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.

STMB delivered improved results 

Insurance News

  -  February 17, 2014
STMB posted 37.4% improvement in full-year earnings and 6.5% increase in revenue in 2013.  http://bit.ly/TAS140217a 

 

Posted by Loo Hai Monday, February 17, 2014 8:28:00 PM Categories: STMB Takaful
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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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IFSA intensifies fight for talents 

Insurance News

  -  July 15, 2013
The new IFSA 2013 which requires separation of family and general takaful licences may put some strain on the takaful industry.  The fight for talents is likely to intensify with more takaful entities after the separation of licences chasing after the same pool of talents.
Takaful industry faces hiccups under new legislation - The Star KUALA LUMPUR: The takaful industry, which expects new business growth of at least 20% this year, faces some hiccups with the implementation of new legislation in the form of the Islamic Financial Services Act (IFSA) 2013.

 

Posted by Loo Hai Monday, July 15, 2013 7:11:00 PM Categories: Executive Movement Takaful
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General takaful licences up for grabs? 

Insurance News

  -  June 24, 2013
HSBC Amanah Takaful, PruBSN, HLMT and maybe even CIMB Aviva Takaful are considering disposing their general takaful business, given that under IFSA their family and general takaful businesses are to be separated into 2 legal entities with minimum capital of RM100 mil each. The small size of their general takaful business means that injection of new capital is hardly sensible from commercial point of view.
Takaful companies plan to dispose general biz - The Sun Daily PETALING JAYA (June 24, 2013): At least three Islamic insurers are considering disposing their general takaful business ahead of the Islamic Financial Services Act 2013 (IFSA), which comes into force next month.

 

Posted by Loo Hai Monday, June 24, 2013 6:39:00 PM Categories: Aviva CIMB FSA Hong Leong MSIG HSBC Amanah Takaful Merger PruBSN Takaful
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Lifting of overseas investment limit not likely to have impact 

Insurance News

  -  Apr 16, 2013
Takaful operators in Malaysia have low investment exposure in overseas assets; the lack of expertise and low risk appetite are 2 factors slowing down the drive for overseas venture. Recently the government lifted the limit on overseas investments but the move is seen to have minimal impact given that most operators are fall below the old limit.
Malaysia's Islamic insurers hesitant on overseas investment - The Edge KUALA LUMPUR/DUBAI, April 15 (Reuters) - Malaysia is promoting overseas investment by its takaful firms(Islamic insurers) as it seeks to internationalise its Islamic finance industry, but a lack of expertise and low risk appetite are likely to slow the drive.

 

Posted by Loo Hai Tuesday, April 16, 2013 6:59:00 PM Categories: Regulations Takaful
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Proposed enhancements to appointed actuaries' role 

Insurance News

  -  Mar 22, 2013
BNM is targeting to release for consultation its proposed enhancements to existing Guidelines on the Appointed Actuary in April this year. The proposed enhancements would include:
  1. Strengthen the effectiveness of the actuarial function in supporting the insurers' and takaful operators' management of insurance/takaful and financial risks.
  2. Limit the Appointed Actuary's involvement in the pricing of insurance/takaful products.
  3. Set out requirements to support more effective communications of key issues and concerns by the Appointed Actuary to the board and management.
  4. Greater expectations for the board to have a good understanding of important actuarial issues and how these bear on an insurer or takaful operator's risk appetite and business strategy.
  5. Extend the appointed actuary guidelines to general insurers and takaful operators, including the requirement of financial condition reports to be tabled by the appointed actuaries to the board.
Prudential Requirements Applicable to Appointed Actuaries - The 2012 Financial Stability and Payment Systems Report Related to efforts by the Bank to strengthen risk governance practices in financial institutions was an exercise undertaken by the Bank to review the existing prudential requirements applicable to Appointed Actuaries.

 

Posted by Loo Hai Friday, March 22, 2013 6:56:00 PM Categories: actuary BNM Regulations Risk Management Takaful
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Insurance related items in BNM's Annual Report 2012 

Insurance News

  -  Mar 21, 2013
BNM released it's annual report yesterday.  The following are the insurance related items and announcements:
  1. The Financial Services Act (FSA) will be effective in May or June this year.
  2. Separate licenses for life and general insurance segments would encourage greater prudence as life and general insurance are of different nature.
  3. Resident takaful operators are permitted to undertake investments abroad of any amount on behalf of their resident clients subject to RBC requirements.  This will be effective when FSA comes into force.

Source: KiniBiz, The Star

 

Posted by Loo Hai Thursday, March 21, 2013 9:17:00 PM Categories: BNM Takaful
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