Insurance Malaysia Bhd's newly launched endowment policy, TokioMarine-XtraCash, guarantees customers cash payment of up to 125 per cent of the total sum assured. The policy also offders an assurance that future savings would not be compromised as it guaranteed maturity value of up to 140 per cent of sum assured, the company said in a statement today. TokioMarine-XtraCash offered short-term commitments of up to 15 years while guaranteed cash payment..
5. National Fund Mulls Single Rate
Bangkok Post, 28/02/2012
The government-initiated natural catastrophe insurance fund is considering adoption of a single premium rate for small and medium-sized enterprises (SMEs) and large companies. Payungsak Chartsuthipol, chairman of the subcommittee overseeing the fund's creation, said a study is being conducted to determine whether a single premium rate for SMEs and large businesses would be appropriate regardless of location. An earlier plan would have seen SMEs insured for not more than 50 million baht charged a rate of 1.5% of the sum insured and large businesses with coverage exceeding 50 million baht charged 2%. The reasoning behind selling policies at a single rate has not yet been fully explained, but Mr Payungsak said if the risks are equal, then a single rate should be fine. The study could start with a premium rate of 2% and see how low it can go, he said. But Pravej Ongartsittigul, secretary-general of the Office of the Insurance Commission, said the final premium amount is unlikely to be less than 1%..
6. £1,400 Spent Before Baby Is Born
MK News, 02/03/2012
Expectant parents spend nearly £1,400 before their child is even born, but six in 10 buy goods they end up never using, research has found. Those preparing for their first child typically spend more than £200 on a pram, nearly £140 on a cot and bedding and almost £250 kitting out the nursery with new furniture and decorations, life insurance provider Aviva found. More than a quarter of parents said they had bought or changed their car, typically spending £2,658, while a quarter also said they had moved house, at an average outlay of £20,813. The "first baby spending" list also includes around £100 on maternity clothes, £100 on toys, nearly £70 on pampering treatments on mums-to-be, £115 on baby clothes and £21 on a breast pump. However, six out of 10 people surveyed said that..
7. Greek CDS Debt Insurance Ruling Might Come Monday: ISDA
Economic Times India, 01/03/2012
A global body for contracts used as insurance against sovereign defaults, the ISDA, said on Thursday that its decision on whether a Greek debt rescue triggers payouts might be delayed until next week. A decision by the International Swaps and Derivatives Association on credit default swaps (CDS) might lead to payments of billions of euros (dollars) and upset financial markets. The body's EMEA Determinations Committee began a meeting on Thursday to decide whether the plan to cut Greece's privately-held debt by about 107 billion euros ($142 billion), constitutes a "credit event."..
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