Malaysian Association of Risk and Insurance Management (MARIM) held its annual international conference from 11 to 13 September at Kuching, Malaysia. The theme of the conference was Uncovering New Frontiers in Risk and Resilience.
Great Eastern Holdings Limited (GEH) yesterday announced that its subsidiaries, Great Eastern Life Assurance (Malaysia) (GELM) and Great Eastern Takaful (GETB), had entered into an implementation agreement with AMAB Holdings (AMAB) and MetLife International Holdings (MetLife), in relation to:
Takaful associations in Malaysia and Indonesia are collaborating to share knowledge, conduct joint training programmes, exchange data intelligence and provide consultations on matters related to Islamic finance and takaful. An agreement was inked by the Malaysian Takaful Association (MTA) and Secretariat of Asosiasi Asuransi Syariah Indonesia (AASI) on 27 September to begin these initiatives. The event was held during the Takaful Rendezvous in Kuala Lumpur, Malaysia.
Malaysia's takaful industry has been promoting values-based intermediation to spur innovation and support the development of takaful. While the takaful market in Malaysia has experienced growth in the past year, operators face several challenges to innovate and scale their business.
Global insurer Generali and the United Nations Development Programme (UNDP) have launched the "Insurance Innovation Challenge Fund", with the initiative to be started in Asia.
The Association of Private Hospitals Malaysia (APHM) has called for the establishment of a regulatory body to govern reimbursements by health insurance companies.
The Labuan Financial Services Authority (Labuan FSA) has inked a memorandum of understanding (MoU) with the Bermuda Monetary Authority (BMA) to pave the way for greater regulatory, enforcement and supervisory cooperation between the two regulators.
The number of motor claims in Malaysia has skyrocketed in 2022 - signalling a return to pre-pandemic traffic activity. Insurers had to deal with rising repair costs across car brands and models as well. Speakers at the Asia Motor Insurance and Claims Management Conference discussed possible solutions motor insurers can adopt amid a challenging operating environment.
In order to protect coastal communities from property damage due from flooding, MSIG Malaysia has planted 6,247 mangroves throughout Malaysia in a partnership with the Malaysian Nature Society (MNS).