The Life Association of Malaysia (LIAM) celebrates its 40th Anniversary this year, and continues to play an important role in promoting a strong and sound life sector in Malaysia, while enhancing public knowledge and appreciation for life insurance. To mark this special occasion, we had a brief chat with LIAM President, Vincent Kwo, to discuss the road ahead for the organisation and industry.
By Ridwan Abbas
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Creeping protectionism around the world is threatening the prosperity and stability of Asian economies, according to Mr John Nelson, Chairman of Lloyd's of London, the world's specialist insurance market.
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Regional reinsurers in Asia-Pacific benefit from longer-established market positions and greater size of capacity and revenue streams in Asia than their peers in Central and Eastern Europe, the Middle East and Africa (CEEMEA), said a recent report by Standard & Poor's Ratings Services, titled "Regional Reinsurers In Asia-Pacific Are More Resilient To Industry Headwinds Than In CEEMEA", that explores differences between regional reinsurance markets in Asia-Pacific and CEEMEA.
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Ship hijackings are on the rise in Southeast Asia waters despite the countries' efforts to address the problem, said a Vietnamese coast guard official in a Bloomberg's report.
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Despite the low interest rate environment, participating (par) business remains not only the major source of new business premiums for many life companies in China, Hong Kong, India and Singapore, it has also been gaining market share in recent years.
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Culture is critical to successful risk management, Mr Michael McCormack, Parliamentary Secretary to the Federal Minister for Finance, said at the Risk Management Institution of Australasia's annual conference last month.
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China's insurance market has maintained strong premium growth despite tightened regulations, according to a China Insurance Outlook report released by Fitch Ratings.
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Reinsurance Group of America Incorporated's primary operating subsidiary, RGA Reinsurance Company, has received approval from the China Insurance Regulatory Commission (CIRC) of its application to operate a Branch Office in Shanghai, China.
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The insurance industry in India needs capital infusion of over INR50,000 crore (US$8 billion) and FDI can make things easy, said IRDA Chairman T S. Vijayan.
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Astudy conducted by an international team of researchers have found that a Government run health insurance programme has reduced mortality from diseases covered by 64%.
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The Financial Services Authority (OJK) is to issue three sets of regulations on financial groups, including the establishment of a new department to supervise conglomerates deemed to have a potentially huge impact on the country's wider financial system.
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Tokio Marine Holdings sees many attractive acquisition opportunities in North America, its CEO and President, Mr Tsuyoshi Nagano said to Reuters.
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The Life Insurance Association of Malaysia (LIAM) said it is pleased to note the increase in tax relief for treatment of serious diseases such as cancer, kidney failure and heart attack from MYR5,000 to MYR6,000 (US$1,500 to $1,800) in the country's latest Budget statement, as well as an allocation of MYR23.3 billion to improving the healthcare services and facilities for the rakyat (people).
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The Monetary Authority of Singapore (MAS) has said that a web aggregator for life insurance products would be ready by the first quarter of next year.
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AZ Athenaum, a joint venture established in 2013 between Italian asset manager Azimut Holding SpA and Singapore fund manager, Athenaeum, is planning to bring a UCITS (Undertakings for Collective Investment in Transferable Securities) compatible catastrophe bond fund to investors in Singapore and Southeast Asia, reported Artemis, citing Asian Investor.
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Standard Life's second survey for expatriates in Singapore found that rising costs of living in Singapore are impacting the savings habits and priorities of British and European expatriates there.
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Thailand's newest insurance company is to be known as Pacific Cross Health Insurance PCL following acquisition of a controlling equity stake in listed insurer Borirak Insurance PCL by interests associated with Pacific Cross Group, which has until recently traded as Blue Cross/Blue Shield in Asia.
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