The Malaysian Personal Data Protection Act 2010 (“the Act”) places restrictions on the transfer of personal data outside Malaysia unless it is: to a jurisdiction which has been approved under Section 129(1); or one of the conditions set out in…
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.
After being one of the top performers in ASEAN in 2014, cost of insuring Malaysian sovereign debt has risen the most this year compared benchmarked to its ASEAN peers as state investor 1MDB’s financing woes grew and concerns deepened about the prospects for the net oil exporter’s petroleum revenues.
The non-life insurance industry is not likely to see any detariffication in the near term; more like the Bank Negara putting it through some form of restructuring, i.e. from a risk-based premium pricing to making the industry workforce and agents more professional in their modus operandi. The following are emphasis:
(1) Premium should be fairly charged —- risk behaviour of policyholder is important.
(2) Insurers and Takaful operators must have a proper pricing regime in place so that those fairness as pointed out in item (1) above could be dispense. Not sure if this pricing regime is to be submitted to the regulator before launching the premium pricing structure….