Manulife Malaysia and its bancassurance partner has launched EliteLife Signature Legacy, a comprehensive yet flexible legacy insurance plan that offers high insurance coverage, extended disability coverage plus loyalty rewards and bonuses. The plan is underwritten by Manulife Insurance Berhad and distributed by its bancassurance partner, Alliance Bank Malaysia. Customers can sign up for this plan at all Alliance Bank branches nationwide.
FWD Group Holdings (FWD Group) yesterday announced the completion of an additional investment of a further 21% stake in FWD Takaful.
Only 23% out of 1,107 Malaysians polled in an insurance literacy survey are confident in their knowledge of insurance and takaful products, while almost one-third (32%) have no insurance protection, according to Sun Life Malaysia.
Generali and the United Nations Development Programme (UNDP) have brought together representatives from the Malaysian Ministry of Finance, Bank Negara Malaysia, the SME Association of Malaysia and the insurance and financial communities to present concrete solutions on how to boost small and medium-sized enterprises' (SMEs) resilience against climate change and other risks.
Malaysia's non-life insurance market is poised for growth in 2024, driven by expanding industries such as technology, manufacturing and renewable energy, according to a report by Howden Markets Asia that provides consulting services in the insurance sector.
The heightened awareness of medical and weather events coverage is likely to stimulate takaful growth but the market will face some headwinds, including the inflationary environment, market volatility, weakening ringgit, and the end of the passenger car tax exemption, says Fitch Ratings.
In the next 12 months, advancements in data analytics may lead to a greater emphasis on personalised and on-demand microtakaful solutions in the Malaysian InsurTech space, PolicyStreet co-founder and group CEO Lee Yen Ming said.
Persatuan Insurans Am Malaysia (PIAM), the general insurance association of Malaysia, and Malaysia Takaful Association (MTA) have launched the #ILuvMyRide Contest which runs from 1 to 29 February 2024, in celebration of the Chinese New Year, and as part of their #JomLevelUp Consumer Education Programme (CEP).
The head of the Health Insurance Committee of the Emirates Insurance Federation, Mr Abdel Muhsen Jaber, has explained that health insurance covers cosmetic surgery costs if such surgery is due to a medical condition or a chronic disease that affects the health of the insured.
Global insurance brokerage Pacific Prime has fully acquired MIT Insurance Brokers, a Malaysian insurance brokerage firm specialising in risk management, insurance, and reinsurance.