The number of general insurance agents in Malaysia is expected to grow by 26% this year, from more than 35,000 in the industry in 2010 (Source: Asia Insurance Review 15/9/2011).
How many of those Agents who will remain active in the insurance market place? From my personal experience and observation, at least 80% of newly registered Agents will disappear from the scene in less than 2 years. Majority who remained, are likely to be less active in the market either these people have vested business elsewhere (where insurance commission is just a side income) or they are just contented with the little commission earned from the insurance agency.
Applying the 20:80% rule, the fact remained that 20% of active agents are likely to be the main contributors to the Insurers' coffers in terms of insurance premium generated.
Sunday, September 18, 2011
Monday, September 5, 2011
Two in five Indians are considered unhealthy
A study by a prominent health insurance company in India claims that 40% in the country are unhealthy, while one out of every 10 is obese (Asia Insurance Review 25/8/11)
Malaysia? Could be worst with the many fast foods, oily foods, junk foods, high cholestrol foods etc available for consumption 24 hours a day and yet everyone blamed no time for any form of exercises.
Even at the walkalator seen at airports, people just stand and let the walkalator takes them to the end of the line. Some people at fitness centre must take the lift to the 1st floor to exercise when one can easily walk up there to burn some calories. Just Plain lazy.
Saturday, September 3, 2011
1.Australia: US$1.89 bln paid out for CATs
Insurance payouts after the Queensland floods and Cyclone Yasi have reached A$1.86 billion (US$1.89 billion), says the Insurance Council of Australia (ICA) in a report in the Herald Sun.
2.Australia: Insurance market heats up with new entrant
Supermarket giant Woolworths has teamed up with Swiss Re, the second largest reinsurer in the world, and The Hollard Group, a leading international insurance provider, to offer first life and pet insurance policies, with home and car policies to follow later. The products will be sold through call centres and online only, not in-store.
3. Australia: IAG warns of premium hikes;
Suncorp sees little room for higher premiumsInsurance Australia Group, the largest car and home insurer Down Under, warns that pressure remains for a further hike in premiums following billions ofdollars in payouts in the wake of a string of major natural disasters over the past year.
Source: Asia Insurance Review Aug 2011
Insurance payouts after the Queensland floods and Cyclone Yasi have reached A$1.86 billion (US$1.89 billion), says the Insurance Council of Australia (ICA) in a report in the Herald Sun.
2.Australia: Insurance market heats up with new entrant
Supermarket giant Woolworths has teamed up with Swiss Re, the second largest reinsurer in the world, and The Hollard Group, a leading international insurance provider, to offer first life and pet insurance policies, with home and car policies to follow later. The products will be sold through call centres and online only, not in-store.
3. Australia: IAG warns of premium hikes;
Suncorp sees little room for higher premiumsInsurance Australia Group, the largest car and home insurer Down Under, warns that pressure remains for a further hike in premiums following billions ofdollars in payouts in the wake of a string of major natural disasters over the past year.
Source: Asia Insurance Review Aug 2011
Saturday, August 6, 2011
Malaysia: Car owners must be advised of appropriate vehicle value
Local News
Insurers have to advise consumers on the appropriate market value of motor vehicles when the latter purchase comprehensive motor insurance cover for private cars with effect from this month, says Bank Negara Malaysia.
The Market Valuation of a motor vehicle is a rather subjective matter as much depends on the condition of vehicle, sole ownership, the month/year the vehicle is registered (those registered in December would be taken as 1 year old vehicle in January the following month/year), the mileage clocked in, the vehicle licence plate number (which can carry cursed numbers like 444, 4141 etc or auspicious numbers like 1168, 8888, 1688, 1188 etc or even unlucky number like 9248)
How can this valuation exercise be effectively implemented by the Insurers? Let us wait and see.
Regional News
Singapore: 100% surge in bancassurance premium drives life sector's 1H growth
Singapore's life insurance industry registered a total of S$941.5 million (US$777.6 million) in weighted new business premiums for the first half of 2011, a 38% growth over the same period last year. New business weighted premium from bancassurance surged an impressive 100% from $161 million in the first half of 2010 to record $322 million, according to the Life Insurance Association (LIA) of Singapore.
Thailand: Toyota Vios the most insured vehicle
Among 50 car models, the Toyota Vios was the most insured automobile in Thailand at 762,297 units, drawing more than THB10 billion (US$336 million) in premium income for the industry between 2005 and 2009, according to data from the Insurance Premium Rating Bureau (IPRB).
Insurers have to advise consumers on the appropriate market value of motor vehicles when the latter purchase comprehensive motor insurance cover for private cars with effect from this month, says Bank Negara Malaysia.
The Market Valuation of a motor vehicle is a rather subjective matter as much depends on the condition of vehicle, sole ownership, the month/year the vehicle is registered (those registered in December would be taken as 1 year old vehicle in January the following month/year), the mileage clocked in, the vehicle licence plate number (which can carry cursed numbers like 444, 4141 etc or auspicious numbers like 1168, 8888, 1688, 1188 etc or even unlucky number like 9248)
How can this valuation exercise be effectively implemented by the Insurers? Let us wait and see.
Regional News
Singapore: 100% surge in bancassurance premium drives life sector's 1H growth
Singapore's life insurance industry registered a total of S$941.5 million (US$777.6 million) in weighted new business premiums for the first half of 2011, a 38% growth over the same period last year. New business weighted premium from bancassurance surged an impressive 100% from $161 million in the first half of 2010 to record $322 million, according to the Life Insurance Association (LIA) of Singapore.
Thailand: Toyota Vios the most insured vehicle
Among 50 car models, the Toyota Vios was the most insured automobile in Thailand at 762,297 units, drawing more than THB10 billion (US$336 million) in premium income for the industry between 2005 and 2009, according to data from the Insurance Premium Rating Bureau (IPRB).
Wednesday, August 3, 2011
Australia: Most insurers yet to capitalise on mobile phone technology
Surprised surprised.
Most Australian insurers are yet to offer any mobile applications for their employees,
customers, agents or brokers despite the fact that the country is one of the world's
most mature mobile markets, with 17% of Australians using their mobile-connected
devices to search for and make decisions about insurance.
Source: Asia Insurance Review 1.8.2011
Most Australian insurers are yet to offer any mobile applications for their employees,
customers, agents or brokers despite the fact that the country is one of the world's
most mature mobile markets, with 17% of Australians using their mobile-connected
devices to search for and make decisions about insurance.
Source: Asia Insurance Review 1.8.2011
Thursday, July 28, 2011
Insurance News Across Asia 28/7/2011
1. Thailand: Rising costs of employer-provided health insurance becoming a concern
The rapid rise of employer-provided health insurance has quickly become one of the biggest financial challenges facing companies throughout the world, and Thailand will share the same fate if the current trend continues for another five to 10 years.
2. Australia: Older people seek more financial advice
Wealthy older men are the biggest consumers of financial advice and are far more likely to use a planner than those under age 34, or women, a recent study by Roy Morgan Research shows.
The rapid rise of employer-provided health insurance has quickly become one of the biggest financial challenges facing companies throughout the world, and Thailand will share the same fate if the current trend continues for another five to 10 years.
2. Australia: Older people seek more financial advice
Wealthy older men are the biggest consumers of financial advice and are far more likely to use a planner than those under age 34, or women, a recent study by Roy Morgan Research shows.
Tuesday, July 26, 2011
Insurance News Across Asia 27/7/2011
1. Asia: Motor insurance can be profitable if priced properly
The growing demand for motor vehicles around Asia has created big opportunities for insurers, which will have to look at ways of providing cover at affordable prices while trying to maintain underwriting surplus. To be effective in this market, companies need to look seriously into their approach to pricing, said speakers yesterday at the 2nd Asian Motor Insurance and Claims Management Conference being held in Colombo, Sri Lanka.
2. Global: Opportunities for insurance innovation
Younger consumers and those from emerging markets are much more interested in innovations such as mobile services and much more likely to shop around, according to a survey of 7,000 people from 13 countries by the global consulting firm, Accenture.
3. Australia: Apartment owners face premium hike "crisis"
Apartment owners in north Queensland face premium rises of up to 400% in what has been called an "insurance crisis" by an umbrella body which represents the strata title sector. The rate hikes have led strata title owners to complain to a government panel that they are being unfairly targeted with "explosive" increases in insurance costs.
Asia Insurance Review 27/7/2011
The growing demand for motor vehicles around Asia has created big opportunities for insurers, which will have to look at ways of providing cover at affordable prices while trying to maintain underwriting surplus. To be effective in this market, companies need to look seriously into their approach to pricing, said speakers yesterday at the 2nd Asian Motor Insurance and Claims Management Conference being held in Colombo, Sri Lanka.
2. Global: Opportunities for insurance innovation
Younger consumers and those from emerging markets are much more interested in innovations such as mobile services and much more likely to shop around, according to a survey of 7,000 people from 13 countries by the global consulting firm, Accenture.
3. Australia: Apartment owners face premium hike "crisis"
Apartment owners in north Queensland face premium rises of up to 400% in what has been called an "insurance crisis" by an umbrella body which represents the strata title sector. The rate hikes have led strata title owners to complain to a government panel that they are being unfairly targeted with "explosive" increases in insurance costs.
Asia Insurance Review 27/7/2011
Saturday, July 23, 2011
Insurance News across Asia
1) Nine in 10 Singaporeans are underinsured
Only one in 10 Singaporeans is currently adequately insured, based on the industry recommendation of having total coverage of approximately 10 times one's annual income. This is according to the 2011 AIA
Singapore Nationwide Protection Survey research findings.
2) Tokio Marine to offer Japan's 1st one-day car insurance
Tokio Marine & Nichido Fire Insurance will begin offering auto insurance by theday in October - an industry first, according to an announcement by the non-life insurance giant.
3) Japan: Quake insurance sales soar
Earthquake insurance sales to homeowners in Japan grew more than five times in April from a year earlier, according to a report by the Non-Life Insurance Rating Organization of Japan (NLIRO).
Source: Asia Insurance Review July 2011
Only one in 10 Singaporeans is currently adequately insured, based on the industry recommendation of having total coverage of approximately 10 times one's annual income. This is according to the 2011 AIA
Singapore Nationwide Protection Survey research findings.
2) Tokio Marine to offer Japan's 1st one-day car insurance
Tokio Marine & Nichido Fire Insurance will begin offering auto insurance by theday in October - an industry first, according to an announcement by the non-life insurance giant.
3) Japan: Quake insurance sales soar
Earthquake insurance sales to homeowners in Japan grew more than five times in April from a year earlier, according to a report by the Non-Life Insurance Rating Organization of Japan (NLIRO).
Source: Asia Insurance Review July 2011
Thursday, June 23, 2011
Malaysia: Indonesian maids in country to enjoy insurance
Asia Insurance Review 22 June 2011
Quote:
"Indonesian maids working in Malaysia will soon be covered by insurance for accidents at work, with benefits of up to RM40,000 (US$13,200) for a premium of as low as RM70 a year"
First, the Foreign Workmen Compensation Insurance, then comes
Foreign Workmen Medical Insurance...Now
Insurance for Indonesia maids (why only Indo maids) ....Next
Your Guess?
Big business opportunities for Agents.
Quote:
"Indonesian maids working in Malaysia will soon be covered by insurance for accidents at work, with benefits of up to RM40,000 (US$13,200) for a premium of as low as RM70 a year"
First, the Foreign Workmen Compensation Insurance, then comes
Foreign Workmen Medical Insurance...Now
Insurance for Indonesia maids (why only Indo maids) ....Next
Your Guess?
Big business opportunities for Agents.
Wednesday, June 22, 2011
Fire Protection at Construction Sites
Followings are preferred fire and security arrangements at construction sites to minimize the risk of fire occurring:
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1 Proper fence protection of sites and stores
2. Doors & locks to be installed for storage buildings
3.Proper storage of goods and flammable liquids with adequate spacing
4. Elimination of dry grass, shrubs and used packing materials
5. No smoking rules in exposed areas and strict control/ enforcement
6. Strict control of hot works, application of welding permit
7. Provision of hydrants or easy accessibility to public hydrants
8. Setting up of own fire team with responsible head / Regular drills
9 Setting up of emergency plans and procedures
10. Clear accessibility to all site areas and stores
11. Watchmen on duty
2. Doors & locks to be installed for storage buildings
3.Proper storage of goods and flammable liquids with adequate spacing
4. Elimination of dry grass, shrubs and used packing materials
5. No smoking rules in exposed areas and strict control/ enforcement
6. Strict control of hot works, application of welding permit
7. Provision of hydrants or easy accessibility to public hydrants
8. Setting up of own fire team with responsible head / Regular drills
9 Setting up of emergency plans and procedures
10. Clear accessibility to all site areas and stores
11. Watchmen on duty
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