Author: malaysiainsurance

Free-form insurance blogging - anything on earth.... maybe outer space but that's necessarily on and about insurance

The LIAM’s perspective on Sell insurance online

The Life Insurance Association of Malaysia (LIAM) is urging insurance companies to sell their products via online platforms to drive the penetration rate to 75% in 2020 from the current 56%….LIAM president Toi See Jong expressed hope that the companies could establish their own platform by Jan 1, 2017.

Phased Detariffication and Leberalisation of the Non-Life or General Insurance Industry

We heard a lot about the impending detariffication recently, and as with most events that trigger the changing of processes, peoples and products cum services there tend to be instability and misunderstand (of the majority) of the actual change needed…

The Horses Mouth | The Concept Paper for Detariffication and Liberalisation Roadmap

BNM is not exactly sure how to deal with those queries put forth by the audience. We were not sure if those queries confuse BNM or BNM’s replies having confused the audience; ultimately they think going back to cardinal rule#1, just submit to BNM for us to eye-ball and we shall tell you if those products that were being mentioned were indeed have no infringement of the tariff and the spirit behind this roadmap….






Detariffing Motor & Fire Insurance and Liberalisation of the Malaysian General Insurance Industry

The (BNM) Bank Negara’s Concept Paper on “PHASED LIBERALISATION OF MOTOR AND FIRE TARIFFS” is out, posted on their kijang-net portal and awaiting responses (until 29 April 2016) from insurance practitioners. I thought of highlighting what I could possibly see and decipher from the very “condensed” write-up. I would appreciate some feedbacks from you guys before I summarise some responses to BNM. By the way, I am not able to post the full concept paper here as the paper is not supposed to be for public viewing, nevertheless I should provide you with one if you have genuine intention to provide necessary feedback. Kindly provide me with the necessary info within the following contact form:






Liberating the Malaysian Motor and Fire Insurance Tariffs

In the first phase (the first year of implementation, starting July 1), the industry will be allowed to offer “new products” and optional add-on covers at market rates. This can include, for example, additional policies to cover engine hydro-lock (water entering the engine in lightly flooded areas, separated out from the currently costly flood damage insurance), lost car key replacement, and perhaps even the availability of courtesy cars.






What is so professional about an Insurance Agent?

Professional agents should be more concerned about the client’s exposures than even the client is because of the significant consequences of improper or missing coverages. Insurance is about saving your client from ruin!






The Four Key Disciplines For Reinsurers

Berkshire is far more conservative in avoiding risk than most large insurers. For example, if the insurance industry should experience a $250 billion loss from some mega-catastrophe – a loss about triple anything it has ever experienced – Berkshire as a whole would likely record a significant profit for the year because of its many streams of earnings. We would also remain awash in cash and be looking for large opportunities to write business in an insurance market that might well be in disarray. Meanwhile, other major insurers and reinsurers would be swimming in red ink, if not facing insolvency.






Malaysia’s New Financial Ombudsman Scheme

The Financial Services (Financial Ombudsman Scheme) Regulations 2015 and their Islamic equivalent came into force on 14 September 2015. The regulations establish a Financial Ombudsman Scheme (FOS) in Malaysia as part of efforts by Bank Negara Malaysia (BNM) to enhance financial dispute resolution arrangements for consumers and strengthen consumer protection. The FOS will be an alternative to, but will not replace, dispute resolution through the courts.






Country Snapshots Of Malaysia Insurance Industry | An AXCO Insurance Publication

Came across the following snapshot information on Malaysia Insurance industry; although the info was in relation to year 2014 but it is still a very useful one. Hope you enjoy browsing them. Market Size Malaysia’s total insurance market was ranked…

15-Day Celebration of Chinese New Year – Chinese Customs

The festival traditionally begins on the first day of the first lunar month (Traditional Chinese: 正月; Pinyin: zhēngyuè) in the Chinese calendar and ends on the 15th; this day is called Lantern Festival. The first day of the New Year is known as Yuan Dan (Chinese: 元旦; pinyin: yuándàn (First Morning of the year), New Year’s Day, First Day (or Duan Ri).