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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Sunday, 21 June 2009
BNM firm on premium rebates
BNM is pushing through premium rebates on general insurance policies bought directly from insurance companies, despite a strong protest from insurance agents.
Apparently, the rebates do not apply only to motor insurance policies as previously announced but to other general insurance policies as well. The rebates for non-motor policies vary by type of insurance and are between 5% and 25%.
Insurance agents are encouraged to transform themselves to financial advisors. BNM also said that there were no plans to introduce premium rebates for life policies.
Some statistics:
- 40,000 general insurance agents in Malaysia
- RM4.4 bil premium in general insurance (2008)
- Motor insurance is the largest class with 50% share
- 15% of motor insurance business was direct business
Source: Business Times 1 & 2, The Star, BNM
Labels: Agents, BNM, Motor Insurance, Premium Rebates
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.
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1 Comments:
I think it is a matter of time before bnm makes it compulsory for life insurers to give rebate as well
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