Helpful Tips on insurance

Take note when buying Insurance online

BEGINNING next year, insurers must offer pure protection products through a direct channel without commissions under the LIFE Framework – a Bank Negara effort to bring costs down as most Malaysians are under-insured. With new technologies and new markets, liberalisation isn’t something we can stop, shrugs National Association of Malaysian…


Medical premiums up again

Medical insurance premiums have gone up again and policyholders are not happy about it. Agents from several companies said the increases, which were “now a norm”, had started early this year. It is not just new products that have been repriced as existing policyholders are also affected, they added. Policyholders…

Helpful Tips on insurance

What to do after a road accident

If you drive regularly, the statistics suggests that sooner or later, you will be involved in an accident. The only question left is how severe will the accident be. Hopefully, with a bit defensive driving and due care on your part, it will be nothing more than the inconvenience of…

Allianz logo

Allianz’s buy plan may involve bancassurance ops

Allianz Malaysia Bhd’s (AMB) proposed move to acquire HSBC Amanah Takaful (M) Bhd (HAT), a deal thought to be worth RM240mil to RM300mil, will likely involve a bancassurance agreement which will fill up a void once AMB’s current bancassurance tie-up with CIMB Group Holdings Bhd ends next year. Industry sources…


HLFG, HLA call off talks to sell insurance, takaful biz

Hong Leong Financial Group Bhd (HLFG) and its unit HLA Holdings Sdn Bhd (HLAH) have called off talks to sell HLAH’s stake in the group’s insurance and takaful businesses. HLFG and its unit HLAH “could not reach an acceptable commercial agreement with the Bank Negara Malaysia (BNM) approved negotiating parties”….

Allianz logo

Allianz Malaysia eyes possible takeover of HSBC Amanah Takaful

Allianz Malaysia Bhd, which has been looking to secure an Islamic insurance or takaful business for several years, will begin negotiations to acquire up to 100% equity interest HSBC Amanah Takaful (M) Bhd. Allianz Malaysia, a subsidiary of Germany-based financial services giant Allianz SE, told Bursa Malaysia on Friday that…


MyCC Investigating Several Insurance Companies

The Malaysia Competition Commission (MyCC) is investigating several general insurance companies under the Competition Act 2010 for allegedly being involved in anti-competition agreements in the motor vehicle repair industry in the country. MyCC Chief Executive Officer Datuk Abu Samah Shabudin said the MyCC was investigating commercial activities between vehicle repair…


Takaful Malaysia posts 30% profit jump

Higher sales in family and general takaful businesses, as well as wakalah fee income, fuelled a 30% increase in Syarikat Takaful Malaysia’s net profit for the third quarter this year. From M$34.42 million (US$8.19 million) or 4.21 sen per share a year earlier, its net profit stood at M$44.86 million,…


Bank Negara wants insurers to offer such products through direct channel from next year

Beginning next year, insurers will be required to offer pure protection products through a direct channel without commissions, said Bank Negara governor Datuk Muhammad Ibrahim. “The high Internet and mobile phone penetration in Malaysia suggests that internet or mobile insurance makes good sense,” he said in his speech at the…


AIA all geared up to adopt Life Framework

AIA Bhd, one of the top three life insurers in the country, is all geared up to adopt the Life Insurance and Family Takaful Framework (Life Framework) when it goes into full swing in 2019. The framework, which was issued via concept paper in November 2015 by Bank Negara, contains…