London-headquartered MNK Group has launched Mekong Re, a reinsurance company with a strong suit in niche and specialty solutions, in Labuan, Malaysia.
Participating life insurance policies have seen a significant decline in their share of net premium in the life insurance and family takaful sector in Malaysia in recent years, according to an article in the "Financial Stability Review 1st Half 2024" publication released by the central bank, Bank Negara Malaysia (BNM).
Manulife has announced the launch of Manulife Future Shield, a groundbreaking health protection plan designed to provide lifelong security and financial support for individuals while ensuring a legacy for their families.
New business premiums in the life and general insurance industry recorded double-digit growth in the first half of 2024, exceeding MYR20bn ($4.7bn), said Bank Negara Malaysia (BNM) governor Mr Abdul Rasheed Ghaffour.
Syarikat Takaful Malaysia Keluarga, the country's first Islamic insurer, reported that its net profit for the first half of the year (1HFY2024) grew by 5.3% to MYR195.40m ($45.1m) from MYR185.50m in the previous half-year period, as total takaful revenue climbed 23.4% to MYR1.69bn from MYR1.37bn.
The community programme, called "Hoops+Health", is inspiring engagement, activity and healthy living through basketball by improving community access to courts and education across six Asian markets.
Significant protection gaps still exist in Malaysia, particularly among the vulnerable segments of the population, and a multi-faceted approach is critical to narrow them, with the insurance sector taking on greater ownership, according to Mr Adnan Zaylani Mohamad Zahid, deputy governor of Bank Negara Malaysia (BNM).
Syarikat Takaful Malaysia Keluarga (Takaful Malaysia) has launched Kaotim Legasi, an affordable Hibah (conditional gift) takaful plan with high coverage of up to MYR2 million.
When asked how MFRS17 has affected Malaysian insurers and takaful operators since its implementation, Christopher & Lee Ong partner Chelsea Chan said that "most companies are seen to be enhancing and upgrading their legacy systems to comply" with the new standard.
The Malaysian insurance and takaful sector has a stable outlook, which is supported by steady growth in insurance demand, with capitalisation robust and claims under control, says RAM Ratings.