Bank Negara Malaysia (BNM), the central bank of the southeast Asian country, has published a policy document that sets out revised requirements to ensure alignment with Malaysian Financial Reporting Standard (MFRS) 17 "Insurance Contracts" and MFRS 9 "Financial Instruments".
Insured losses arising from the Great Malaysian Flood in December 2021 could amount to approximately MYR1.5bn ($342m) to MYR2bn, according to an assessment by Malaysia Reinsurance, says Mr Zainudin Ishak, president & CEO of the reinsurer.
Indonesian insurtech startup Qoala has announced that it has successfully raised $65m in a Series B funding round led by European investment firm Eurazeo.
The insurance and takaful sector in Malaysia is expected to remain resilient despite volatilities on the investment front and the normalisation of claims experience on the road to COVID endemicity, says RAM Ratings.
Allianz Life Insurance Malaysia Bhd (Allianz Life) posted a 35-fold jump in new insurance businesses set up with estate planning concept in 2021, compared with new businesses achieved in 2020.
Bank Negara Malaysia (BNM) has proposed new requirements for licensed insurers and takaful operators (ITOs) which would promote high standards of conduct and professionalism of their insurance and takaful agents.
The takaful penetration rate in the country increased to 18.6% in 2021, up from 16.9% the year before, according to the Malaysian Takaful Association (MTA).
A survey of SME businesses in South and Southeast Asia has highlighted a gap in their current protection levels and the risks they currently face.
The life insurance sector in Malaysia is focussing on enhancing digital skills in the workforce, says the Life Insurance Association of Malaysia (LIAM) in its recently released 2021 annual report.
Malaysia-based Maybank Ageas Holdings Berhad's (MAHB) core operating entities-known collectively as Etiqa entities-have posted a stable financial performance on a consolidated basis, says Fitch Ratings.