Malaysia’s life market faces significant changes with the impending liberalisation of operating expense for business acquisition costs and the implementation of the Competition Act and the Personal Data Protection Act. The first measure is set to bring a boon to the life sector, while the two will restrict the way life insurers do business. Prospects-wise, the sector remains bullish as it gears up to ride on Malaysia’s goal to become a high-income nation by 2020.
By Manuelita Contreras
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Malaysia’s motor insurance industry has taken its first step on a somewhat uncertain road to deregulation. January this year saw the more than 30-year-old motor tariff revised for the first time, and by the looks of it, the January 2016 deadline for de-tariffing for motor and fire classes looks set to be implemented. Although the recent motor premium hike is negligible, for many industry players, it is an important step towards the goal of eventually de-tariffing the sector.
By V K Sanjeed
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Malaysia has been a hubbub of M&A dealings this year as consolidation keeps its pace since starting two years ago. As more deals wait or continue to be sealed, the market is shaping up to become more competitive, ushering in changing dynamics that is worth watching for.
By Manuelita Contreras
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With the expectation that voluntary cessions will be reduced in the foreseeable future, Mr Hashim Harun, President & CEO of Malaysian Re, says the reinsurer is looking to expand further overseas, targeting a 60:40 ratio of domestic to foreign business in the next three years, from the current 70:30 ratio.
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