The government should abolish the current fee system at government health institutions and replace it with a national health insurance scheme for a more sustainable solution to healthcare financing, proposes a think tank.
Most insurers in Malaysia confirm that they have already started to draw up their own processes to include environmental, social and governance (ESG) in their underwriting and investment strategies as well as in their operations, the "Malaysian Insurance Highlights", released last week.
Syarikat Takaful Malaysia Keluarga, Malaysia's first takaful operator, has hit a record-breaking operating revenue of MYR3.76bn ($842.7m) for the financial year ended 31 December 2022, higher by 18% compared to MYR3.18bn in 2021.
Indonesian reinsurers are influenced by lower sovereign ratings, shallower financial markets and a less developed insurance industry, compared with peers in Thailand and Malaysia, says Fitch Ratings.
Malaysia's takaful underwriting income and capital strength will remain stable and robust on sustained growth in contributions, despite challenges from volatile profitability, Fitch Ratings says.
Leading insurance group Great Eastern Holdings (GEH) has announced that while profit attributable to shareholders fell 30% to S$784.2m ($584.3m) for 2022, largely reflecting the lower valuation of investments given the challenging global investment climate, operating profit from insurance business registered a healthy growth of 7% for the year.
Kuala Lumpur-headquartered PolicyStreet has received the green light to operate in Australia by obtaining the Australian Financial Services Licence from the Australian Securities and Investments Commission (ASIC).
Bank Negara Malaysia (BNM) has issued a policy document on investment-linked insurance business that applies to conventional insurers and family takaful operators engaged in this line of insurance.
FWD Group Holdings will enter the Malaysian life insurance market following the signing of an agreement to invest in a majority stake in Gibraltar BSN Life. The transaction is expected to close in the second quarter of 2023.
PM Protected Cell Company (PM PCC), a subsidiary of the Melaka state government, has signed three memoranda of understanding (MoUs) worth MYR30m ($6.8m) in gross premiums in the captive takaful or insurance segment.