Insurance News
Brief insurance news and digest for the busy executives. A handy insurance news archive with main focus on Malaysia. Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we will not be liable for any loss arising from the use of any information contained in this blog. You may reproduce materials published here provided the source (news.actuaries.com.my) is properly acknowledged.
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Wednesday, 11 February 2009
Treat customers fairly in bonus reduction
Several insurance companies in UK have cut bonuses lately due to the weak investment performance, falling asset values and low interest rates:
- Friends Provident: cut up to 20%
- Norwich Union (owned by Aviva): cut up to 15%
Market Value Reductions are also applied to surrender values.
FSA has reminded insurance companies to treat customers fairly in the bonus reduction.
It is likely that some insurance companies in Malaysia will also reduce bonus rates in this round of bonus declaration.
Source: Insurance Daily
Labels: Aviva, Bonus, Friends Provident, Life Insurance
About Me
- Name: Teh Loo Hai
- Location: Kuala Lumpur, Malaysia
Loo Hai is an actuarial recruiter cum actuarial consultant. He has over 20 years of work experience gained in Malaysia and Australia in the actuarial, insurance, takaful and pension fields.
Previous Posts
- Singapore life insurance grew 3%
- 30% Growth Target for STMB
- Asia PRISM
- NAIC decided not to ease capital requirements
- PPI sales to be restricted
- Strategic investors for AIA Malaysia
- ACE to launch specialty lines products
- Allianz obtained retakaful licence
- Insurance and the crisis
- Prudential's interview with The Star
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