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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.

General Insurance claims improved in 1H 

Insurance News

  -  October 29, 2013
The gross premiums for GI industry grew 5.7% in 1H this year with Motor, Fire and Aviation & Transit taking 44.4%, 17.6% and 10.8% market share respectively.Net claims incurred ratio improved from 58.8% to 58.2%.
General insurance records 5.7% growth in gross premiums - The Star KUALA LUMPUR: The general insurance industry received RM8.33bil, up 5.7% in gross premiums for January to June 2013 from RM7.88bil over the same period in 2012, says General Insurance Association of Malaysia (PIAM).


Posted by Loo Hai Tuesday, October 29, 2013 7:08:00 PM Categories: Outlook PIAM
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LIAM wants i-BR1M as well 

Insurance News

  -  October 28, 2013
LIAM has appealed to the government to extend the i-BR1M scheme to conventional life insurers in addition to takaful operators as announced in Budget 2014.
LIAM: Extend i-BRIM protection scheme to all insurance firms - The Sun Daily PETALING JAYA (Oct 28, 2013): The Life Insurance Association of Malaysia (LIAM) hopes the government will extend the Group Takaful Rakyat 1Malaysia (i-BR1M) protection scheme to all 14 insurance companies operating in the country, allowing recipients of the Bantuan Rakyat 1Malaysia (BR1M) more alternatives to choose from.


Posted by Loo Hai Monday, October 28, 2013 7:05:00 PM Categories: Budget LIAM
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Budget 2014: summary of insurance-related announcement 

Insurance News

  -  October 25, 2013
  1. RM50 will be paid to the Group Takaful Rakyat 1Malaysia (i-BR1m) for all BR1M household recipients, providing coverage of up to RM30,000 in the event of death and permanent disability.
  2. 1Malaysia Pension Scheme (SP1M) - government contributions will increase from 5% to 10%, or from max RM60 to RM120 per year. Effective: 1.1.2014 to 31.12.2017
  3. PRS - a one-off incentive of RM500 to contributors who participate in the PRS scheme with a minimum cumulative investment of RM1,000 within a year, available to those aged between 20 and 30 years. Effective for 5 years starting 1.1.2014
  4. GST to be implemented on 1.4.2015 at 6%. Income tax (personal and corporate) will be reduced by 1 to 3%.


Posted by Loo Hai Friday, October 25, 2013 6:52:00 PM Categories: Budget
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M&A in takaful expected 

Insurance News

  -  October 22, 2013
E&Y predicts that some M&As in the takaful industry will take place in the next few years given the requirements of separating the family and general takaful licences and the implementation of RBCT.
M&A deals expected in takaful industry - The Sun Daily KUALA LUMPUR (Oct 22, 2013): The local takaful industry is expected to see some merger and acquisition (M&A) activities over the next few years due to the Islamic Financial Services Act 2013 (IFSA) which requires takaful companies holding composite licences to separate their businesses by mid-2018, said Ernst & Young (E&Y) assurance partner Brandon Bruce Sta Maria.


Posted by Loo Hai Tuesday, October 22, 2013 5:40:00 PM Categories: Merger Takaful
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PruBSN launched HealthEnrich 

Insurance News

  -  October 18, 2013
PruBSN has made available its new medical plan HealthEnrich to Saadiq's customers. HealthEnrich is a comprehensive medical plan attachable to investment-linked plans.
PruBSN HealthEnrich for Saadiq customers - The Sun Daily KUALA LUMPUR (Oct 18, 2013): Prudential BSN Takaful Bhd's (PruBSN) new medical plan known as HealthEnrich will be made available to Standard Chartered Saadiq Bhd's customers.


Posted by Loo Hai Friday, October 18, 2013 5:54:00 PM Categories: Medical Product PruBSN
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Great Eastern plans new products 

Insurance News

  -  October 15, 2013
Great Eastern is working on an occupational disability income product as well as an all-in-one policy that addresses the consumer needs at various life stages, to be launched later this year.
Insurance now customer-centric, says Great Eastern CEO - The Star KUALA LUMPUR: Insurance has evolved from being product-centric to customer-centric, according to Great Eastern Life Assurance (M) Bhd director and chief executive officer Datuk Koh Yaw Hui.


Posted by Loo Hai Tuesday, October 15, 2013 5:34:00 PM Categories: Great Eastern Product
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Manulife to diversify distribution channels 

Insurance News

  -  October 15, 2013
Manulife wants to increase its 1,800 agents by another 200 by next year, focusing on full-time agents. The company currently distributed 97% of its products through agency channel and is looking to reduce this to 60-70% in the next 2 years with development of bancassurance and financial advisers channels.
Manulife seeks more full-time and committed agents to help achieve target - The Star PETALING JAYA: After having climbed the ranks to become one of the top-10 life insurers in Malaysia, Manulife Insurance Bhd is banking on its multi-distribution channels to compete for a larger slice of the competitive insurance market.


Posted by Loo Hai Tuesday, October 15, 2013 5:28:00 PM Categories: Bancassurance Manulife
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