Monday, March 4th, 2019
LONDON, March 4 — Leaders of three tiny British islands gathered in London today to try to head off proposed legislation aimed at increasing transparency and ending secret company ownership in their jurisdictions. Britain has been gradually…
PETALING JAYA: Insurance coverage among Malaysians in 2018 increased 9.6% to RM1.51 trillion in sum assured for all policies combined, compared with the corresponding figure of RM1.38 trillion in 2017, according to Life Insurance Association of Malaysia (LIAM).
LIAM said in a statement today that the per capita sum assured continued to rise from RM43,029 in 2017 to RM46,610 in 2018 but it is still below the amount needed to support one family member in the event of the death or disability of the breadwinner.
“The 2012/2013 Underinsurance Study in Malaysia conducted by University Kebangsaan Malaysia and LIAM showed that the average mortality gap for each member of a family is about RM100,000 to RM150,000,” it noted.
New business total premium grew 1.8% in 2018 amounting to RM10.3 billion against RM10.1 billion in 2017.
The association said the total claims paid out increased 6.5% to RM10.8 billion in 2018, from RM10.1 billion in 2017 mainly due to higher medical claims, which rose 11.7%.
LIAM president Anusha Thavarajah said the outlook and prospects of the life insurance industry remain positive as the percentage of population with life insurance or takaful plans is still low at 54%.
Taking into account policyholders with more than one life or takaful policies/certificates, only 34 out of 100 people are insured, she noted.
Anusha said the low penetration rate means there are more opportunities for the industry to grow and tap the potential market particularly in the underserved areas in the country as well as the urban and rural areas.
In addition, she said the industry is also very encouraged with the decision of the government to provide a dedicated tax relief of RM3,000 for life insurance premiums (previously a combined tax relief of RM6,000 for Employees Provident Fund (EPF) and life insurance/takaful).
She said the incentive would certainly help to fulfil the needs of the rakyat in line with the industry’s aspiration to promote a fully inclusive society.
“LIAM will continue to work very closely with its member companies and Bank Negara Malaysia and continue to highlight the benefits of e-payment to their customers to further accelerate the industry’s digital migration.
“As the industry evolves, we will continue to venture into new platforms, using new technologies to create innovative products, streamline processes, enhance efficiency and lowering costs to stay competitive and connected with consumers,” she added.
As at end-December 2018, payments made by insurers via e-payment constituted 91% of the total volume of transactions and 87% of premiums received by insurers were through e-payment.
KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has reprimanded Raymond Tan Tian Jwu, a former unit trust consultant (UTC) for misconducts/breaches of FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), Second Edition dated Jan 22, 2013.
Tan was found to be in breach of Clause 3.3.1 of FIMM’s Code for dealing with the marketing and distribution of unit trust fund not distributed by Public Bank Bhd (PBB) while he was registered as a UTC under the employment of PBB at the material time.
Clause 3.3.1 of FIMM’s Code requires a UTC to only deal in unit trust funds of his principal or those distributed by his principal and which have been approved by the Securities Commission. The UTC should not make any arrangements, in whatever manner, to market and distribute unit trust funds of other Ordinary Members or those distributed by other IUTA or CUTA.
Tan’s misconduct was identified and notified by PBB to FIMM which have resulted in FIMM taking a disciplinary action against him.
“The public reprimand was imposed on Tan to send a strong message to deter other UTCs from committing similar misconduct and to safeguard the interest of the investing public and the industry,“ FIMM said in a statement.
Since Tan is currently not a UTC registered with FIMM, he has been barred from future registration with FIMM as a UTC effective Jan 29.
LONDON, March 4 — Ray Kelvin, founder and chief executive of British fashion retailer Ted Baker Plc, resigned today following misconduct allegations related to his hugging of business colleagues. Ted Baker had announced an independent…
KUALA LUMPUR, March 4 — Perusahaan Otomobil Kedua Sdn Bhd’s (Perodua) sales rose 7.3 per cent to 37,400 vehicles for the first two months of 2019 compared with 34,800 in the previous corresponding period. Perodua said the stronger results were…
PETALING JAYA: Foreign funds disposed of RM447.7 million net of local equities last week, the largest in nine weeks.
“For the third week running, foreign funds remained net sellers on Bursa, marking the fourth weekly outflow so far this year,“ MIDF Research said in its fund flow report today.
The local bourse gained 0.2% on Monday to settle at 1,725 points as US President Donald Trump said that he will extend the deadline to raise tariffs on Chinese goods beyond last week as progress was made between the two nations.
Nonetheless, foreign investors sold RM49.6 million net on Monday as the decline in consumer prices in January for the first time in a decade remained in investors’ minds.
On both Tuesday and Wednesday, the level of foreign net selling tapered to below RM20 million at RM14.7 million. The reduction of foreign net selling occurred despite the geopolitical tension between India and Pakistan.
Foreign net selling then peaked on Thursday at RM211.6 million, the highest in a day so far in 2019 following the failure of the Trump-Kim summit in Hanoi. Friday’s foreign net selling was still high at RM157.2 million net as the changes for the MSCI index came into effect, causing foreign funds to rebalance their portfolios in anticipation of the increased weighting of China.
MIDF said for the month of February 2019, international investors dumped RM815.6 million net. This brings the year-to-date foreign net inflow into Malaysia to RM53.3 million or US$10.4 million.
“In comparison to regional peers, on the regional front, Malaysia remains as the nation with the lowest foreign net inflow amongst the four Asean markets we monitor with Indonesia taking the lead with a year-to-date net inflow of US$690.9 million or RM2.8 billion.
“We note that participation amongst the three investor groups remained healthy. However, only foreign investors saw a 0.6% increase in terms of average daily traded value (ADTV) last week while local institutions and retail investors experienced a drop more than 4% in their ADTV,“ it added.
KUALA LUMPUR, March 4 — The ringgit closed easier as demand for the dollar increased on optimistic US-China trade deal news, dealers said. At 6pm, the ringgit fell to 4.0740/0770 against the greenback compared with Friday’s…
KUALA LUMPR, March 4 — ASEAN’s first mobile-only bank targeting millennials, TMRW rolled out in Thailand. UOB has launched its first mobile-only bank in Thailand – and has plans to expand to other markets across the region. The mobile-only bank…
KUALA LUMPUR, March 4 — The national health insurance scheme for B40 households is open for registration and claims starting March 1. Registration and claims processes for the mySalam national health insurance scheme is open from 1 March,…