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.

Price war likely post de-tariffication 

Insurance News

  -  June 3, 2013
The motor and fire insurance premium rates would be de-tariffed in 2016. There is a likelihood of a price war which will affect profitability. Insurers are looking at various strategies including risk-based pricing, product innovation and differentiation, customer service as well as strengthening of delivery and distribution channels in preparation for the de-tariffication.
Insurers brace for likely price war - The Star PETALING JAYA: With less than three years to go before motor and fire insurance rates are de-tariffed, insurers, who are bracing for a price war, have embarked on various measures to ensure their market share and profitability are not significantly impacted.


Posted by Loo Hai Monday, June 3, 2013 6:47:00 PM Categories: Allianz Etiqa Motor Insurance Tariff Tune
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SeatAdvisor's ticket covered by MyTicketProtect 

Insurance News

  -  May 23, 2013
Allianz General has launched MyTicketProtect which provides hassle free refund of ticket price in the event of death, injuries, illness or damage to property for events held in Malaysia. MyTicketProtect comes automatically with each ticket purchased from SeatAdvisor's network.
Allianz Teams Up With SeatAdvisor For MyTicket Protect Scheme - Bernama KUALA LUMPUR, May 23 (Bernama) -- Allianz General Insurance Company (Malaysia) Bhd has signed a partnership agreement with SeatAdvisor Sdn Bhd, to provide a value-added service for ticket buyers in Malaysia under a new Personal Accident and Ticket Reimbursement Insurance Scheme, MyTicket Protect.


Posted by Loo Hai Thursday, May 23, 2013 3:48:00 PM Categories: Allianz Product
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Enhanced Medicover and PrimeCare 

Insurance News

  -  May 13, 2013
Allianz today launched 2 new riders for its PowerLink protection product - Enhanced MediCover (medical) and PrimeCare (health). The company is targeting 70,000 customers this year and aims to increase its new business premium to RM150 mil from between RM110 mil and RM120 mil achieved last year. A new retirement product is also expected to be rolled out in September this year.
Allianz targets RM150m new business premiums this year - The Star KUALA LUMPUR: Allianz Life Insurance (M) Bhd aims to increase its new business premium this year to RM150mil with the launch of its investment-linked insurance plan.


Posted by Loo Hai Monday, May 13, 2013 7:22:00 PM Categories: Allianz Medical Product Product Strategy
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Allianz General eyeing double-digit growth 

Insurance News

  -  May 6, 2013
Allianz General is eyeing double-digit growth in its gross written premium as well as profit this year.  It is counting on its competitive edge namely agency force, IT tools and infrastructure, workflow and in-house actuarial resources to deliver the results.
Allianz Malaysia unit expects to beat industry growth rate - The Star PETALING JAYA: Allianz General Insurance Co (M) Bhd, a unit of Allianz Malaysia Bhd (AMB), expects to exceed the industry's projected growth rate this year by registering a double digit-growth for its gross written premiums.


Posted by Loo Hai Monday, May 6, 2013 9:47:00 PM Categories: actuary Allianz Product Strategy
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Allianz expects competitive and challenging market 

Insurance News

  -  Feb 24, 2013
Following the recent merger and acquisition activities, Allianz expects the insurance market to be increasingly competitive and challenging.
Allianz 4Q net profit up 32.4% to RM849.75 mill - The Edge KUALA LUMPUR (Feb 22): ALLIANZ MALAYSIA BHD [] recorded a net profit of RM44.05 million for its fourth quarter ended Dec 31, 2012, 32.4 % up from 4Q11’s net profit of RM33.26 million.


Posted by Loo Hai Sunday, February 24, 2013 6:00:00 PM Categories: Allianz Merger Outlook
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Allianz sets business targets 

Insurance News

  -  Jan 15, 2013
Allianz's targets: 1) Grow market share of agency business from 6.3% currently to 9% in 2015. 2) Grow agency force from 6,500 currently to 10,000 by 2015. 3) Launch retirement product in Q2 2013. 4) Business mix: 65% (agency), 25% (bancassurance) and 10% (employee benefits) in the next 5 years. Allianz recently tied up with HSBC in bancassurance venture.

Allianz to expand agency force in life segment, extend offerings to retirement planning - The Star

KUALA LUMPUR: Allianz Malaysia Bhd (AMB) has embarked on a two-pronged growth strategy which will see its agency force market share in the life insurance segment rising to 9% in 2015 from the 6.3% currently and its reach being extended to the retirement planning arena.


Posted by Loo Hai Tuesday, January 15, 2013 9:49:00 PM Categories: Allianz Strategy
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Allianz Life appoints new chief actuary and chief risk officer 

Insurance News

  -  Jan 10, 2013
Yeoh Eng Hun has been appointed the Chief Actuary, Chief Risk Officer and Appointed Actuary of Allianz Life. Meanwhile Chin Tze How, who was the appointed actuary prior to this has taken a new responsibility as Chief Market Management Officer.
Allianz Life appoints new Chief Actuary and Chief Risk Officer - Allianz's Website Allianz Life Insurance Malaysia Berhad (“Allianz Life”) has appointed Yeoh Eng Hun as the Company’s Appointed Actuary, Chief Actuary and Chief Risk Officer. He succeeds Chin Tze How who has assumed a new responsibility as Chief Market Management Officer of Allianz Life.

The 35-year-old Yeoh joined the regional Actuarial team of Allianz Asia Pacific office in Singapore in 2008 and was appointed as Regional Chief Actuary Life in 2009; a position he has since held. He is a Fellow of the Institute of Actuaries of Australia and a CFA charterholder.

Yeoh is one of the Malaysian actuaries who has worked abroad for many years in various actuarial roles. With only about 90 qualified actuaries currently in Malaysia, Yeoh adds to this elite group of professionals.

Besides being appointed as the Chief Actuary, Yeoh will also be responsible for strengthening the risk management function of Allianz Life as the Chief Risk Officer.

Allianz Life welcomes Yeoh and believes Yeoh’s vast experience, knowledge and expertise will contribute to the progression of the Company.


Posted by Loo Hai Thursday, January 10, 2013 9:09:00 PM Categories: Allianz Executive Movement
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