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Allianz and Standard Chartered Bank signed bancassurance agreement

Standard Chartered Bank and Allianz have signed a 15-year bancassurance agreement. It covers the distribution of Allianz’s general insurance products to Standard Chartered’s retail banking clients in five key markets across Asia. The new partnership arrangement in Malaysia, Hong Kong, Singapore, Indonesia and China will be implemented during the course…

Berkshire Hathaway

Berkshire Hathaway wins reinsurance licence in M’sia

Warren Buffett’s Berkshire Hathaway has won a licence to provide reinsurance services in Malaysia, the billionaire investor’s group said, as it expands operations in Asia. Berkshire Hathaway Specialty Insurance Company (BHSI) said in a statement on Monday it has established an office in Kuala Lumpur to provide the non-life reinsurance…

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Zurich Insurance Malaysia To Boost Investment-linked Products With New Policy

Zurich Insurance Malaysia Bhd aims to boost its investment-linked products with the introduction of a new rider insurance, Zurich MegaMed. Its Chief Executive Officer, Philip Smith, said the Zurich MegaMed rider would suit its investment-linked products and provide more choices in tailoring their healthcare and life protection needs. The new…

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Insurance Industry Writes New Chapter In Transformation Journey In 2016

Malaysia’s insurance industry wrote itself a new chapter in its transformation journey with the introduction of the first phase of liberalisation of motor and fire insurance tariffs on July 1. The detariffication exercise was finally put into action after discussions between industry players and Bank Negara Malaysia (BNM) was initiated…

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Pos Malaysia to offer Pos Khairat Takaful

Pos Malaysia Bhd expects revenue of between 10%-15% next year from premiums worth RM10mil to be sold following the strategic partnership with Etiqa Takaful Bhd. The postal service provider has inked the partnership deal with Etiqa Takaful, to offer the pioneer family takaful plan, Pos Khairat Takaful. The plan is…

LIAM

Strong Growth of Life Insurance for first 3 quarters of 2016

The life insurance industry continued to deliver a strong performance in the first three quarters of 2016 with 18.3% growth in new business weighted premium (100% of regular premiums plus 10% of single premiums). New business weighted premium hit RM3.68 billion compared with RM3.11 billion achieved in the same period…

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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-insurance

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…

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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…

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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…