1. Aman Launches Takaful Training Course
Zawya, 14/1/2012
Dubai: Fatima Mohammed Ishaq Al Awadi, deputy director-general, UAE Insurance Authority, led the inaugural ceremony for the Takaful training course entitled ' Takaful: Fundamentals and Practices', which opened on January 9. The event was organised by Dubai Islamic Insurance and Reinsurance Company (Aman), the largest Islamic insurance provider in the UAE, in the cooperation with the Malaysian Insurance Institute (MII), a leading insurance education and training institution. this course is part of Aman's quality-based initiative to raise further awareness on the importance of Takaful products and services. Amidst a wide participation of senior executives from Takaful companies in the UAE and region, the opening day included extensive discussion on Takaful principles and practices, Shariah-based principles and other key relevant subjects. 
2. Manulife Expects 40% Sales Growth This Year
The Star Online, 14/1/2012
Kuala Lumpur: Manulife Holdings Bhd expects its new business insurance premiums to increase by 40% this year. It plans to achieve the target through initiatives to expand its recruitment base and its brand. “Recruitment is our main driver,” chief executive Michael Chan told StarBizWeek. He said Manulife planned to recruit an additional 1,800 agents. “We plan to hire at least 25 more branch managers, in addition to the current seven branch managers that we have,” Chan said.
3. When 'Good Enough' Is Really Not Good Enough
Business Time, 16/1/2012
Now is not the time for the small and medium-sized enterprises (SMEs) to be content with what they have achieved as today's business environment has become more competitive. SMEs must scale up and not remain small or medium-sized or they could succumb to pressures from bigger players in the industry. BrandLaureate president Dr K.K. Johan said SMEs should not maintain their status quo position and rest on their laurels. He said in the 21st century, Malaysian enterprises should have the vision to become global champions and must strive to achieve it.
4. Prudential Terus Berusaha Tingkat Prestasi
Utusan Online, 16/1/2012
Industri insurans diunjurkan terus mencatat perkembangan yang menggalakkan pada tahun ini sebagai meneruskan pencapaian tahun sebelumnya. Bagaimanapun, arah aliran positifnya turut membawa bersama cabaran-cabaran yang perlu diharungi dan pastinya bukan mudah ketika ekonomi dunia juga bergolak. Berikut adalah pandangan Ketua Pegawai Eksekutif Prudential Assurance Malaysia Bhd., Charlie E. Oropeza, tentang apa yang dijanjikan industri pada tahun ini. "Persatuan Insurans Hayat Malaysia (LIAM) mengunjurkan pertumbuhan antara 12 peratus hingga 15 peratus bagi industri pada tahun 2011 dan kami berpendapat arah aliran positif ini akan berterusan dalam tahun 2012. Dengan meningkatnya kesedaran pengguna tentang keperluan untuk insurans dan potensi penembusan yang tinggi, tahun 2012 akan melihatkan pembaharuan dan reformasi liberalisasi dalam sektor insurans"...
5. Syed Moheeb Dipilih CEO Terbaik
Utusan Online, 19/1/2012
Kuala Lumpur: Presiden dan Ketua Pegawai Eksekutif Takaful Ikhlas Sdn. Bhd. (Takaful Ikhlas), Datuk Syed Moheeb Syed Kamarulzaman telah dianugerahkan Ketua Pegawai Eksekutif Terbaik The BrandLaureate baru-baru ini. Anugerah itu telah diberikan oleh Yayasan Penjenamaan Asia Pasifik (APBF) yang disampaikan pada majlis SMEs Chapter Awards 2011. Syed Moheeb berkata, beliau berasa amat bersyukur dan berterima kasih di atas penganugerahan ini..
6. Multi-Purpose Insurans Run To Be Organised Annually
The Star Online, 17/1/2012
Shortly after the participants had crossed the finish line at the recent inaugural Multi-Purpose Insurans Run at Padang Merbok carpark in Kuala Lumpur, the organisers announced that the race for next year will be held on Jan 6. The company’s chief executive officer Ong Kok San, who was timed at 1’19:00 for the 12km race, acknowledged the wonderful backing from the participants and partners in making a memorable debut for them. Thus, the event next year to provide excitement to the running community. “We look forward to organising the event as an annual affair. It will be great to receive another strong support in stamping the event as a permanent feature in the local running calendar and start the year on a healthy note,” he added.
7. AIA Sizes Bid For ING Unit
Business Time, 20/1/2012
Hong Kong: AIA Group Ltd, Asia's No.3 insurer and about one third owned by American International Group Inc, is considering bidding for Dutch ING's around US$6 billion (RM19 billion) Asian insurance operations, sources said, with the prospective sale expected to draw heavy interest from rivals. AIA, which was the crown jewel in bailed-out insurer AIG's global business, has invited four banks to pitch for advisory roles for a possible offer, two sources familiar with the process said.
8.Cathedral Loses Its Insurance After a Torrent of Metal Thefts
Scottish Daily Express, 20/1/2012
A cathedral can no longer make insurance claims for the theft of metal objects after being repeatedly targeted by scrap-for-cash raiders. Its Dean, the Very Rev Rogers Govender, revealed the dilemma after a treasured 2ft silver cross worth £10,000 was snatched from the altar. It is the latest in a series of incidents in which metal thieves have struck. Because there have been so many thefts in recent years church bosses have been told they can no longer claim on their insurance policy. The cross at Manchester Cathedral was donated by the Mothers’ Union in 1957 during rebuilding work after the Second World War. It was stolen last Friday afternoon..
9. comparethemarket.com Launches New Web Design For Life Insurance Purchases
Globeez.com, 19/1/2012
London: Leading price comparison website comparethemarket.com has made it even simpler for its customers to purchase life insurance with the launch of a new and improved web design. The new, easy-to-use webpage makes it effortless for customers to search and compare quotes for decreasing and level term life insurance [http://www.comparethemarket.com/life-insurance], including both single and joint policies.. |
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1. Friends Life-AMMB in Family Takaful Venture
Business Times, 6/1/2012
Friends Life PPL Ltd, a UK-based pension, life and investment firm will roll out a family takaful business in Malaysia with its local partner AMMB Holdings Bhd this year. It is understood that the joint venture, AmFamily Takaful Bhd, will offer three major products lines, namely protection, investment-linked savings and pensions. According to a spokesperson, AmFamily Takaful, which is 30 per cent owned by Friends Life, plans to launch the products in the first quarter of 2012. "This is an exciting development and position us well to participate in the ongoing growth in the Asian region," Friends Life international managing director John Van Der Wielen said in a statement..
2. Prudential's New Chief Risk Officer
Business Times, 4/1/2012
Kuala Lumpur: Prudential Assurance Malaysia Bhd has appointed Bernard Chang Tze Wah as its new chief risk, compliance and legal officer, with effect from October 2011. Chang, with over 11 years of diversified exposure in legal, compliance, risk management and corporate secretarial functions, will advise Prudential Assurance Malaysia on matters pertaining to legal, regulatory and statutory requirements..
3. Swiss Insurer Mulls MCIS Zurich Exit Option
The Sun Daily, 5/1/2012
Petaling Jaya: Zurich Financial Services Group, a leading insurance group, is in talks with its partners in MCIS Zurich Insurance Bhd to look into various options regarding its 40% stake in the latter. This comes in the wake of its recent acquisition of Malaysian Assurance Bhd (MAAB). Under the regulations, insurers are not allowed to own more than one insurance company in Malaysia. Thus, the Zurich Group has to look at an exit option for its MCIS Zurich stake. "We are discussing the options for MCIS Zurich. Zurich currently owns 40% stake in MCIS Zurich," Phil Smith, head of special projects, global life Asia-Pacific and Middle East told SunBiz in an email reply yesterday. MAAB's CEO Chee Cheong said Zurich is fully committed to the Malaysian insurance market and looks forward to a long and prosperous relationship with the various stakeholders in the market..
4. Insurance Company Eyes New Markets
The Hindu, 6/1/2012
Star Health and Allied Insurance Company was looking at new markets to drive growth, said its vice-president A.M. Mallesh. Addressing a press conference here on Thursday, he said that while Tamil Nadu accounted for 30 per cent of Rs. 1,250 crore raised in premium in the previous fiscal, Star Health had already generated Rs. Rs. 150 crore in Maharashtra and Rs. 80 crore in Karnataka in retail business alone without any government contracts. The company was focussing on the North-East with a sales officer stationed at Sikkim. Star Health, which had implemented the previous government's Kalaignar health insurance scheme for a year, was looking to repeat last year's performance in premiums. Of the same target of Rs. 1,250 crore, the company had already raised Rs. 840 crore by December..
5. Life Insurance Industry Projects Moderate Growth
Business Times, 5/1/2012
Malaysia's life insurance new business premium is anticipated to moderately grow between 14 per cent and 15 per cent this year, compared with the lower double-digit growth in 2011. The Life Insurance Association of Malaysia (LIAM) believes that growth would hinge upon several market opportunities. "Among the factors (for growth) are the current low penetration rate of life insurance at about 42.83 per cent, which would spur internal market demand, the government's Economic Transformation Programme and higher tax incentives for retirement products that would provide a platform for growth of the life insurance sector," it told Business Times. It also added that the new private retirement scheme administrated by the Securities Commission of Malaysia would be a source of growth in the coming year..
6. Confusion On Medical Insurance Coverage
The Malay Mail, 4/1/2012
In general, the Hospital & Surgical Insurance (HSI) policy covers you against expenses incurred whilst you are hospitalised, due to a covered illness or as a result of an accident. Generally, you would only be covered as an in-patient unless it is an emergency out-patient treatment due to an accident. In addition, day surgeries are also covered for certain procedures nowadays, like cataract operation, whereby you need not stay overnight at the hospital. With the “Day Surgery” benefit, you need not purposely stay a night to qualify for the coverage and this reduces your total medical costs. A HSI policy usually covers hospital accommodation and nursing expenses, surgical expenses (surgeon’s fees & costs associated with surgery), physicians’ expenses and in-patient tests..
7. Earthquakes Prompt Record Insurance Claims in 2011
The Sun Daily, 5/1/2012
Natural disasters, led by catastrophic earthquakes in Japan and New Zealand, cost a record US$380 billion in 2011, more than double the figure for 2010 and triple the average for the past decade, insurance experts reported on Wednesday. Insurance industry losses from these disasters reached a record US$105 billion in 2011, according to Munich Re, the world's biggest reinsurer. The cost to insurers from the earthquake and tsunami in Japan in March, which caused nearly 16,000 deaths, was estimated at US$35 billion to US$40 billion, the company said in its annual review of the prior year's natural disasters..
8. Century's Thai Unit To Be Restored By 1Q
The Edge Malaysia, 4/1/2012
Kuala Lumpur: Century Logistics Holdings Bhd said restoration works for flood damages on its distribution centre in Thailand are expected to be completed by the end of the first quarter (1Q) this year. In a statement to Bursa Malaysia yesterday, Century said flood waters surrounding its distribution centre in Rojana Industrial Park, Ayutthaya receded on Nov 28. The distribution centre is held under Century's indirect 90%-owned subsidiary, Century Resources (Thailand) Ltd (CRT). "Based on the preliminary assessment conducted by the loss adjustors of the insurers, there was clear indication that the 2.5 metres of floods since Oct 7 had caused some rust, corrosion and general..
9. JAL Plans Up To US$13bil IPO Share Sale Of Japan Airlines Could Happen As Early As September, According To Sources
The Star, 6/1/2012
Tokyo: Japan Airlines Co, the carrier that exited bankruptcy last year, is planning an initial public offering that may raise as much as 1 trillion yen (US$13bil) as early as September, two people familiar with the matter said. The government-backed fund that holds about 97% of JAL's voting rights and other investors are considering selling 500 billion yen to 1 trillion yen of shares, said the people, who declined to be identified because the process is private. Taro Namba, a spokesman for Tokyo-based JAL, declined to comment on the size of the planned sale. Nomura Holdings Inc and Daiwa Securities Group Inc will lead the offering, Namba said, as JAL prepares for what could be among the two biggest Japanese IPOs since 1998. The airline, which delisted in.. |
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1. Friends Life-AMMB in Family Takaful Venture
Business Times, 6/1/2012
Friends Life PPL Ltd, a UK-based pension, life and investment firm will roll out a family takaful business in Malaysia with its local partner AMMB Holdings Bhd this year. It is understood that the joint venture, AmFamily Takaful Bhd, will offer three major products lines, namely protection, investment-linked savings and pensions. According to a spokesperson, AmFamily Takaful, which is 30 per cent owned by Friends Life, plans to launch the products in the first quarter of 2012. "This is an exciting development and position us well to participate in the ongoing growth in the Asian region," Friends Life international managing director John Van Der Wielen said in a statement..
2. Prudential's New Chief Risk Officer
Business Times, 4/1/2012
Kuala Lumpur: Prudential Assurance Malaysia Bhd has appointed Bernard Chang Tze Wah as its new chief risk, compliance and legal officer, with effect from October 2011. Chang, with over 11 years of diversified exposure in legal, compliance, risk management and corporate secretarial functions, will advise Prudential Assurance Malaysia on matters pertaining to legal, regulatory and statutory requirements..
3. Swiss Insurer Mulls MCIS Zurich Exit Option
The Sun Daily, 5/1/2012
Petaling Jaya: Zurich Financial Services Group, a leading insurance group, is in talks with its partners in MCIS Zurich Insurance Bhd to look into various options regarding its 40% stake in the latter. This comes in the wake of its recent acquisition of Malaysian Assurance Bhd (MAAB). Under the regulations, insurers are not allowed to own more than one insurance company in Malaysia. Thus, the Zurich Group has to look at an exit option for its MCIS Zurich stake. "We are discussing the options for MCIS Zurich. Zurich currently owns 40% stake in MCIS Zurich," Phil Smith, head of special projects, global life Asia-Pacific and Middle East told SunBiz in an email reply yesterday. MAAB's CEO Chee Cheong said Zurich is fully committed to the Malaysian insurance market and looks forward to a long and prosperous relationship with the various stakeholders in the market..
4. Insurance Company Eyes New Markets
The Hindu, 6/1/2012
Star Health and Allied Insurance Company was looking at new markets to drive growth, said its vice-president A.M. Mallesh. Addressing a press conference here on Thursday, he said that while Tamil Nadu accounted for 30 per cent of Rs. 1,250 crore raised in premium in the previous fiscal, Star Health had already generated Rs. Rs. 150 crore in Maharashtra and Rs. 80 crore in Karnataka in retail business alone without any government contracts. The company was focussing on the North-East with a sales officer stationed at Sikkim. Star Health, which had implemented the previous government's Kalaignar health insurance scheme for a year, was looking to repeat last year's performance in premiums. Of the same target of Rs. 1,250 crore, the company had already raised Rs. 840 crore by December..
5. Life Insurance Industry Projects Moderate Growth
Business Times, 5/1/2012
Malaysia's life insurance new business premium is anticipated to moderately grow between 14 per cent and 15 per cent this year, compared with the lower double-digit growth in 2011. The Life Insurance Association of Malaysia (LIAM) believes that growth would hinge upon several market opportunities. "Among the factors (for growth) are the current low penetration rate of life insurance at about 42.83 per cent, which would spur internal market demand, the government's Economic Transformation Programme and higher tax incentives for retirement products that would provide a platform for growth of the life insurance sector," it told Business Times. It also added that the new private retirement scheme administrated by the Securities Commission of Malaysia would be a source of growth in the coming year..
6. Confusion On Medical Insurance Coverage
The Malay Mail, 4/1/2012
In general, the Hospital & Surgical Insurance (HSI) policy covers you against expenses incurred whilst you are hospitalised, due to a covered illness or as a result of an accident. Generally, you would only be covered as an in-patient unless it is an emergency out-patient treatment due to an accident. In addition, day surgeries are also covered for certain procedures nowadays, like cataract operation, whereby you need not stay overnight at the hospital. With the “Day Surgery” benefit, you need not purposely stay a night to qualify for the coverage and this reduces your total medical costs. A HSI policy usually covers hospital accommodation and nursing expenses, surgical expenses (surgeon’s fees & costs associated with surgery), physicians’ expenses and in-patient tests..
7. Earthquakes Prompt Record Insurance Claims in 2011
The Sun Daily, 5/1/2012
Natural disasters, led by catastrophic earthquakes in Japan and New Zealand, cost a record US$380 billion in 2011, more than double the figure for 2010 and triple the average for the past decade, insurance experts reported on Wednesday. Insurance industry losses from these disasters reached a record US$105 billion in 2011, according to Munich Re, the world's biggest reinsurer. The cost to insurers from the earthquake and tsunami in Japan in March, which caused nearly 16,000 deaths, was estimated at US$35 billion to US$40 billion, the company said in its annual review of the prior year's natural disasters..
8. Century's Thai Unit To Be Restored By 1Q
The Edge Malaysia, 4/1/2012
Kuala Lumpur: Century Logistics Holdings Bhd said restoration works for flood damages on its distribution centre in Thailand are expected to be completed by the end of the first quarter (1Q) this year. In a statement to Bursa Malaysia yesterday, Century said flood waters surrounding its distribution centre in Rojana Industrial Park, Ayutthaya receded on Nov 28. The distribution centre is held under Century's indirect 90%-owned subsidiary, Century Resources (Thailand) Ltd (CRT). "Based on the preliminary assessment conducted by the loss adjustors of the insurers, there was clear indication that the 2.5 metres of floods since Oct 7 had caused some rust, corrosion and general..
9. JAL Plans Up To US$13bil IPO Share Sale Of Japan Airlines Could Happen As Early As September, According To Sources
The Star, 6/1/2012
Tokyo: Japan Airlines Co, the carrier that exited bankruptcy last year, is planning an initial public offering that may raise as much as 1 trillion yen (US$13bil) as early as September, two people familiar with the matter said. The government-backed fund that holds about 97% of JAL's voting rights and other investors are considering selling 500 billion yen to 1 trillion yen of shares, said the people, who declined to be identified because the process is private. Taro Namba, a spokesman for Tokyo-based JAL, declined to comment on the size of the planned sale. Nomura Holdings Inc and Daiwa Securities Group Inc will lead the offering, Namba said, as JAL prepares for what could be among the two biggest Japanese IPOs since 1998. The airline, which delisted in.. |
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Announcement Dear MII & KC members, We are pleased to inform that Knowledge Management Centre of Bank Negara Malaysia (BNM), located at Sasana Kijang is now open to public. It was officiated by The Prime Minister of Malaysia, Y.A.B Datuk Seri Mohd Najib Tun Abdul Razak on 14th September 2011. Besides the BNM staffs, the Knowledge Management Centre can also be visited by the public. Among the facilities offered are discussion room, research area, multimedia room, internet access and a lot more. KMC, BNM opening hours start from 7.30 am - 6.30 pm (Monday to Friday). Should you be interested to make an official visit to KMC BNM, kindly please contact Encik Ghazali Mohamed Fadzil at
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
or Puan Masyitah Md Isa at
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. Thank you. |
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Last Updated ( Tuesday, 03 January 2012 )
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1. Insurance Industry To See More Consolidation, Says OSK
Bernama, 27/12/2011
Kuala Lumpur: OSK Research Sdn Bhd expects more consolidation in the local insurance space in the future. The research firm said that local insurance companies had become attractive mergers and acquisition targets for foreign players, after Bank Negara Malaysia raised the foreign ownership limit to 70 per cent from 49 per cent. "The industry's premium income has been on an uptrend and is likely to stay that way, whether in good or bad times, based on historical trends," OSK said in a statement Tuesday. Overall, it said, premium income growth is positively correlated with the consumer sentiment index (CSI)..
2. Aman To Host Takaful Course In Dubai
Trade Arabia, 20/12/2011
The Dubai Islamic Insurance and Reinsurance Company (AMAN), the largest Islamic Insurance provider in the UAE, in partnership with UAE Takaful Re and MNRB Malaysia, has announced plans to host 'Fundamentals of Takaful,' a three-day educational course on Takaful, which will be held from January 9, 2012 to January 11, 2012 at the Al Murooj Rotana Hotel in Dubai. The event will be inaugurated by Fatima Mohammed Ishaq Al Awadi, deputy director general, UAE Insurance Authority, and will also give the opening keynote address. ‘Fundamentals of Takaful’ will follow a training course specially designed by the Malaysian Insurance Institute (MII), a leading insurance education and training institution, and is also part of AMAN’s quality-based initiative to raise further awareness on the importance of Takaful products and services for UAE..
3. M&A Activities To Spur Insurance Sector in 2012
The Edge Malaysia, 28/12/2011
Petaling Jaya: Merger & acquisition (M&A) activities, which has kept the financial services industry bustling this year, is expected to continue in 2012, particularly in the insurance sub-sector, a PricewaterhouseCoopers official said. Angie Wong, PricewaterhouseCoopers Malaysia's executive director of financial services said M&A in the local insurance scene would continue to be spurred by low penetration rates in the life insurance market as well as the fragmented general insurance business, thanks to a relatively mature regulatory environment. The government's decision to liberalise ownership structures..
4. Southwestern China Region Buys Insurance For Residents Prone To Animal Attacks
Bernama, 28/12/2011
Kunming, China: Residents who have suffered animal attacks in the southwestern region of Xishuangbanna this year will receive 9 million yuan (US$1.43 million) in compensation from a government-funded insurance project, local authorities said Wednesday. This year's compensation more than doubled the 4 million yuan offered in 2010, as the government in Xishuangbanna Dai autonomous prefercture of Yunnan province paid more for insurance in 2010 to make sure it would cover all state-protected wild animals in the region, said Chen Yong, head of the prefecture's wild animal conservation station. The insurer has already paid villagers 4.57 million yuan and it is still processing the rest of the claims, Xinhua news agency..
5. Insurance Sector In For Further Consolidation
The Star, 29/12/2011
Petaling Jaya: More excitement might be in store for the local insurance industry as it goes into further consolidation in 2012 after a year laden with numerous corporate exercises. An analyst with a local research house said there might be further consolidation in the industry, with the authorities raising foreign ownership limit and the need for local insurers to buff up their capital under the risk-based capital (RBC) framework implemented in 2009. The RBC framework implemented under the Insurance Act 1996 aims to enhance insurers' underwriting procedures, as well as technical expertise in assets and liabilities..
6. Men Take Lead In FInancial Decisions, Reveals HSBC Report
Bernama, 29/12/2011
Kuala Lumpur: Men are taking the lead in decision-making across most aspects of financial planning, according to a HSBC's report. The report, entitled "the Future of Retirement: Why family matters", said 68 % per cent of Asian men and 65 per cent of men worldwide said that they made all or most of the financual decisions in the household, compared with 58 per cent and 53 per cent of women in Asia and globally, respectively. In a statement today, HSBC said according to the report, the only exception in Asia was China, where 63 per cent of women claimed they make all or most of the financial decisions..
7. Company Ends The Year With A Kind Deed
The Star, 30/12/2011
While many herald the new year with parties, the Tokio Marine Life Insurance Bhd staff members decided to do something close to their hearts — charity. Bearing gifts, 15 staff members brought cheer to children of Yayasan Sunbeams Home. They greeted the 94 children with a special breakfast and later entertained them with games. During the visit, the company also contributed RM10,000 along with grocery items to the home. The money was raised by Tokio Marine Life staff members. Company deputy chief exe-cutive officer Jun Tokura said the contribution was their gesture of spreading happiness among the children as they join.. |
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