Sunday, November 28, 2010

Medical Insurance Coverage for Foreign Workers

Agents...take note.  More business coming your way with the compulsory medical coverage to cover foreign workers.

According to the announcement by the Health Minister, Datuk Seri Liow Tiong Lai, all foreign workers employed in Malaysia must be covered by medical insurance from January 1, 2011. Each worker must have medical insurance coverage with an annual premium of RM120.00.

Liow said the move was to ensure foreign workers' medical bills were taken care of and would not burden the Government.

Sundat Star 28 November 2010

Tuesday, November 16, 2010

Asia: Bancassurance to grow in importance as distribution channel

Asia:
Bancassurance is growing in many Asian markets, boosted by deregulation of the banking sector and
insurance companies intending to optimise distribution via banks, according to a report by the US-headquartered research and advisory firm, Celent, titled "Bancassurance in the Asia-Pacific Region: Replacing the Agency Distribution Model".

Is this situation holds true in Malaysia ?? I believe so with so many local/foreign banks offering bancassurance products to its high customers base in Malaysia.

Can you find any disadvantages with bancassurance?


Australia: AMP makes renewed offer for AXA Asia Pacific

AMP, Australia's second biggest asset manager, has launched a new offer for AXA Asia Pacific, valuing the
latter at more than A$13 billion (US$12.8 billion), which is about 20% more than an initial offer that was rejected a year ago. If the new offer is accepted, AMP will hold the number one market position for risk insurance, retail superannuation and retirement income in Australia. In New Zealand, AMP will be No. 1 in the growing corporate superannuation market.

Taiwan: Regulator eases infrastructure investment rules for insurers
Taiwan's Financial Supervisory Commission has amended insurance regulations to allow insurers to increase their investment in companies involved in public infrastructure projects, reports Taiwan Today.

China: Shipping-related insurance business booms in Shanghai
Shanghai's shipping and cargo insurance business has grown far ahead of the national average as the city
taps its potential as a shipping hub, according to the Shanghai-based Eastday information portal citing the city's insurance regulator.

Asia Insurance Review 16/11/2010

Wednesday, November 10, 2010

Malaysia: Auto repair body and insurers collaborate on grading database

1. The Federation of Automobile Workshop Owners Association Malaysia, (FAWOAM) is expected to implement a new grading system for 500 motor workshops nationwide by January, in collaboration with the new General Insurance Association of Malaysia (PIAM) authorised repairer scheme, according to the Daily Express newspaper of East Malaysia. For a start, the system will cover the top six selling marques in the
country - Proton, Perodua, Honda, Nissan, Kia and Toyota - which make up 85% of cars sold in Malaysia.


Other Asian News
2. China: Banking regulator issues new rules for banks selling insurance
China's banking regulator, the China Banking Regulatory Commission (CBRC), has unveiled new rules governing the sale of insurance by banks as lenders get set to diversify into the area under recently relaxed rules, reports Reuters.

3. The Philippines: General insurers lobby to update insurance law
The Philippines' insurance trade body is calling for the country's 36-year-old Insurance Code to be updated so as to help improve the performance of the industry, reports The Philippine Star. Two critical issues for immediate attention are the Insurance Commission (IC), which supervises the sector, and taxes.

4. Asia: Increasing claims ratios reinforce need for loss adjusters
Considering sound and suitable claims handling, insurers and reinsurers need to rely on independent, technical and transparent loss adjusters, as Asia is increasingly seeing higher claims ratios based on equipment age and internationalisation, according to speakers at The International Federation of Adjusting Associations (IFAA) 2nd Regional Claims Conference, themed: The Claim Life-Cycle, held yesterday in Singapore.


5. India: Regulator bars credit insurance business by insurers
India's non-life insurance industry has been barred from selling all forms of credit insurance, in the wake of massive claims faced by state-owned insurer, Oriental Insurance, on a cover granted to Paramount Airways, reports The Economic Times. The directive order applies to all insurance companies, except the state-owned export credit and guarantees corporation.

6. Asia: Countries in region learn from pension experience of others
Asian countries are "leapfrogging" stages of pension scheme development experienced by countries with more mature systems, such as Australia. The Australian system took 40 years to evolve, but the Asian ones will get to the same point within 15 to 20 years, reports the Financial Times citing Mr Peter Promnitz, Head of Asia Pacific for Mercer.


Asia Insurance Review 10/11/2010

Tuesday, November 2, 2010

Global: 2010 'exceptional year' for weather disasters

1. Global: 2010 has so far been an "exceptional" year for weather-related disasters, that included catastrophic floods in Pakistan, wildfires in Russia, and hurricanes in Mexico, reports Agence France
Presse citing an expert at global reinsurance giant Munich Re.


2. Indonesia: Govt planning disaster insurance scheme
The Indonesian government is planning to set up a disaster insurance scheme to cover financial losses and provide for emergency needs in the face of a string of tumultuous natural disasters that have struck the country in recent years.

3. India: Stable profitable growth forecast for life sector
The Indian life insurance industry is at the threshold of having stable profitable growth, according to a study by the Confederation of Indian Industry (CII) and international accounting firm, Ernst & Young (E&Y).

4. Hong Kong: AIA shares make strong debut
AIA's share price soared by 17% on the insurer's debut last Friday on the Hong Kong stock exchange, ending the day at HK$23.05 (US$2.97), compared to the IPO price of HK$19.68. The intra-day high was
HK$23.15.

5. China: Robust growth for insurance industry for Jan-Sep
China's insurance industry collected premiums of 1,132.43 billion yuan (US$169.75 billion) for the first nine
months of this year, up 32% year on year, according to the latest data from the China Insurance Regulatory Commission (CIRC).


Asia Insurance Review 1/11/2010