Year: 2014

Widow of Zurich CFO to confront insurer at AGM over suicide

Seven months after the suicide of Zurich Insurance finance chief Pierre Wauthier, his widow is set to confront the company over its handling of the tragedy, reopening a scandal that unsettled investors….

What’s Next When Insurer Breaches The Central Bank’s Guidelines

The following are some excerpts from the meeting relevant to the insurance industry:
During the meeting MyCC Chairman, Tan Sri Dato’ Seri Siti Norma Yaakob requested some clarifications by Bank Negara Malaysia (BNM) in relation to banks or insurance companies breaching the Central Bank’s guidelines. BNM clarified that while no financial penalty will be imposed, in such cases, the bank or insurance company found to be in breach will be required to refund the money to the consumer or replace the product. According to BNM, it holds the bank and insurance companies responsible over the actions of their agents.






MH370 Insurance settlement for loss of airplane

This is the latest development in regards to the insurance settlement of the loss of jet plane, Boeing 777 – 200ER. We understood from the market that the jet (also referred to as the Hull in the insurance sense) is insured on a Hull All Risks basis for USD100 million, which usually is on an agreed value basis. Of course, in addition to this Hull’s sum assured there are others, like legal liability to third-party including passengers, personal injury, medical related expenses, cargo and mail legal liability, baggage & personal effects, premises, hangar-keeper & product liability. … all of these categories are subject to a combined single limit, which we think should be in the region of USD420 million. In addition too Hull War risks are covered to an agreed value similar to the Hull value, i.e. USD100 million. To sum all these sum assureds up, we should get:






The Insurance Of Life | Inflation Kills

Today I read an article on Malaysia Kini where a health insurance policyholder lamented over why insurer has to be so divisive over various treatment options; one that requires hospital admission and one being on outpatient basis. If the policyholder…

Five (5) Categories Of Staff Your Organisation Should Do Away

This article was written by Xin Chao from Indochina Consultants, Administrators Company Limited (ICA)…. I found this interesting and thought posting here should be good for the readers…. Thanks Xin Chao….for the article. Staff you should not keep! Much is…

Insurance Of Men’s Most ‘Prized Private Part’

Talking about men’s most prized private part, i.e. the penis, an underwear company in Canada has decided to provide insurance of the penis to help spur the sales of or perhaps to ignite further the interest in their underwear. I…

Time to file your taxes | Malaysian Tax system

I stumble on this infograph recently, which I think is useful for readers of Malaysia Insurance Online for this is the tax season of the year. Hope you likewise find this useful…. Courtesy: imoney.my

Malaysia top in ASEAN and Asia for road fatality | An Insurance Dilemma

Motor vehicle collision…. ever thought of underwriting third party insurance on motorcycle? What about increasing the private car comprehensive motor insurance premium – by way of more loading? Will the motor insurance premium takes a dive when the motor segment of…

Hiring the best for the insurance industry | Learning from Google

Leadership – in particular emergent leadership as opposed to traditional leadership. Traditional leadership is, were you president of the chess club? Were you vice-president of sales? How quickly did you get there? “We don’t care. What we care about is, when faced with a problem and you’re a member of a team, do you, at the appropriate time, step in and lead. And just as critically, do you step back and stop leading, do you let someone else? “Because what’s critical to be an effective leader in this environment is you have to be willing to relinquish power.”






Insuring the lackadaisical attitudes of men in authority

The 44-page report highlights the systematic failure by the government agencies for not assuming full responsibility and exercising the jurisdiction and power accorded to them, details that have been speculated by the public all this while. It was further cemented in strong words by the panel as per item 3.5 of the report entitled ‘Lackadaisical Attitude on Road Safety’: The Panel is deeply….