Malaysian Life Insurance Companies
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2 Content No Content 1. Malaysian Life Insurance Companies 2. Regulation & Legislation 3. Life Insurance Indicators 4. Distribution Channels + Product Portfolio 5. Challenges in Life Insurance Industry 6. Takaful Growth 7. Life Insurance Industry Outlook 8. Life Insurance Training by MII
3 Malaysian Life Insurance Companies
4 Malaysian Insurers- 1958
5 Malaysian Insurers First Life Insurance co. (Pte.) Ltd. Wing On Life Assurance Co. Ltd. American Insurance Co. Ltd. Fireman s Insurance Company of Newark, New Jersey First General Insurance Company of Malaysia Sdn. Bhd. General Accident Fire and Life Assurance Corporation Ltd. Insurance Company of North America Industrial and Commercial Insurance Co. Ltd. K.S.M. Insuran Berhad L Union Des Assurances De Paris L Union I.A.R.D. Law Union and Rock Insurance Co. Ltd. London and Pacific Insurance Co. Sdn. Bhd. Malayan Motor and General Underwriters (Private) Ltd. New Hampshire Insurance Company Royal Insurance Co. Ltd. British-American Insurance Co. Ltd. Public Life Assurance Co. Ltd. London and Overseas Insurance Co. Ltd. The London Assurance New Zealand Insurance Co. Ltd. People s Insurance Company of Malaya Ltd. Provincial Insurance Co. Ltd. South British Insurance Co. Ltd Sovereign General Insurance Sdn. Bhd. Straits & Island Insurance Sdn. Bhd. Taisho Marine and Fire Insurance Co. Ltd. Tokio Marine and Fire Insurance Co. Ltd. Tugu Insurance Co. Sdn. Bhd. United General Insurance Co. Sdn. Bhd. United India Fire and General Insurance Co. Ltd. Union Insurance Society of Canton, Ltd. Victoria Insurance Co. Ltd. Wing On Fire and Marine Insurance Co. Ltd. Lloyd s Capital Insurance Berhad China Underwriters Life and General Insurance Co. Ltd. Malaysian Co-operative Insurance Society Ltd. Overseas Assurance Corporation, Ltd. Safety Life and General Insurance Sdn. Bhd. Talasco Insurance Sdn. Bhd.
6 Malaysian Insurers LIFE RE/INSURANCE COMPANIES 8 COMPOSITE RE/INSURANCE COMPANIES
7 Regulations and Legislations
8 Regulatory Milestones Independence 1957 Trading firms and agency houses acted as agents for insurance companies from the UK in the Federation of Malaya Started in 3 major ports along the straits of Malacca, i.e; Penang, Malacca and Singapore 18 th 19 th centuries 1952 Workmen s Compensation Act 1952 was in acted. Growth of many life insurance companies. 1 Some of these companies operated on an unsound basis with improper underwriting guidelines. Insurance Act 1963 was enacted. Governed by the Ministry of Finance, sup ervised by the Director General of Insurance The insurance industry was brought under the supervision of the Central Bank of Malaysia (BNM). Insurance Act 1996 replaced Insurance Act The close supervision of solvency and market conduct and the strengthening of regulatory framework. 1996
9 Regulatory and Legislative Changes Before Solvency Regime Now Risk-Based Capital (RBC) Framework One size fits all approach Simple calculation Does not: correspond adequately to different risk profiles of individual insurers directly address various significant risk inherent to the insurance business, the market and operational risks. Measured using Solvency Margin Ratio (SMR) Tailored capital adequacy and solvency framework - to encourage better risk management and prudent behaviour among insurers Amount of capital and solvency level required to be maintained by an insurer is determined based on: Insurers risk profile; and Board, management, internal risk control measures and risk monitoring processes
10 Regulatory Impact to the Life Insurance Personal Data Protection Act Product Transparency & Disclosure Insurance Compensation Scheme Treat Customer Fairly Client Charter Replacement of Life Insurance Policy Customer Education Programme Rules on Agency Continuing Education Microinsurance
11 Malaysia Life Insurance Indicators
12 Penetration Rate: 43% Growth Rate (CAGR): 7% Total Premium New Business: RM 7.92 billion In-Force Policies: (Individual) RM22.07 billion (Group) RM0.92 billion Total Annualised Premium: RM4.05 billion
13 Population Insured ( ) Year % Population Insured
14 Distribution Channels & Product Portfolio
15 Increasing Distribution Channels Before Tied Agent Now Tied Agent Financial Adviser Bancassurancce Internet-Tune Money
16 Life Agency in Malaysia (As at 30 June 2012) Total life agency 82,552
17 Growing number of PCEIA (life) and CEILLI candidates 60,000 50,000 40,000 30,000 20,000 53,695 45,180 40,670 41,831 38,245 31,313 26,649 27,649 22,166 22,023 49,677 34,239 10, PCEIA - life route CEILLI
18 Increasing Product Portfolio Before Befre Endowment Whole Life Term or Temporary Now Whole Life Term Multiple Riders Universal Life Investment-Linked Products Endowment Private retirement schemes
19 Challenges in Life Insurance Industry
20 Challenges in Malaysia Life Insurance Industry 1 Lack of awareness (16.4mil/29mil population do not have life insurance policy) 2 Discerning customers and demographic shift 3 Increasing market sophistication 4 Ageing population lack of proper retirement system 5 Legislative and regulatory changes
21 Increasing Public Awareness Consumer Education Programme (CEP) via Insurance Info.com ( Advertisements/TV commercials by insurers Media coverage Roadshows by LIAM
22 Government Initiatives Financial Mediation Bureau The Credit Counseling and Debt Management Agency FMB is an independent body set up to help settle disputes may be Banking/Financial related as well as Insurance and Takaful related. AKPK offers counseling, professional advice and financial management programme to assist consumers to regain financial control. Malaysia Deposit Insurance Corporation (PIDM) PIDM protects public deposits in the bank as well as takaful and insurance benefits in the unlikely event of a failure of a member bank or a takaful operator / insurance company.
23 Takaful Growth Syarikat Takaful Malaysia 1985 MNI Takaful (name changed to Takaful Nasional and now etiqa) 1993 Mayban Takaful 2002 Takaful Ikhlas 2003 Commerce Takaful 2005 Licences awarded in 2006: HSBC Amanah Takaful Prudential BSN Hong Leong Tokio Marine Takaful MAA Takaful Licences awarded in 2010 to offer Family (Life) Business: ING (ING Public Takaful Ehsan) AmAssurance (AmTakaful Family) AIA (AIA AFG Takaful) Great Eastern (Great Eastern Takaful)
24 Growing number of Takaful Basic Examination (TBE) candidates 40,000 35,000 30,000 34,177 30,665 25,000 20,000 19,300 15,000 10,000 5,
25 Life Insurance Industry Outlook
26 Life Insurance Industry Outlook Internet Product development (hybrid /combination) Mobile Device (Push alerts and push service) Product evolvement
27 Life Insurance Training by MII
28 Life Insurance Training by MII Technical skills training Professional education Topical Convention Leadership & Agency Management workshops
29 Thank you
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