About MII - MII Knowledge Centre in 1968 as a non-profit organisation, MII is the leading insurance...
Transcript of About MII - MII Knowledge Centre in 1968 as a non-profit organisation, MII is the leading insurance...
1Knowledge Pack Vol 4
About MII
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THE MALAYSIAN INSURANCE INSTITUTE2
EDUCATION AND TRAINING BODY
Founded in 1968 as a non-profit organisation, MII is the leading insurance education and training institution, providing internationally recognized qualifications in insurance, risk management and financial planning. It is highly respected as a regional centre that offers an extensive range of quality education and training programmes for professionals in the insurance and financial services industries. As the premier professional insurance education provider in Malaysia, MII works closely with the insurance industry with the full support from the Regulator, Bank Negara Malaysia to ensure that the training and education programmes conducted are relevant and in full alignment to the ever-changing needs of the industry.
Annually, MII conducts an average of 300 technical training programmes for insurers (life and general), brokers, adjusters, reinsurers, regulators with about 10,000 participants from Malaysia and other countries. The excellent track record has earned MII a seat on the Education Board of the Federation of Afro Asian Insurers and Reinsurers (FAIR) based in Egypt with members across Africa and Asia.On an ongoing basis, MII also conducts training for life and general insurance agents to equip them with the necessary skills to better provide value added services to their clients. MII in collaboration with LIMRA (USA) conduct the Agency Management Training Course (AMTC) to further enhance the professionalism of the life insurance agency leaders.
MII has two flagship professional programmes i.e The Diploma of The Malaysian Insurance Institute (DMII) and The Associateship of The Malaysian Insurance Institute (AMII). They are highly sought after and are the benchmark standards for the industry both locally as well as in the emerging markets.
PROFESSIONAL SERVICE PROVIDEROF THE YEAR 2007
EDUCATIONAL SERVICE PROVIDER OF THE YEAR 2012
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3Knowledge Pack Vol 4
EXAMINATION CENTRE
MII is the custodian of education standards for the industry and is endorsed as the official examination centre for the insurance industry. There are about 13 major examinations for the local industry that cover over 60,000 candidates annually. Due to the excellent track record and established credibility as an examination centre, MII is also entrusted as the regional hub to facilitate various external examinations offered by other established examining bodies such as Chartered Insurance Institute (CII, UK), Society of Actuaries (SOA, USA), Casualty Actuarial Society (CAS, USA), The Institute of Risk Management (IRM, UK), Chartered Institute of Loss Adjusters (CILA, UK) and others.
INSURANCE INFORMATION CENTRE
MII prides itself as having a specialized library in insurance and insurance related areas. It has an extensive collection of books, journals and magazines related to insurance. Through its elibrary portal, there is extensive links to companies in the industry, Insurance Associations, the Regulators, University libraries, newspapers, publishing houses and other related bodies. MII also has an archive collection for reference.
CONFERENCE ORGANISER
Annually, MII conducts about eight conferences which are specially designed to meet the specific needs of the industry. These conferences receive tremendous support from various organizations both locally as well as internationally. Apart from gaining and sharing of knowledge and experiences, our conferences provide the value added platform for networking.
AFFILIATION WITH INTERNATIONAL BODIES
MII has a firm belief in collaborating its efforts and resources together with other reputable insurance education bodies throughout the world so as to maximize and leverage on each other’s strengths. MII’s commitment to deliver the best quality standards in education is reflected in its international links with major insurance institutions, universities and relevant organisations. Among the collaborations that MII has established are with The Chartered Insurance Institute (UK), Australasian Institute of Chartered Loss adjusters (AICLA), Chartered Institute of Loss Adjusters (CILA), Australian New Zealand Institute of Insurance and Finance (ANZIIF), LOMA (USA), Institute of Risk Management (UK), LIMRA (USA) and others.
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THE MALAYSIAN INSURANCE INSTITUTE4
INTERNATIONAL PRESENCE
While addressing the domestic needs will always remain as a main focus and priority, MII has also spread its wings into the international scene, particularly in fulfilling the needs of the emerging markets. This is in line with its vision to be the preferred Institute for training solutions, education and information in insurance in Malaysia and the emerging markets. The increasing numbers and wide range of international training participants and conference delegates is a testimony of the recognition and regard for the relevant and high quality programmes being offered by MII. MII’s presence in the emerging market, particularly within the ASEAN region is quite significant. When the 10 ASEAN insurance regulatory authorities formed the ASEAN Insurance Training & Research Institute (AITRI), MII was given the honour to lead as the secretariat for AITRI. AITRI is a non-profit organisation to provide regional research, insurance education and training support for the regulators as well as the industry of the ASEAN member countries. Its activities are featured in international publications and have gained great recognition and international support such as the World Bank (USA), International Association for Insurance Supervisors (Switzerland), Office of the Superintendent of Financial Institutions (Canada) and others.
INTERNATIONAL AWARD
In 2007, MII won the Professional Service Provider of the Year 2007 Award by The Review Worldwide Reinsurance in London. MII emerged as the first ever winner from Asia since the award started 14 years ago. Among the reasons for the recognition of the award was MII’s on going effort and commitment in providing training and development to the emerging markets.
For further details, please contact :THE MALAYSIAN INSURANCE INSTITUTE5, Jalan Sri Semantan Satu, Damansara Heights, 50490 Kuala LumpurTel: +603-2087 8882 / 8883 (Customer Service) Fax : +603-2093 7885Email : [email protected] Web : www.insurance.com.my
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5Knowledge Pack Vol 4
MALAYSIAN INSURANCE INDICATORBank Negara Malaysia Insurance Statistics 2011
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THE MALAYSIAN INSURANCE INSTITUTE6
MALAYSIAN INSURANCE INDICATORS
Page
Table 1.1 Insurance Key Indicators 7Table 1.2 Number of Licensees 12Table 1.3 Number of Branches 12Table 1.4 Distribution of Paid-up Capital of Malaysian-incorporated Insurers 13Table 1.5 Distribution of Paid-up Capital of Insurance Brokers 13Table 1.6 Distribution of Paid-up Capital of Adjusters 13Table 1.7 Distribution of Paid-up Capital of Financial Advisers 14Table 1.8 Shareholders’ Equity of Malaysian-incorporated Insurers 14Table 1.9 Capital Adequacy Ratio 15Table 1.10 Compounding of Offences, 2011 14Table 1.11 Insurance Guarantee Scheme Fund : Compensation and Expenses 16Table 2.1 Life Insurance : New Business of Direct Insurers 17Table 2.2 Life Insurance : Business in Force of Direct Insurers 17Table 2.3 Life Insurance : Distribution of New Business Premiums of Direct Insurers 18Table 2.4 Life Insurance : Distribution of Annual Premiums in Force of Direct Insurers 19Table 2.5 Life Insurance : Distribution of New Sums Insured of Direct Insurers 20Table 2.6 Life Insurance : Distribution of Sum Insured in Force of Direct Insurers 21Table 2.7 Life Insurance : Average Size and Cost of Ordinary Individual Life New Policies of Direct Insurers 22Table 2.8 Life Insurance : Average Size and Cost of Ordinary Individual Life Policies of Direct Insurers 22Table 2.9 Life Insurance : Terminations of Annual Premiums of Direct Insurers 23Table 2.10 Life Insurance : Terminations of Sums Insured of Direct Insurers 24Table 2.11 Life Insurance : Forfeiture and Surrender Rates of Direct insurers 25Table 2.12 Life Insurance : Forfeiture Rate by Policy Years of Direct Insurers 25Table 2.13 Life Insurance : Income and Outgo 26Table 2.14 Life Insurance : Expense Rate and Rate of Interest Earned 27Table 2.15 Life Insurance : Assest of Life Insurance Funds 28Table 2.16 Life Insurance : Valuation result and Surplus Distribution 29Table 2.17 Life Insurance : Life Insurance Growth and Socio-economic Indicators 30Table 2.18 Life Insurance : The Rates of Mortality for Duration of Two or More Years 31Table 3.1 General Insurance : Premium Income 32Table 3.2 General Insurance : Distribution of Gross Direct Premiums 33Table 3.3 General Insurance : Distribution of Net Premiums 34Table 3.4 General Insurance : Net Retention Ratio 35Table 3.5 General Insurance : Net Reinsurance Position ,2011 36Table 3.6 General Insurance : Claims Ratio 37Table 3.7 General Insurance : Underwriting Experience 38Table 3.8 General Insurance : Underwriting and Operating Results 39Table 3.9 General Insurance : Assets of General Insurance Funds 40Table 3.10 General Insurance : Classification by Size of General Insurance Funds 41Table 3.11 General Insurance : Technical Reserves 42Table 3.12 General Insurance : Average Link Ratio for Cumulative Paid Claims and Emergence of Claims 43Table 3.13 General Insurance : Ultimate Claims Ratio 44Table 3.14 General Insurance : Estimated Average Frequency of Loss and Average Cost per Claim 44Table 3.15 General Insurance : Performance of Professional General Reinsurers 45Table 4.1 Insurance Broking : Total Premium Transacted 46Table 4.2 Insurance Broking : Outstanding Premiums Due to Insurers 47Table 4.3 Insurance Broking : Operating Results of Brokers 47Table 5.1 Loss Adjusting : Cases handled by Adjusters 48Table 5.2 Loss Adjusting : Operating Results of Adjusters 48
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7Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Market Structure 19902 2008 2009 2010 2011
No. of licensees 147 128 128 132 130
Direct insurers 57 42 40 39 37
Life 3 9 9 9 9
General6 39 26 24 24 22
Life and General 15 7 7 6 6
Professional reinsurers 1 7 7 7 7
Life - 1 1 1 1
General 1 5 5 5 5
Life and General - 1 1 1 1
Insurance brokers 46 34 33 33 33
Adjusters 43 37 36 36 36
Financial Advisers n.a. 8 12 17 17
No. of registered agents
Life 37,373 74,887 80,078 87,163 83,174
General 14,456 38,766 35,930 35,236 35,609
No. of offices
Insurers 448 729 715 696 675
Insurance brokers n.a. 26 28 26 31
Adjusters n.a. 174 163 175 176
Financial Advisers n.a. 2 7 7 6
No. of resources employed
Insurers 10,173 20,825 20,073 20,736 21,983
Insurance brokers 787 1,294 1,289 1,278 1,327
Adjusters 694 1,924 1,885 1,941 1,875
Financial Advisers n.a. 109 202 278 311
No. of qualifications held by insurance personnel3
2,091 12,896 13,465 14,251 15,275
Table 1.1: Insurance Key Indicators1
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THE MALAYSIAN INSURANCE INSTITUTE8
Source : Bank Negara Malaysia Insurance Statistics 2011
19902 2008 2009 2010 2011
Premium Income Total (RMm)
3,170.1 27,720.2 29,208.2 31,932.6 33,653.0
Premium (% of GNI) 2.9 3.9 4.4 4.3 4.1
Life (% of GNI) 1.5 2.6 3.0 2.9 2.7
General (% of GNI) 1.4 1.3 1.4 1.4 1.3
Per capita insurance premium expenditure (RM) on:
Life insurance4 92 676 711 770 797
General insurance5 111 393 413 445 475
Benefit Payments Total (RMm)
1,170.6 15,087.0 17,398.7 18,829.5 19,870.7
Life 522.6 10,014.1 11,838.5 13,023.4 13,978.9
General 648.0 5,072.9 5,560.2 5,806.1 5,891.8
Insurance Fund Assets Total (RMm)
9,498.1 130,940.9 148,638.2 166,191.2 178,306.2
Life 7,097.2 109,372.7 125,824.8 141,458.3 151,970.9
General 2,400.9 21,568.2 22,813.4 24,732.9 26,335.3
% of GNI 8.6 18.3 22.4 22.5 21.5
% of total assets of the financial system
2.9 5.1 5.4 5.5 5.1
LIFE INSURANCE
New Business
No. of policies 498,338 1,585,846 1,387,724 1,426,280 1,502,110
Sums insured (RMm) 24,805.0 219,066.9 239,605.9 274,776.8 287,097.5
Total premiums (RMm) 573.1 7,234.7 7,544.4 8,397.0 7,913.7
Business in Force
No. of policies 2,388,585 11,522,202 11,809,112 12,145,520 12,452,946
Sums insured (RMm) 86,678.0 771,274.8 791,360.8 881,935.9 948,666.3
(% of GNI) 78.3 107.9 119.0 119.3 114.2
Annual premiums (RMm)
1,576.7 15,446.4 17,347.4 19,295.7 21,130.4
Table 1.1: Insurance Key Indicators1 (contd.)
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9Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Table 1.1: Insurance Key Indicators1 (contd.)
LIFE INSURANCE (contd.)
19902 2008 2009 2010 2011
Distribution of Sums Insured in Force (%)
Whole Life 35.8 23.1 23.2 21.4 20.2
Endowment 13.5 8.5 8.3 7.8 7.4
Temporary 46.6 42.2 41.0 43.2 43.3
Investment-linked - 19.1 20.6 21.1 22.6
Annuity … … … … …
Others 4.1 7.0 6.9 6.5 6.4
Premium Income (RMm)
1,643.1 18,736.9 19,831.3 21,804.7 22,794.1
Net Policy Benefits Total (RMm)
522.6 10,014.1 11,838.5 13,023.4 13,978.9
Death and disability 160.2 951.0 977.2 1,027.9 1,092.3
Maturity/Vesting 178.3 2,747.2 4,368.4 4,224.1 4,359.6
Surrender 127.6 2,794.2 2,706.0 3,812.5 3,889.9
Cash bonuses 56.5 1,431.1 1,357.6 1,462.5 1,871.1
Medical n.a. 1,277.5 1,458.2 1,596.1 1,788.4
Others n.a. 813.3 971.2 900.2 977.7
Net Investment Income (RMm)
431.8 4,911.7 4,926.5 5,448.6 6,034.3
3 Policy Years Forfeiture Rate (%)
24.5 23.6 19.2 17.0 17.4
Surrender Rate (%) 1.5 2.8 2.7 2.5 2.4
Expense Rate (%) 45.9 28.0 28.1 28.1 27.5
Rate of Interest Earned (%) (excluding capital gains)
7.2 4.6 4.9 4.7 5.0
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THE MALAYSIAN INSURANCE INSTITUTE10
Source : Bank Negara Malaysia Insurance Statistics 2011
GENERAL INSURANCE
19902 2008 2009 2010 2011
Premium (RMm)
Gross Direct Premiums5 1,979.1 10,894.0 11,531.2 12,584.7 13,596.1
Net Premiums 1,527.0 8,983.3 9,376.9 10,127.9 10,858.9
Earned Premiums 1,405.8 8,585.5 9,264.1 9,912.6 10,498.2
Reinsurance Premiums placed outside Malaysia
452.1 713.5 807.1 853.2 870.2
Retention Ratio (%) 77.2 92.6 92.1 92.2 92.6
Oversea Reinsurance Business (RMm)
44.9 449.3 610.8 698.9 814.3
Net Premiums Total (RMm)
1,527.0 8,983.3 9,376.9 10,127.9 10,858.9
Marine, aviation and transit
92.3 440.2 393.0 410.2 475.81,327.0
Fire 298.4 1,410.7 1,429.1 1,496.5 1,563.1
Motor
- Total- ‘Act’ cover- Others
782.0175.2606.8
4,835.0581.8
4,253.2
5,195.5579.2
4,616.3
5,659.1600.9
5,058.3
5,968.1620.0
5,348.1
Contractors' all risks and engineering
n.a. 228.1 227.4 225.8 248.1
Medical expenses and personal accident
n.a. 1,289.3 1,373.0 1,550.8 1,769.5
Liability n.a. 182.3 195.1 201.4 223.6
Workmen's compensation and employers' liability
n.a. 142.6 141.8 153.7 166.4
Miscellaneous 354.3 455.2 422.0 430.3 444.3
Claims (RMm)
Gross less local recoveries
898.6 5,326.3 5,808.4 6,095.0 6,152.9
Net claims paid 648.0 5,072.9 5,560.2 5,806.1 5,891.8
Table 1.1: Insurance Key Indicators1 (contd.)
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11Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Table 1.1: Insurance Key Indicators1 (contd.)
GENERAL INSURANCE (contd.)
19902 2008 2009 2010 2011
Claims RatioTotal (%)
69.2 65.9 60.7 62.6 60.3
Marine, aviation and transit
64.9 46.0 28.5 36.8 42.3
Fire 29.2 35.2 34.7 30.1 38.0
Motor
- Total- ‘Act’ cover- Others
91.1198.658.9
85.5271.361.0
79.9265.358.7
81.0290.560.0
76.2296.053.1
Contractors' all risks and engineering
n.a. 54.4 31.1 63.5 28.7
Medical expenses and personal accident
n.a. 52.5 49.9 50.7 43.7
Liability n.a. 24.0 25.4 39.8 34.2
Workmen's compensation and employers' liability
n.a. 21.4 15.6 18.5 15.1
Miscellaneous 56.5 48.7 50.3 40.1 56.7
Underwriting Result (%)
Claims ratio 69.2 65.9 60.7 62.6 60.3
Management expenses ratio
20.8 21.2 19.4 18.6 18.4
Commissions ratio 19.3 11.7 11.4 11.0 11.1
Underwriting margin -9.3 1.2 8.5 7.7 10.2
Operating Results (RMm)
Underwriting gain/loss -130.3 101.4 791.5 767.1 1,074.9
Investment income 94.7 782.3 740.1 780.8 883.1
Operating profit/loss -147.5 571.2 1,866.6 1,869.8 2,085.8
1 As at calendar year end, unless indicated otherwise 2 As at financial year end, covering the period from 1 May - 30 April 3 Academic and professional qualifications of employees of insurers only 4 As per revenue account 5 Premiums on original gross rate charged to clients in respect of direct insurance business without any deduction for
commission or brokerage 6 Number for 2009 and 2010 including license issued to Danajamin Nasional Berhad (Danajamin)n.a. Not available… Negligible Numbers may not necessarily add up due to rounding
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THE MALAYSIAN INSURANCE INSTITUTE12
Source : Bank Negara Malaysia Insurance Statistics 2011
As at end of December 2010 2011
Direct insurers
Malaysian-incorporated 1 39 37
Foreign-incorporated - -
Sub-total 39 37
Professional reinsurers
Malaysian-incorporated 3 3
Foreign-incorporated 4 4
Sub-total 7 7
Total insurers 46 44
Insurance Brokers 33 33
Adjusters 36 36
Financial Advisers 17 17
Insurers Insurance Brokers
Adjusters Financial Advisers
Approved in 2011 19 3 1 -
Operating as at 31 December 2011
675 31 176 6
Table 1.2: Number of Licensees
Table 1.3: Number of Branches
1 Number for 2010 and 2011 including license issued to Danajamin Nasional Berhad (Danajamin)
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13Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
As at end of December
2010 2011
RMm % RMm %
Held by Malaysians 3,107.5 44.8 2,694.4 37.2
Bumiputera 1,618.4 23.3 1,446.6 20.0
Non-Bumiputera 1,489.1 21.5 1,247.8 17.2
Held by non-Malaysians 3,827.5 55.2 4,551.4 62.8
Total 6,935.0 100.0 7,245.8 100.0
As at end of December
2010 2011
RMm % RMm %
Held by Malaysians 47.9 92.9 51.0 94.4
Bumiputera 41.1 79.9 44.2 81.7
Non-Bumiputera 6.7 13.0 6.8 12.7
Held by non-Malaysians 3.6 7.1 3.0 5.6
Total 51.5 100.0 54.0 100.0
As at end of December
2010 2011
RMm % RMm %
Held by Malaysians 12.5 90.1 12.5 90.1
Bumiputera 6.0 43.3 6.1 44.1
Non-Bumiputera 6.5 46.8 6.4 46.0
Held by non-Malaysians 1.4 9.9 1.4 9.9
Total 13.9 100 13.9 100
Table 1.4: Distribution of Paid-up Capital of Malaysian-incorporated Insurers
Table 1.5: Distribution of Paid-up Capitalof Insurance Brokers
Table 1.6: Distribution of Paid-up Capital of Adjusters
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THE MALAYSIAN INSURANCE INSTITUTE14
Source : Bank Negara Malaysia Insurance Statistics 2011
As at end of December
2010 2011
RMm % RMm %
Held by Malaysians 5.2 80.1 6.6 85.7
Bumiputera 0.4 5.8 0.3 3.7
Non-Bumiputera 4.8 74.3 6.3 82.0
Held by non-Malaysians 1.3 19.9 1.1 14.3
Total 6.5 100 7.7 100
As at end of December
2010 2011
RM million
Paid-up capital 6,935.0 7,245.8
Retained profit 7,106.0 7,319.2
Other reserves 1,881.8 1,842.2
Total 15,922.8 16,407.2
Nature of Offence Number of Licensees Fined
Contravention of :-
Section 67(1) 1
Section 74(1) 1
Section 150 (4) (a) 1
Table 1.7: Distribution of Paid-up Capital of Financial Advisers
Table 1.8: Shareholders’ Equity of Malaysian-incorporated Insurers
Table 1.10: Compounding of Offences, 2011
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15Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
As
at
31
Dece
mb
er
2010
Life
In
sura
nce
Co
mp
an
ies
Gen
era
l In
sura
nce
Co
mp
an
ies
Co
mp
osi
te2 I
nsu
ran
ceC
om
pan
ies
Co
nso
lid
ate
d I
nd
ust
ry
2010
2011
2010
2011
2010
2011
2010
2011
RM
mill
ion
Tota
l Cap
ital
Ava
ilabl
e8,
460.
08,
341.
68,
639.
99,
610.
616
,563
.818
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.736
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.1
Tota
l Cap
ital
Requ
ired
3,49
5.8
3,66
5.8
4,16
2.1
4,32
7.3
7,26
9.1
8,41
4.6
14,9
27.0
16,4
07.7
Cap
ital A
dequ
acy
Ratio
(%)
242.
022
7.6
207.
622
2.1
227.
922
0.4
225.
522
2.5
Tab
le 1
.9: C
ap
ital
Ad
eq
uacy
Rati
o1
1
Base
d on
con
solid
ated
dat
a as
at
31 D
ecem
ber
2
Life
and
gen
eral
bus
ines
s
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THE MALAYSIAN INSURANCE INSTITUTE16
Source : Bank Negara Malaysia Insurance Statistics 2011
Am
ou
nt
sett
led
to
date
FGI
SEG
MIS
BTo
tal
2010
2011
2010
2011
2010
2011
2010
2011
RM
’ 000
Judg
emen
t aw
ards
4,85
64,
856
11,3
5811
,588
70,6
0270
,727
86,8
1687
,171
Out
-of-
cour
t se
ttle
men
ts1,
295
1,29
551
751
711
9,59
311
9,82
112
1,40
512
1,63
3
Expe
nses
: MIB
(Adm
inis
trat
ive
Uni
t)26
926
9-
--
-26
926
9
Prof
essi
onal
cha
rges
763
763
--
--
763
763
Prem
ium
ref
unds
--
--
1,97
91,
979
1,97
91,
979
Dep
osit
refu
nd (b
ond)
--
--
520
520
520
520
Oth
ers
18
8-
-12
,311
12,3
1112
,319
12,3
19
Tota
l7,
191
7,19
111
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12,1
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5,00
520
5,35
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4,07
122
4,65
4
% c
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02.
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20.
20.
3
No.
of
case
s se
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3320
7820
111
No.
of
case
s se
ttle
d to
dat
e88
388
31,
231
1,26
447
,009
47,0
8749
,123
49,2
34
Tab
le 1
.11: In
sura
nce
Gu
ara
nte
e S
chem
e F
un
d : C
om
pen
sati
on
an
d E
xp
en
ses
FG
I Fi
rst
Gen
eral
Insu
ranc
e (M
) Sdn
. Bhd
.
SEG
SE
G In
sura
nce
Sdn.
Bhd
.
MIS
B
Mer
cant
ile In
sura
nce
Sdn.
Bhd
.
MIB
M
otor
Insu
ranc
e Bu
reau
1
Refe
rs t
o so
licito
rs’ a
nd a
djus
ters
’ fee
s
LO_Inside_KPV4.indd 16 26/12/2012 12:37:39 PM
17Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
YearNo. of
PoliciesSums
InsuredPremiums
Annual Single Total
Units RM million
2007 1,337,514 185,066.0 2,370.3 5,216.7 7,587.0
2008 1,585,846 219,066.9 2,539.6 4,695.1 7,234.7
2009 1,387,724 239,605.9 3,217.5 4,326.9 7,544.4
2010 1,426,280 274,776.8 3,745.9 4,651.1 8,397.0
2011 1,502,110 287,097.5 4,071.5 3,842.2 7,913.7
% change
2007 2.6 -1.0 9.7 4.3 5.9
2008 18.6 18.4 7.1 -10.0 -4.6
2009 -12.5 9.4 26.7 -7.8 4.3
2010 2.8 14.7 16.4 7.5 11.3
2011 5.3 4.5 8.7 -17.4 -5.8
YearNo. of Policies Sums Insured Premiums Annual
Units RM million
2007 10,909,842 722,679.4 14,538.8
2008 11,522,202 771,274.8 15,446.4
2009 11,809,112 791,360.8 17,347.4
2010 12,145,520 881,935.9 19,295.7
2011 12,452,946 948,666.3 21,130.4
% change
2007 3.6 7.4 9.1
2008 5.6 6.7 6.2
2009 2.5 2.6 12.3
2010 2.8 11.4 11.2
2011 2.5 7.6 9.5
Table 2.1: Life Insurance : New Business of Direct Insurers
Table 2.2: Life Insurance : Business in Force of Direct Insurers
LO_Inside_KPV4.indd 17 26/12/2012 12:37:39 PM
THE MALAYSIAN INSURANCE INSTITUTE18
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Ord
inary
Lif
eIn
vest
men
t-Li
nked
An
nu
ity
Tota
lW
ho
le L
ife
En
do
wm
en
tTe
mp
ora
ryO
thers
RM
mil
lio
n
2007
603.
4 1,
312.
41,
122.
081
5.6
3,73
3.5
-7,
587.
0
2008
661.
21,
641.
71,
300.
396
5.7
2,66
5.7
0.1
7,23
4.7
2009
789.
02,
248.
01,
319.
71,
040.
72,
146.
90.
17,
544.
4
2010
748.
72,
330.
11,
504.
41,
118.
82,
695.
10.
18,
397.
1
2011
633.
3 1,
567.
41,
320.
62,
755.
5-
7,91
3.7
% c
han
ge
2007
15.2
-1
5.4
-8.2
18.3
17.6
-100
.05.
9
2008
9.6
25.1
15.9
18.4
-28.
6-
-4.6
2009
19.3
36
.91.
57.
8-1
9.5
-4.
3
2010
-5.1
3.
714
.07.
525
.5-
11.3
2011
-15.
4 -2
9.7
4.2
18.0
2.2
--5
.8
% s
har
e
2007
8.0
17.3
14
.810
.849
.2…
100.
0
2008
9.1
22.7
18.0
13.3
36.8
…
100.
0
2009
10.5
29
.817
.513
.828
.5…
100.
0
2010
8.9
27.7
17.9
13.3
32.1
…
100.
0
2011
8.0
20.7
19.8
16.7
34.8
…10
0.0
Tab
le 2
.3: Li
fe I
nsu
ran
ce : D
istr
ibu
tio
n o
f N
ew
Bu
sin
ess
Pre
miu
ms
of
Dir
ect
In
sure
rs
...
N
eglig
ible
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 18 26/12/2012 12:37:39 PM
19Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Ord
inary
Lif
eIn
vest
men
t-Li
nked
Tota
lW
ho
le L
ife
En
do
wm
en
tTe
mp
ora
ryO
thers
RM
mil
lio
n
2007
4,90
4.3
2,68
8.1
457.
31,
994.
04,
495.
114
,538
.8
2008
5,24
6.5
2,89
8.7
467.
42,
200.
74,
633.
115
,446
.4
2009
5,66
1.5
3,31
3.0
477.
82,
585.
55,
309.
617
,347
.4
2010
5,99
9.7
3,77
6.2
487.
72,
849.
36,
182.
719
,295
.7
2011
6,16
7.3
4,46
7.8
481.
43,
063.
56,
950.
521
,130
.4
% c
han
ge
2007
6.5
3.6
1.2
10.3
16.3
9.1
2008
7.0
7.8
2.2
10.4
3.1
6.2
2009
7.9
14.3
2.2
17.5
14.6
12.3
2010
6.0
14.0
2.1
10.2
16.4
11.2
2011
2.8
18.3
-1.3
7.5
12.4
9.5
% s
har
e
2007
33.7
18.5
3.1
13.7
30.9
100.
0
2008
34.0
18.8
3.0
14.2
30.0
100.
0
2009
32.6
19.1
2.8
14.9
30.6
100.
0
2010
31.1
19.6
2.5
14.8
32.0
100.
0
2011
29.2
21.1
2.3
14.5
32.9
100.
0
Tab
le 2
.4: Li
fe I
nsu
ran
ce : D
istr
ibu
tio
n o
f A
nn
ual
Pre
miu
ms
in F
orc
e o
f D
irect
In
sure
rs
N
umbe
rs m
ay n
ot n
eces
saril
y ad
d up
due
to
roun
ding
LO_Inside_KPV4.indd 19 26/12/2012 12:37:39 PM
THE MALAYSIAN INSURANCE INSTITUTE20
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Ord
inary
Lif
eIn
vest
men
t-Li
nked
An
nu
ity
Tota
lW
ho
le L
ife
En
do
wm
en
tTe
mp
ora
ryO
thers
RM
mil
lio
n
2007
12,2
59.2
14
,985
.212
0,03
5.8
10,5
39.1
27,2
46.7
-18
5,06
6.0
2008
13,1
12.0
15
,983
.614
5,72
1.0
12,5
54.9
31,6
95.5
-21
9,06
6.9
2009
13,6
90.4
16
,840
.916
0,89
3.3
13,6
31.7
34,5
49.6
-23
9,60
5.9
2010
12,0
56.6
16
,743
.118
9,41
3.6
14,4
70.0
42,0
93.4
-27
4,77
6.8
2011
10,9
14.8
15
,399
.619
4,33
7.3
17,4
65.2
48,9
80.7
-28
7,09
7.5
% c
han
ge
2007
21.8
4.
1-3
.839
.1-9
.7-
-1.0
2008
7.0
6.7
21.4
19.1
16.3
-18
.4
2009
4.4
5.4
10.4
8.6
9.0
-9.
4
2010
-11.
9 -0
.617
.76.
121
.8-
14.7
2011
-9.5
-8
.02.
620
.716
.4-
4.5
% s
har
e
2007
6.6
8.1
64.9
5.7
14.7
-10
0.0
2008
6.0
7.3
66.5
5.7
14.5
-10
0.0
2009
5.7
7.0
67.2
5.7
14.4
-10
0.0
2010
4.4
6.1
68.9
5.3
15.3
-10
0.0
2011
3.8
5.4
67.7
6.1
17.1
-10
0.0
Tab
le 2
.5: Li
fe I
nsu
ran
ce : D
istr
ibu
tio
n o
f N
ew
Su
ms
Insu
red
of
Dir
ect
In
sure
rs
N
umbe
rs m
ay n
ot n
eces
saril
y ad
d up
due
to
roun
ding
LO_Inside_KPV4.indd 20 26/12/2012 12:37:39 PM
21Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Ord
inary
Lif
eIn
vest
men
t-Li
nked
An
nu
ity
Tota
lW
ho
le L
ife
En
do
wm
en
tTe
mp
ora
ryO
thers
RM
mil
lio
n
2007
171,
903.
664
,175
.030
3,54
4.4
51,9
72.7
130,
786.
329
7.3
722,
679.
4
2008
178,
243.
465
,796
.132
5,76
7.9
53,6
81.9
147,
507.
727
7.9
771,
274.
8
2009
183,
771.
165
,315
.332
4,58
2.3
54,2
76.8
163,
150.
526
4.7
791,
360.
8
2010
188,
689.
169
,075
.738
1,26
1.5
56,9
72.2
185,
709.
522
7.8
881,
935.
9
2011
191,
649.
069
,920
.741
0,98
6.9
61,1
23.8
214,
780.
820
5.2
948,
666.
3
% c
han
ge
2007
3.4
2.2
9.5
3.5
13.5
-78.
07.
4
2008
3.7
2.5
7.3
3.3
12.8
-6.5
6.7
2009
3.1
-0.7
-0.4
1.
110
.6-4
.82.
6
2010
2.7
5.8
17.5
5.0
13.8
-13.
911
.4
2011
1.6
1.2
7.8
7.3
15.7
-9.9
7.6
% s
har
e
2007
23.8
8.
942
.07.
218
.1…
100.
0
2008
23.1
8.
542
.27.
019
.1…
100.
0
2009
23.2
8.
341
.06.
920
.6…
100.
0
2010
21.4
7.
843
.26.
521
.1…
10
0.0
2011
20.2
7.
443
.36.
422
.6…
100.
0
Tab
le 2
.6: Li
fe I
nsu
ran
ce : D
istr
ibu
tio
n o
f Su
ms
Insu
red
in
Fo
rce o
f D
irect
In
sure
rs
N
umbe
rs m
ay n
ot n
eces
saril
y ad
d up
due
to
roun
ding
LO_Inside_KPV4.indd 21 26/12/2012 12:37:39 PM
THE MALAYSIAN INSURANCE INSTITUTE22
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Avera
ge A
nn
ual
Pre
miu
ms
Avera
ge S
um
s In
sure
dA
vera
ge C
ost
2
Wh
ole
Lif
eEn
do
wm
en
tW
ho
le L
ife
En
do
wm
en
tW
ho
le L
ife
En
do
wm
en
t
RM
2007
2,32
61,
923
48,9
7129
,647
4765
2008
2,51
42,
439
50,8
6630
,155
4981
2009
2,92
53,
072
51,2
7927
,342
5711
2
2010
3,47
83,
837
56,5
4030
,183
6212
7
2011
3,00
04,
419
53,7
2128
,508
5615
5
Year
Avera
ge A
nn
ual
Pre
miu
ms
Avera
ge S
um
s In
sure
dA
vera
ge C
ost
2
Wh
ole
Lif
eEn
do
wm
en
tW
ho
le L
ife
En
do
wm
en
tW
ho
le L
ife
En
do
wm
en
t
RM
2007
1,38
81,
228
48,4
6022
,606
2954
2008
1,46
51,
328
49,5
4023
,567
3056
2009
1,56
11,
527
50,4
3924
,167
3163
2010
1,65
01,
751
51,6
6225
,073
3270
2011
1,69
82,
064
52,5
4925
,827
3280
Tab
le 2
.7: Li
fe I
nsu
ran
ce : A
vera
ge S
ize a
nd
Co
st o
f O
rdin
ary
In
div
idu
al
Life
N
ew
Po
lici
es
of
Dir
ect
In
sure
rs1
Tab
le 2
.8: Li
fe I
nsu
ran
ce : A
vera
ge S
ize a
nd
Co
st o
f O
rdin
ary
Ind
ivid
ual
Life
Po
lici
es
in F
orc
e o
f D
irect
In
sure
rs1
1
For
annu
al p
rem
ium
pol
icie
s on
ly
2 N
ew a
nnua
l pre
miu
m p
er R
M1,
000
of n
ew s
ums
insu
red
1
For
annu
al p
rem
ium
pol
icie
s on
ly
2 A
nnua
l pre
miu
ms
in f
orce
per
RM
1,00
0 of
sum
s in
sure
d in
for
ce
LO_Inside_KPV4.indd 22 26/12/2012 12:37:39 PM
23Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Death
Matu
rity
Su
rren
der
Forf
eit
ure
less
Reviv
als
Oth
ers
Tota
l
RM
mil
lio
n
2007
19.6
46.5
360.
937
0.2
360.
11,
157.
3
2008
20.7
53.9
401.
536
8.3
779.
91,
624.
3
2009
23.1
69.7
434.
539
8.8
487.
61,
413.
7
2010
24.1
83.4
473.
249
7.5
816.
71,
894.
9
2011
26.3
79.1
571.
445
3.2
1,02
2.7
2,15
2.7
% c
han
ge
2007
5.9
12.2
7.8
-2.0
-2.9
1.2
2008
5.5
16.0
11.3
-0.5
116.
640
.4
2009
11.9
29
.28.
28.
3-3
7.5
-13.
0
2010
4.3
19.7
8.9
24.7
67.5
34.0
2011
9.1
-5.2
20.8
-8.9
25.2
13.6
% s
hare
2007
1.7
4.0
31.2
32.0
31.1
100.
0
2008
1.3
3.3
24.7
22.7
48.0
100.
0
2009
1.6
4.9
30.7
28.2
34.5
100.
0
2010
1.3
4.4
25.0
26.3
43.1
100.
0
2011
1.2
3.7
26.5
21.1
47.5
100.
0
Tab
le 2
.9: Li
fe I
nsu
ran
ce : T
erm
inati
on
s o
f A
nn
ual
Pre
miu
ms
of
Dir
ect
In
sure
rs
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 23 26/12/2012 12:37:40 PM
THE MALAYSIAN INSURANCE INSTITUTE24
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Death
Matu
rity
Su
rren
der
Forf
eit
ure
less
Reviv
als
Oth
ers
Tota
l
RM
mil
lio
n
2007
963.
82,
211.
518
,743
.49,
771.
210
3,59
8.4
135,
288.
3
2008
772.
92,
270.
719
,139
.210
,777
.313
7,19
4.9
170,
155.
0
2009
880.
24,
126.
220
,804
.212
,853
.215
2,42
0.4
191,
084.
2
2010
889.
93,
701.
419
,761
.212
,719
.217
8,09
6.0
215,
167.
7
2011
984.
94,
503.
120
,949
.211
,898
.518
4,59
1.9
222,
927.
6
% c
han
ge
2007
18.8
40
.813
.5-3
.3-1
9.8
-14.
4
2008
-19.
82.
72.
110
.332
.425
.8
2009
13.9
81.7
8.7
19.3
11.1
12.3
2010
1.1
-10.
3-5
.0
-1.0
16.8
12.6
2011
10.7
21
.76.
0-6
.53.
63.
6
% s
hare
2007
0.7
1.6
13.9
7.2
76.6
100.
0
2008
0.5
1.3
11.3
6.3
80.6
100.
0
2009
0.5
2.2
10.9
6.7
79.8
100.
0
2010
0.4
1.7
9.2
5.9
82.8
100.
0
2011
0.4
2.0
9.4
5.3
82.8
100.
0
Tab
le 2
.10: Li
fe I
nsu
ran
ce : T
erm
inati
on
s o
f Su
ms
Insu
red
of
Dir
ect
In
sure
rs
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 24 26/12/2012 12:37:40 PM
25Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year 3 Policy YearsForfeiture Rate 1 (%)
Surrender Rate (%)
2007 22.5 2 .7
2008 23.6 2.8
2009 19.2 2 .7
2010 17.0 2 .5
2011 17.4 2 .4
Year Year of TotalIssue
1st PolicyYear
2nd PolicyYear
3rd PolicyYear Total
2007 2011 4.4 - - 4.4
2010 6.2 3.5 - 9.7
2009 7.5 5.8 2.1 15.4
2008 8.0 6.7 2.8 17.4
2010 2010 4.2 - - 4.2
2009 6.8 3.4 - 10.2
2008 7.8 6.3 1.9 16.0
2007 7.6 6.4 3.0 17.0
Table 2.11: Life Insurance : Forfeiture and Surrender Rates of Direct insurers
Table 2.12: Life Insurance : Forfeiture Rate by Policy Years of Direct Insurers1
1 Combination of whole life, endowment and ‘others’ policies
1 Combination of whole life, endowment and ‘others’ policies
LO_Inside_KPV4.indd 25 26/12/2012 12:37:40 PM
THE MALAYSIAN INSURANCE INSTITUTE26
Source : Bank Negara Malaysia Insurance Statistics 2011
Item
2009
2010
2011
RM
m%
RM
m%
RM
m%
Inco
me
Prem
ium
inco
me
19,8
31.3
66.8
21,8
04.7
67.3
22,7
94.1
68.8
Net
inve
stm
ent
inco
me
4,92
6.5
16.6
5,44
8.6
16.8
6,03
4.3
18.2
Prof
it on
sal
e of
ass
ets
and
mis
cella
neou
s in
com
e4,
910.
216
.65,
165.
015
.94,
288.
312
.9
Tota
l29,6
67.9
100.0
32,4
18.4
100.0
33,1
16.8
100.0
Ou
tgo
Net
pol
icy
bene
fits
11,8
38.5
39.9
13,0
23.4
40.2
13,9
78.9
42.2
Age
ncy
rem
uner
atio
n2,
933.
69.
93,
229.
310
.03,
360.
410
.1
Man
agem
ent
expe
nses
1,64
5.6
5.5
1,84
9.2
5.7
2,08
5.4
6.3
Loss
on
disp
osal
of
asse
ts a
ndot
her
outg
o1,
914.
16.
51,
133.
33.
52,
154.
96.
5
Tota
l18,3
31.7
61.8
19,2
35.1
59.3
21,5
79.7
65.2
Exce
ss o
f in
com
e ov
er o
utgo
11,3
36.2
38.2
13,1
83.2
40.7
11,5
37.1
34.8
Tab
le 2
.13:
Life
In
sura
nce
: I
nco
me a
nd
Ou
tgo
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 26 26/12/2012 12:37:40 PM
27Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
% o
f A
dju
sted
Pre
miu
m I
nco
me 1
Net
Rate
of
Inte
rest
Earn
ed
Ag
en
cy
Rem
un
era
tio
n (
a)
Sta
ff
Rem
un
era
tio
n (
b)
Oth
er
Exp
en
ses
(c)
Tota
l(a
) +
(b)
+ (c
)(1
)(2
)
2007
17.6
3.8
5.7
27.1
5.5
9.6
2008
17.8
4.1
6.1
28.0
4.6
6.0
2009
18.0
4.0
6.0
28.1
4.9
5.6
2010
17.9
4.1
6.1
28.1
4.7
6.1
2011
17.0
4.5
6.1
27.5
5.0
6.5
Tab
le 2
.14: Li
fe I
nsu
ran
ce : E
xp
en
se R
ate
an
d R
ate
of
Inte
rest
Earn
ed
1
The
sum
of
first
yea
r pr
emiu
ms,
rene
wal
pre
miu
ms
and
10%
of
sing
le p
rem
ium
s
(1)
Rate
of
retu
rn o
n in
vest
men
ts e
xclu
ding
cap
ital g
ains
(2
) Ra
te o
f re
turn
on
inve
stm
ents
incl
udin
g ca
pita
l gai
ns
N
umbe
rs m
ay n
ot n
eces
saril
y ad
d up
due
to
roun
ding
LO_Inside_KPV4.indd 27 26/12/2012 12:37:40 PM
THE MALAYSIAN INSURANCE INSTITUTE28
Source : Bank Negara Malaysia Insurance Statistics 2011
Typ
e o
fIn
vest
men
t2007
2008
2009
2010
2011
RM
m%
RM
m%
RM
m%
RM
m%
RM
m%
Pro
per
ty, p
lan
t an
d
equ
ipm
ent
483.
30.
549
6.9
0.5
1,63
0.3
1.3
1,66
0.5
1.2
1,64
5.4
1.1
Loan
s11
,470
.211
.212
,007
.911
.011
,588
.19.
210
,870
.27.
710
,900
.17.
2
Mor
tgag
es4,
212.
34.
14,
282.
63.
93,
737.
63.
02,
888.
42.
02,
833.
31.
9
Polic
y6,
680.
56.
57,
172.
16.
67,
516.
86.
07,
711.
25.
57,
890.
55.
2
Oth
ers
577.
40.
655
3.2
0.5
333.
70.
327
0.6
0.2
176.
30.
1
Inve
stm
ents
72,1
28.7
70.4
76,2
61.0
69.7
93,0
39.5
73.9
109,
944.
577
.711
4,34
5.0
75.2
Mal
aysi
a G
over
nmen
t pa
pers
/gua
rant
eed
loan
s
17,3
62.8
16.9
18,3
01.5
16.7
18,4
16.1
14.6
20,9
70.1
14.8
24,7
65.1
16.3
Cor
pora
te/d
ebt
secu
ritie
s53
,140
.851
.856
,044
.451
.272
,205
.057
.486
,050
.560
.886
,810
.257
.1
Oth
ers
1,62
5.1
1.6
1,91
5.0
1.8
2,39
6.0
1.9
2,87
7.2
2.0
2,73
3.8
1.8
Inve
stm
ent
pro
per
ties
2,98
6.5
2.9
3,61
4.2
3.3
2,55
5.5
2.0
2,47
9.9
1.8
2,28
9.7
1.5
Cas
h an
d de
posi
ts11
,770
.711
.512
,970
.211
.911
,528
.09.
29,
167.
86.
515
,343
.810
.1
Oth
er a
sset
s1,
997.
01.
92,
500.
92.
32,
097.
31.
72,
593.
71.
82,
678.
71.
8
Fore
ign
asse
ts1,
666.
51.
61,
521.
61.
43,
386.
22.
74,
741.
63.
44,
768.
33.
1
Tota
l102,5
02.9
100.0
109,3
72.7
100.0
125,8
24.8
100.0
141,4
58.3
100.0
151,9
70
.9100.0
Tab
le 2
.15: A
ssets
of
Life
In
sura
nce
Fu
nd
s
N
umbe
rs m
ay n
ot n
eces
saril
y ad
d up
due
to
roun
ding
LO_Inside_KPV4.indd 28 26/12/2012 12:37:40 PM
29Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Item
2009
2010
2011
RM
m%
ch
an
ge
RM
m%
ch
an
ge
RM
m%
ch
an
ge
Val
uat
ion
res
ult
Polic
y ow
ners
’ fun
d95
,249
.7
-3.4
103,
205.
08.
411
1,91
2.8
8.4
Valu
atio
n lia
bilit
ies
275
,497
.4
-9.7
83,2
46.0
10.3
91,4
20.1
9.8
Surp
lus
19,7
52.3
31.9
19,9
59.0
1.0
20,4
92.7
2.7
Allo
catio
n to
pol
icyo
wne
rs2,
544.
46.
43,
084.
821
.23,
755.
021
.7
Surp
lus
dis
trib
uti
on
Allo
catio
n to
sha
reho
lder
s1,
966.
147
.82,
239.
913
.92,
492.
311
.3
Surp
lus
carr
ied
forw
ard
17,7
86.2
30.3
17,7
19.1
-0.4
18,0
00.4
1.6
Tab
le 2
.16: Li
fe I
nsu
ran
ce: V
alu
ati
on
Resu
lt a
nd
Su
rplu
s D
istr
ibu
tio
n 1
1. F
igur
es a
re b
ased
on
Risk
Bas
ed C
apita
l (RB
C) V
alua
tion.
2. V
alua
tion
Liab
ilitie
s in
clus
ive
of A
lloca
tion
to p
olic
yow
ners
.
LO_Inside_KPV4.indd 29 26/12/2012 12:37:40 PM
THE MALAYSIAN INSURANCE INSTITUTE30
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Tota
l Su
ms
Insu
red
in
Fo
rce
Pre
miu
m I
nco
me
1G
NI
at
Mark
et
Pri
cePo
pu
lati
on
Em
plo
ym
en
tPer
cap
ita
Inco
me
RM
m% of
GN
I
Per
cap
ita
RM
m% of
GN
I
Per
cap
ita
Per
mem
ber
of
Em
plo
ym
en
tR
Mm
Mil
lio
nR
M
2007
722,
679.
411
5.1
26,5
6918
,893
.03.
069
51,
657
628,
106
27.2
11.4
23,1
15
2008
771,
274.
810
7.9
27,8
4418
,736
.92.
667
61,
615
714,
970
27.7
11.6
25,7
84
2009
791,
360.
811
9.0
28,3
6419
,831
.33.
071
11,
710
665,
047
27.9
11.6
23,8
41
2010
881,
935.
911
9.3
31,1
6421
,804
.72.
977
01,
824
739,
451
28.3
12.0
26,1
75
2011
948,
666.
311
4.2
33,1
7022
,794
.12.
779
71,
861
830,
702P
28.6
P12
.2P
29,0
94P
Tab
le 2
.17: Li
fe I
nsu
ran
ce : L
ife I
nsu
ran
ce G
row
th a
nd
So
cio
-eco
no
mic
In
dic
ato
rs
1 A
s pe
r re
venu
e ac
coun
tsP
Prel
imin
ary
(S
ourc
e: D
epar
tmen
t of
Sta
tistic
s, M
alay
sia
and
Econ
omic
Pla
nnin
g U
nit)
LO_Inside_KPV4.indd 30 26/12/2012 12:37:40 PM
31Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Ag
eA
ttain
ed
Gro
up
Ord
inary
(2006-2
010)
Male
sFe
male
s
Wit
h M
ed
ical
Wit
ho
ut
Med
ical
Wit
h M
ed
ical
Wit
ho
ut
Med
ical
Ex
qx
Ex
qx
Ex
qx
Ex
qx
11-1
547
.74
0.13
702.
160.
2637
.65
0.05
604.
970.
14
16-2
063
.44
0.5
577.
980.
6146
.59
0.26
463.
540.
24
21-2
540
.89
0.83
474.
100.
8128
.12
0.28
345.
010.
25
26-3
043
.02
0.77
642.
240.
930
.07
0.27
603.
540.
28
31-3
546
.75
1.33
811.
850.
8937
.23
0.56
853.
660.
42
36-4
062
.70
1.77
920.
541.
3649
.51
0.95
910.
930.
64
41-4
510
0.04
1.66
950.
801.
7263
.92
1.00
832.
360.
99
46-5
014
1.20
2.36
871.
522.
8575
.56
1.56
672.
091.
49
51-5
516
5.21
3.31
644.
644.
4672
.24
2.19
459.
032.
51
56-6
014
3.24
4.94
314.
316.
7663
.20
2.99
235.
223.
75
61-6
593
.53
8.10
140.
7811
.06
50.1
65.
5810
4.61
6.97
66-7
058
.45
15.1
162
.62
21.4
539
.51
8.35
52.1
715
.01
71-7
527
.20
26.4
024
.66
36.3
421
.91
16.4
325
.32
26.7
8
Tota
l10
80.7
678
92.4
865
4.68
6834
.12
Tab
le 2
.18: Th
e R
ate
s o
f M
ort
ali
ty f
or
Du
rati
on
of
Two
or
Mo
re Y
ears
1
1 Ex
clud
ing
polic
ies
with
acc
eler
ated
dre
ad d
isea
se b
enef
itsE x -
Num
ber
of li
ves
expo
sed
to r
isks
in t
hous
ands
q x - M
orta
lity
rate
mul
tiplie
d by
1,0
00
(Sou
rce:
Life
Insu
ranc
e A
ssoc
iatio
n of
Mal
aysi
a, d
ata
for
2006
to
2010
)
LO_Inside_KPV4.indd 31 26/12/2012 12:37:40 PM
THE MALAYSIAN INSURANCE INSTITUTE32
Source : Bank Negara Malaysia Insurance Statistics 2011
YearGross
Premiums1Gross DirectPremiums
NetPremiums Retention
Ratio (%)RM Million
2007 9,066.7 10,046.4 8,186.7 90.3
2008 9,696.8 10,894.0 8,983.3 92.6
2009 10,184.1 11,531.2 9,376.9 92.1
2010 10,981.1 12,584.7 10,127.9 92.2
2011 11,729.1 13,596.1 10,858.9 92.6
% change
2007 4.0 4.2 5.4 n.a
2008 6.9 8.4 9.7 n.a
2009 5.0 5.9 4.4 n.a
2010 7.8 9.1 8.0 n.a
2011 6.8 8.0 7.2 n.a
Table 3.1: General Insurance : Premium Income
1 Gross direct and reinsurance accepted premiums less reinsurances within Malaysian.a Not applicable
LO_Inside_KPV4.indd 32 26/12/2012 12:37:40 PM
33Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Mari
ne,
Avia
tio
n
an
d
Tran
sit
Co
ntr
ac-
tors
’ A
ll
Ris
ks
an
d
En
gin
eer-
ing
Fire
Med
ical
Exp
en
ses
an
d
Pers
on
al
Acc
iden
t
Mo
tor
Liab
ilit
y
Wo
rkm
en
’s
Co
mp
en
sa-
tio
n a
nd
Em
plo
yers
’ Li
ab
ilit
y
Mis
cell
a-
neo
us
Tota
l‘A
ct’
Co
ver
Oth
ers
Tota
l
RM
mil
lio
n
2007
1,18
6.2
385.
61,
786.
91,
210.
153
6.1
3,91
1.5
4,44
7.7
294.
514
3.3
592.
010
,046
.4
2008
1,17
9.5
407.
51,
910.
01,
381.
659
1.1
4,30
2.7
4,89
3.9
338.
614
7.9
635.
010
,894
.0
2009
1,16
8.6
410.
72,
029.
51,
523.
258
4.1
4,67
0.1
5,25
4.2
374.
914
6.2
623.
911
,531
.2
2010
1,28
3.6
391.
72,
100.
31,
699.
363
0.1
5,29
2.1
5,92
2.2
381.
015
8.5
648.
112
,584
.7
2011
1,41
0.7
487.
92,
239.
41,
929.
763
5.1
5,67
7.6
6,31
2.7
413.
917
0.3
631.
513
,596
.1
% c
han
ge
2007
3.6
3.1
2.5
11.2
6.8
1.5
2.1
6.2
9.6
12.5
4.2
2008
-0
.65.
76.
914
.210
.310
.010
.015
.03.
27.
38.
4
2009
-0
.90.
86.
310
.2-1
.28.
57.
410
.7-1
.1-1
.75.
8
2010
9.
8-4
.63.
511
.67.
913
.312
.71.
68.
43.
99.
1
2011
9.
924
.66.
613
.60.
87.
36.
68.
67.
4-2
.68.
0
% s
hare
2007
11.8
3.8
17.8
12.0
5.3
38.9
44.3
2.9
1.4
5.9
100.
0
2008
10.8
3.7
17.5
12.7
5.4
39.5
44.9
3.1
1.4
5.8
100.
0
2009
10.1
3.6
17.6
13.2
5.1
40.5
45.6
3.3
1.3
5.4
100.
0
2010
10.2
3.1
16.7
13.5
5.0
42.1
47.1
3.0
1.3
5.1
100.
0
2011
10.4
3.6
16.5
14.2
4.7
41.8
46.4
3.0
1.3
4.6
100.
0
Tab
le 3
.2: G
en
era
l In
sura
nce
: D
istr
ibu
tio
n o
f G
ross
Dir
ect
Pre
miu
ms
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 33 26/12/2012 12:37:40 PM
THE MALAYSIAN INSURANCE INSTITUTE34
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Mari
ne,
Avia
tio
n
an
d
Tran
sit
Co
ntr
ac-
tors
’ A
ll
Ris
ks
an
d
En
gin
eer-
ing
Fire
Med
ical
Exp
en
ses
an
d
Pers
on
al
Acc
iden
t
Mo
tor
Liab
ilit
y
Wo
rkm
en
’s
Co
mp
en
sa-
tio
n a
nd
Em
plo
yers
’ Li
ab
ilit
y
Mis
cell
a-
neo
us
Tota
l‘A
ct’
Co
ver
Oth
ers
Tota
l
RM
mil
lio
n
2007
402.
821
5.6
1,31
9.4
1,11
0.4
526.
83,
865.
54,
392.
317
5.5
138.
543
2.3
8,18
6.7
2008
440.
222
8.1
1,41
0.7
1,28
9.3
581.
84,
253.
24,
835.
018
2.3
142.
645
5.2
8,98
3.3
2009
393.
022
7.4
1,42
9.1
1,37
3.0
579.
24,
616.
35,
195.
519
5.1
141.
842
2.0
9,37
6.9
2010
410.
222
5.8
1,49
6.5
1,55
0.8
600.
95,
058.
35,
659.
120
1.4
153.
743
0.3
10,1
27.9
2011
475.
824
8.1
1,56
3.1
1,76
9.5
620.
05,
348.
15,
968.
122
3.6
166.
444
4.3
10,8
58.9
% c
han
ge
2007
11.5
11.9
5.1
9.5
8.9
1.2
2.1
15.2
9.4
19.6
5.4
2008
9.
35.
86.
916
.110
.410
.010
.13.
93.
05.
39.
7
2009
-1
0.7
-0
.31.
36.
5-0
.48.
57.
57.
1-0
.6-7
.34.
4
2010
4.
4 -0
.74.
712
.93.
79.
68.
93.
28.
4 2
.08.
0
2011
16
.09.
94.
514
.13.
25.
75.
511
.08.
33.
37.
2
% s
hare
2007
4.9
2.6
16.1
13.6
6.4
47.2
53.7
2.1
1.7
5.3
100.
0
2008
4.9
2.5
15.7
14.4
6.5
47.3
53.8
2.0
1.6
5.1
100.
0
2009
4.2
2.4
15.2
14.6
6.2
49.2
55.4
2.1
1.5
4.5
100.
0
2010
4.1
2.2
14.8
15.3
5.9
49.9
55.9
2.0
1.5
4.2
100.
0
2011
4.4
2.3
14.4
16.3
5.7
49.3
55.0
2.1
1.5
4.1
100.
0
Tab
le 3
.3: G
en
era
l In
sura
nce
: D
istr
ibu
tio
n o
f N
et
Pre
miu
ms
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 34 26/12/2012 12:37:41 PM
35Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Mari
ne,
Avia
tio
n
an
d
Tran
sit
Co
ntr
ac-
tors
’ A
ll
Ris
ks
an
d
En
gin
eer-
ing
Fire
Med
ical
Exp
en
ses
an
d
Pers
on
al
Acc
iden
t
Mo
tor
Liab
ilit
y
Wo
rkm
en
’s
Co
mp
en
sa-
tio
n a
nd
Em
plo
yers
’ Li
ab
ilit
y
Mis
cell
a-
neo
us
Tota
l‘A
ct’
Co
ver
Oth
ers
Tota
l
Co
mb
ined
1
2007
48.1
84.5
86.5
96.0
99.9
99.8
99.8
66.7
99.6
88.3
90.3
2008
64.2
77.7
86.3
97.7
99.9
99.9
99.9
67.6
99.1
89.5
92.6
2009
59.8
79.2
84.9
95.7
99.9
99.8
99.8
67.4
99.0
87.0
92.1
2010
59.2
81.4
84.7
96.2
99.5
99.7
99.7
66.2
99.1
87.0
92.2
2011
66.1
76.0
84.7
96.4
99.5
99.6
99.6
68.9
99.6
85.8
92.6
Dir
ect
In
sure
rs1
2007
42.1
75.7
84.1
95.8
99.9
99.8
99.8
62.1
99.6
87.2
89.6
2008
61
.369
.783
.997
.699
.999
.999
.964
.699
.088
.492
.6
2009
56
.273
.984
.395
.599
.999
.999
.965
.598
.985
.892
.4
2010
55
.977
.184
.496
.199
.999
.899
.864
.899
.085
.592
.6
2011
63
.768
.985
.296
.399
.999
.899
.867
.699
.684
.193
.2
Pro
fess
ion
al
Rein
sure
rs2
2007
67.4
94.8
89.8
97.9
100.
098
.898
.998
.699
.790
.790
.1
2008
57.7
85.5
88.9
97.3
100.
098
.298
.484
.799
.588
.886
.8
2009
53.4
83.9
83.4
96.5
100.
097
.597
.879
.699
.487
.883
.2
2010
55.3
83.9
82.2
96.8
96.0
96.9
96.8
69.7
99.7
91.0
84.3
2011
49.4
84.4
79.5
96.5
95.9
96.0
96.0
70.1
99.7
92.4
81.0
Tab
le 3
.4: G
en
era
l In
sura
nce
: N
et
Rete
nti
on
Rati
o
1 N
et p
rem
ium
s to
gro
ss d
irect
and
rein
sura
nce
acce
pted
pre
miu
ms
less
rein
sura
nces
with
in M
alay
sia
2 N
et p
rem
ium
s to
rein
sura
nce
acce
pted
pre
miu
ms
N
umbe
rs m
ay n
ot n
eces
saril
y ad
d up
due
to
roun
ding
LO_Inside_KPV4.indd 35 26/12/2012 12:37:41 PM
THE MALAYSIAN INSURANCE INSTITUTE36
Source : Bank Negara Malaysia Insurance Statistics 2011
Cla
ss
Pre
miu
ms
Ced
ed
an
dR
etr
oce
ded
Overs
eas
Rein
sura
nce
an
dR
etr
oce
ssio
nC
laim
s R
eco
veri
es
fro
m
Overs
eas
Rein
sura
nce
an
dPro
fit
Co
mm
issi
on
sR
ece
ived
fro
mO
vers
eas
Net
Infl
ow
(+)
/ Ou
tflo
w (
–)
Net
Infl
ow
/O
utf
low
as
a %
of
Pre
miu
ms
Ced
ed
an
d
Retr
oce
ded
Overs
eas
RM
mil
lio
n
Mar
ine
and
avia
tion
hull
189.
5
61.3
27.0
-101
.3-5
3.4
Mar
ine,
avi
atio
n an
d tr
ansi
t ca
rgo
54.0
14.8
8.6
-30.
6 -5
6.7
Con
trac
tors
’ all
risks
& e
ngin
eerin
g78
.515
.413
.3-4
9.9
-63.
5
Fire
282.
9
106.
051
.5-1
25.4
-44.
3
Med
ical
exp
ense
s an
d pe
rson
al a
ccid
ent
65.7
18.7
7.1
-39.
9-6
0.7
Mo
tor
23.9
10
.11.
6-1
2.3
-51.
4
‘Act
’ cov
er3.
3
9.5
-6.
319
0.3
Oth
ers
20.6
0.
61.
6-1
8.5
-89.
8
Liab
ility
101.
0
11.6
16.8
-72.
6-7
1.9
Wor
kmen
’s co
mpe
nsat
ion
and
empl
oyer
s’ li
abili
ty0.
70.
80.
10.
234
.5
Mis
cella
neou
s73
.822
.512
.3-3
9.0
-52.
9
Tota
l87
0.2
261.
213
8.3
-470
.7-5
4.1
Tab
le 3
.5: G
en
era
l In
sura
nce
: N
et
Rein
sura
nce
Po
siti
on
, 2011
N
umbe
rs m
ay n
ot n
eces
saril
y ad
d up
due
to
roun
ding
LO_Inside_KPV4.indd 36 26/12/2012 12:37:41 PM
37Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Mari
ne,
Avia
tio
n
an
d
Tran
sit
Co
ntr
ac-
tors
’ A
ll
Ris
ks
an
d
En
gin
eer-
ing
Fire
Med
ical
Exp
en
ses
an
d
Pers
on
al
Acc
iden
t
Mo
tor
Liab
ilit
y
Wo
rkm
en
’s
Co
mp
en
sa-
tio
n a
nd
Em
plo
yers
’ Li
ab
ilit
y
Mis
cell
a-
neo
us
Tota
l‘A
ct’
Co
ver
Oth
ers
Tota
l
2007
55.6
84.7
43.3
50.1
242.
059
.280
.727
.222
.050
.365
.9
2008
46.0
54.4
35.2
52.5
271.
361
.085
.524
.021
.448
.765
.9
2009
28.5
31.1
34.7
49.9
265.
358
.779
.925
.415
.650
.360
.7
2010
36.8
63.5
30.1
50.7
290.
560
.081
.039
.818
.540
.162
.6
2011
42.3
28.7
38.0
43.7
296.
053
.176
.234
.215
.156
.760
.3
Tab
le 3
.6:
Gen
era
l In
sura
nce
: C
laim
s R
ati
o1
1 N
et c
laim
s in
curr
ed a
s a
ratio
of
earn
ed p
rem
ium
inco
me
LO_Inside_KPV4.indd 37 26/12/2012 12:37:41 PM
THE MALAYSIAN INSURANCE INSTITUTE38
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Earned Premium Income
Net Claims Incurred
Net Commissions
Management Expenses1
Under writing Margin
RM million
2007 7,920.8 5,222.2 916.3 1,764.3 17.9
2008 8,585.5 5,655.9 1,004.9 1,823.4 101.4
2009 9,264.1 5,626.7 1,052.5 1,793.4 791.5
2010 9,912.6 6,206.7 1,093.8 1,845.0 767.1
2011 10,498.2 6,328.4 1,165.8 1,929.1 1,074.9
% of earned premium income
2007 100.0 65.9 11.6 22.3 0.2
2008 100.0 65.9 11.7 21.2 1.2
2009 100.0 60.7 11.4 19.4 8.5
2010 100.0 62.6 11.0 18.6 7.7
2011 100.0 60.3 11.1 18.4 10.2
% change
2007 2.1 11.1 6.8 3.6 -96.4
2008 8.4 8.3 9.7 3.4 466.3
2009 7.9 -0.5 4.7 -1.6 680.8
2010 7.0 10.3 3.9 2.9 -3.1
2011 5.9 2.0 6.6 4.6 40.1
Table 3.7: General Insurance : Underwriting Experience
1 Management expenses is inclusive of net bad and doubtful debts
LO_Inside_KPV4.indd 38 26/12/2012 12:37:41 PM
39Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Item
2007
2008
2009
2010
2011
RM
m%
ch
an
ge
RM
m%
ch
an
ge
RM
m%
ch
an
ge
RM
m%
ch
an
ge
RM
m%
ch
an
ge
Und
erw
ritin
g pr
ofit
17.9
-9
6.4
101.
446
6.3
791.
568
0.8
767.
1-3
.11,
074.
940
.1
Inve
stm
ent
inco
me
759.
3 8.
878
2.3
3.0
740.
1-5
.478
0.8
5.5
883.
113
.1
Cap
ital g
ains
579.
9 21
7.1
116.
5-7
9.9
174.
649
.824
2.5
38.9
100.
6-5
8.5
Oth
er in
com
e10
3.3
-60.
913
4.9
30.6
377.
317
9.8
211.
4-4
4.0
145.
6-3
1.1
Cap
ital l
osse
s16
.1
-81.
415
5.1
862.
388
.7-4
2.8
10.9
-87.
719
.276
.1
Oth
er o
utgo
134.
8 19
.540
8.7
203.
312
8.1
-68.
712
1.2
-5.4
99.2
-18.
2
Ope
ratin
g pr
ofit
1,30
9.5
-8.9
571.
2-5
6.4
1,86
6.6
226.
81,
869.
80.
22,
085.
811
.6
Tab
le 3
.8: G
en
era
l In
sura
nce
: U
nd
erw
riti
ng
an
d O
pera
tin
g R
esu
lts
LO_Inside_KPV4.indd 39 26/12/2012 12:37:41 PM
THE MALAYSIAN INSURANCE INSTITUTE40
Source : Bank Negara Malaysia Insurance Statistics 2011
Typ
e o
f In
vest
men
t2007
2008
2009
2010
20
11
RM
m%
ch
an
ge
RM
m%
ch
an
ge
RM
m%
ch
an
ge
RM
m%
ch
an
ge
RM
m%
ch
an
ge
Prop
erty
, pla
nt a
nd
equi
pmen
t78
3.0
3.9
750.
13.
579
2.1
3.5
719.
52.
971
7.7
2.7
Loan
s23
8.0
1.2
183.
30.
817
9.2
0.8
115.
60.
590
.40.
3
Inve
stm
ents
10,4
04.4
52.3
10,6
51.9
49.4
12,3
46.2
54.1
13,4
74.8
54.5
14,8
28.5
56.3
Mal
aysi
an G
over
nmen
t pa
pers
/gua
rant
eed
loan
s
3,53
1.2
17.7
3,90
2.6
18.1
4,39
3.6
19.3
4,48
1.6
18.1
5,17
4.8
19.7
Cor
pora
te/d
ebt
secu
ritie
s6,
415.
232
.26,
372.
929
.56,
921.
230
.36,
881.
127
.86,
855.
826
.0
Oth
ers
458.
02.
337
6.3
1.7
1,03
1.5
4.5
2,11
2.0
8.5
2,79
7.9
10.6
Inve
stm
ent
prop
ertie
s24
2.0
1.2
240.
81.
123
3.9
1.0
222.
10.
917
5.1
0.7
Cas
h an
d de
posi
ts6,
165.
531
.07,
616.
135
.37,
158.
131
.47,
713.
331
.27,
510.
528
.5
Am
ount
due
fro
m
clie
nts/
inte
rmed
iarie
s/re
insu
rers
1,36
8.3
6.9
1,33
2.9
6.2
1,35
9.6
6.0
1,57
4.5
6.4
1,87
8.8
7.1
Oth
er a
sset
s65
9.9
3.3
732.
83.
466
5.2
2.9
833.
03.
41,
079.
34.
1
Fore
ign
asse
ts50
.30.
360
.20.
379
.20.
480
.10.
355
.20.
2
Tota
l19
,911
.410
0.0
21,5
68.2
100.
022
,813
.410
0.0
24,7
32.9
100.
026
,335
.310
0.0
Tab
le 3
.9: A
ssets
of
Gen
era
l In
sura
nce
Fu
nd
s
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 40 26/12/2012 12:37:41 PM
41Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
RM millionNumber of Funds
2007 2008 2009 2010 2011
Less than 201 1 1 1 0 0
20 to less than 30 0 0 0 0 0
30 to less than 50 0 0 0 0 0
50 to less than 100 1 1 1 1 1
100 to less than 150 1 1 0 0 0
150 to less than 300 11 9 8 4 2
300 & above 26 28 27 30 30
Total 40 40 37 35 33
Table 3.10: Classification by Size of General Insurance Funds
1 Inclusive of insurers which were running off their general insurance business
LO_Inside_KPV4.indd 41 26/12/2012 12:37:41 PM
THE MALAYSIAN INSURANCE INSTITUTE42
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
UnearnedPremiumReserves /PremiumLiabilities
Provision forOutstanding
Claims / ClaimsLiabilities
TechnicalReserves
RM million
2007 3,751.8 7,821.0 11,572.8
2008 4,364.1 8,836.4 13,200.6
2009 4,463.7 8,501.8 12,965.4
2010 4,678.4 8,902.4 13,580.8
2011 5,029.7 9,292.6 14,322.4
% change
2007 7.6 8.5 8.2
2008 16.3 13.0 14.1
2009 4.3 5.0 4.8
2010 4.8 4.7 4.7
2011 7.5 4.4 5.5
% of net premiums
2007 45.8 95.5 141.4
2008 48.6 98.4 147.0
2009 47.6 90.7 138.3
2010 46.2 87.9 134.1
2011 46.3 85.6 131.9
Table 3.11: Technical Reserves
1 Management expenses is inclusive of net bad and doubtful debts
LO_Inside_KPV4.indd 42 26/12/2012 12:37:41 PM
43Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Cla
ssD
evelo
pm
en
t Y
ear
% o
f U
ltim
ate
In
curr
ed
Cla
ims
Co
st a
t En
d o
fD
evelo
pm
en
t Y
ear
1
02
12
34
5U
ltim
ate
2009
2010
Mar
ine,
avi
atio
n an
d tr
ansi
t 2.
29
1.13
1.
05
1.01
1.
01
1.00
1.
04
88.0
89
.4
Fire
2.
05
1.07
1.
03
1.03
1.01
1.
00
1.04
94
.2
90.5
Mo
tor
'Act
' cov
er
8.37
2.
51
1.61
1.
31
1.20
1.
15
1.07
27
.9
32.3
Oth
ers
1.75
1.
04
1.01
1.
01
1.00
1.
00
1.01
96
.5
96.2
Mis
cella
neou
s3 1.
62
1.07
1.
03
1.01
1.
02
1.00
1.
03
91.4
90
.6
Tab
le 3
.12
: G
en
era
l In
sura
nce
: A
vera
ge L
ink R
ati
o f
or
Cu
mu
lati
ve P
aid
Cla
ims
an
d E
merg
en
ce o
f C
laim
s 1
1
Base
d on
fin
anci
al y
ear,
cons
olid
ated
fro
m f
inan
cial
yea
r en
d 1
July
to
30 J
une
2
Dev
elop
men
t ye
ar 0
refe
rs t
o th
e ye
ar o
f oc
curr
ence
of
loss
3
ncl
udes
all
clas
ses
othe
r th
an M
AT, f
ire a
nd m
otor
LO_Inside_KPV4.indd 43 26/12/2012 12:37:41 PM
THE MALAYSIAN INSURANCE INSTITUTE44
Source : Bank Negara Malaysia Insurance Statistics 2011
Class
Year of Occurrence of Loss
2004 2005 2006 2007 2008 2009 2010
%
Marine, aviation and transit
45.4 48.5 47.3 54.2 44.1 44.9 48.2
Fire 36.1 35.8 41.2 36.8 29.9 29.6 34.0
Motor
'Act' cover 193.7 190.6 193.3 204.9 205.2 283.7 225.2
Others 58.1 53.4 57.2 59.3 62.8 66.6 56.4
Miscellaneous2 50.6 48.9 50.4 49.8 49.5 50.5 55.4
ClassAverage Frequency of Loss 3 Average Cost per Claim
% RM
Marine, aviation and transit 5.9 5,296
Fire 1.7 9,877
Motor
‘Act’ cover 0.6 16,399
Others 6.1 3,821
Miscellaneous2 5.7 2,450
Table 3.13: General Insurance : Ultimate Claims Ratio1
Table 3.14: General Insurance : Estimated Average Frequency of Loss and Average Cost per Claim1
1 Ratios are based on unadjusted aggregated financial year data on movement of claims by duration submitted by the industry, consolidated from financial year end 1 July to 30 June
2 Includes all classes other than MAT, fire and motor
1 Based on financial year, consolidated from financial year end 1 July to 30 June 2 Includes all classes other than MAT, fire and motor 3 Ratio and data represent estimations only based on available industry data. Actual experience may differ according to the actual
claims experience of individual insurer
LO_Inside_KPV4.indd 44 26/12/2012 12:37:41 PM
45Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Mari
ne,
Avia
tio
n
an
d
Tran
sit
Co
ntr
ac-
tors
’ A
ll
Ris
ks
an
d
En
gin
eer-
ing
Fire
Med
ical
Exp
en
ses
an
d
Pers
on
al
Acc
iden
t
Mo
tor
Liab
ilit
y
Wo
rkm
en
’s
Co
mp
en
sa-
tio
n a
nd
Em
plo
yers
’ Li
ab
ilit
y
Mis
cell
a-
neo
us
Tota
l‘A
ct’
Co
ver
Oth
ers
Tota
l
Rein
sura
nce
Acc
ep
ted
Pre
miu
ms
(RM
mil
lio
n)
2007
14
0.3
106.
040
5.7
59.8
20
.6
198.
5 21
9.1
32.5
7.
4 59
.9
1,03
0.6
2008
15
2.8
130.
144
2.6
75.2
23
.2
213.
8 23
7.0
40.2
7.
8 68
.4
1,15
4.1
2009
17
5.1
131.
9 43
0.4
81.6
24
.3
223.
7 24
8.0
40.0
8.
6 68
.7
1,18
4.4
2010
16
3.4
134.
1 44
7.1
89.2
61
.2
318.
1 37
9.3
48.7
8.
1 69
.8
1,33
9.7
2011
22
7.0
138.
5 45
4.6
75.1
60
.9
321.
1 38
2.0
50.2
9.
0 73
.4
1,40
9.7
Net
Pre
miu
ms
(RM
mil
lio
n)
2007
94
.5
100.
4 36
4.4
58.5
20
.6
196.
1 21
6.7
32.1
7.
3 54
.3
928.
3
2008
88
.1
111.
2 39
3.3
73.2
23
.2
209.
9 23
3.1
34.0
7.
8 60
.8
1,00
1.5
2009
93
.5
110.
7 35
9.2
78.8
24
.3
218.
2 24
2.4
31.8
8.
5 60
.3
985.
3
2010
90
.3
112.
5 36
7.6
86.4
58
.7
308.
3 36
7.0
33.9
8.
1 63
.5
1,12
9.3
2011
11
2.1
116.
9 36
1.2
72.5
58
.4
308.
4 36
6.7
35.2
8.
9 67
.8
1,14
1.2
Cla
ims
Rati
o1 (
%)
2007
41
.0
81.0
51
.3
30.7
28
3.6
79.5
97
.5
81.2
26
.0
16.6
62
.3
2008
49
.7
52.7
47
.2
42.1
28
1.3
85.8
10
5.1
57.9
16
.9
31.7
60
.4
2009
36
.0
30.6
64
.6
40.9
31
6.7
50.6
76
.5
29.6
20
.5
82.9
58
.5
2010
46
.0
87.6
35
.2
48.6
30
6.4
71.4
99
.0
75.9
16
.8
22.0
61
.6
2011
55
.3
11.3
60
.2
27.8
40
4.6
25.9
68
.0
1.9
0.7
120.
1 56
.7
Tab
le 3
.15: Perf
orm
an
ce o
f Pro
fess
ion
al
Gen
era
l R
ein
sure
rs
1 N
et c
laim
s in
curr
ed a
s a
ratio
of
earn
ed p
rem
ium
inco
me
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 45 26/12/2012 12:37:42 PM
THE MALAYSIAN INSURANCE INSTITUTE46
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Gen
era
lLi
feTo
tal
Mari
ne, A
via
tio
n a
nd
Tr
an
sit
Fire
Mo
tor
Mis
cell
an
eo
us1
Dir
ect
Pre
miu
ms
(RM
mil
lio
n)
2009
87
7.8
494.
4 76
.5
984.
4 94
.4
2,52
7.5
2010
77
3.0
539.
0 84
.6
991.
3 10
6.9
2,49
5.0
2011
1,
187.
956
9.2
89.4
1,
142.
611
9.0
3,10
8.0
Rei
nsu
ran
ce P
rem
ium
s (R
M m
illio
n)
2009
86
5.7
116.
5 41
.4
380.
2-
1,40
3.7
2010
73
7.6
78.0
22
.0
315.
4-
1,15
3.1
2011
1,
217.
198
.9
7.2
240.
9-
1,56
4.0
Co
mb
ined
(R
M m
illio
n)
2009
1,74
3.4
610.
911
7.9
1,36
4.6
94.4
3,93
1.2
2010
1,51
0.7
617.
010
6.7
1,30
6.8
107.
03,
648.
1
2011
2,40
5.0
668.
096
.51,
383.
411
9.0
4,67
2.0
Tab
le 4
.1: In
sura
nce
Bro
kin
g : T
ota
l Pre
miu
ms
Tran
sact
ed
1 In
clud
es a
ll cl
asse
s ot
her
than
MAT
, fire
and
mot
or
Num
bers
may
not
nec
essa
rily
add
up d
ue t
o ro
undi
ng
LO_Inside_KPV4.indd 46 26/12/2012 12:37:42 PM
47Knowledge Pack Vol 4
Source : Bank Negara Malaysia Insurance Statistics 2011
Months2009 2010 2011
Amount (RMm)
% of Total
Amount (RMm)
% of Total
Amount (RMm)
% of Total
0 - 2 341.0 67.1 301.1 68.0 498.6 75.7
>2 - 6 128.7 25.3 92.6 20.9 125.1 19.0
>6 - 12 18.4 3.6 21.5 4.9 21.7 3.3
over 12 19.8 3.9 27.9 6.3 13.6 2.1
Total 507.9 100.0 443.1 100.0 658.9 100.0
Item2009 2010 2011
RMm % change RMm %
change RMm % change
Brokerage earned 279.5 15.1 300.8 7.6 322.6 7.2
Other income 31.6 1.9 35.0 10.8 36.2 3.4
Total expenses 191.5 5.2 206.8 8.0 217.5 5.2
Operating profit 119.6 30.3 129.0 7.9 141.3 9.5
Table 4.2: Insurance Broking : Outstanding Premiums Due to Insurers
Table 4.3: Operating Results of Brokers
Numbers may not necessarily add up due to rounding
LO_Inside_KPV4.indd 47 26/12/2012 12:37:42 PM
THE MALAYSIAN INSURANCE INSTITUTE48
Source : Bank Negara Malaysia Insurance Statistics 2011
Year
Mo
tor
No
n-m
oto
rTo
tal
No
.%
ch
an
ge
% s
hare
No
.%
ch
an
ge
% s
hare
No
.%
ch
an
ge
2009
26
4,97
2 2.
1 86
.8
40,2
85
-9.5
13
.2
305,
257
0.4
2010
29
2,57
0 10
.4
86.4
46
,264
14
.8
13.7
33
8,83
4 11
.0
2011
31
6,00
2 8.
0 85
.0
55,9
93
21.0
15
.1
371,
995
9.8
Tab
le 5
.1: C
ase
s H
an
dle
d b
y A
dju
sters
Item
2009
2010
2011
RM
m%
ch
an
ge
RM
m%
ch
an
ge
RM
m%
ch
an
ge
Fees
ear
ned
173.
6-0
.717
9.0
3.1
202.
613
.2
Oth
er in
com
e5.
7-1
8.8
12.2
114.
49.
2-2
4.8
Tota
l out
go15
7.4
-0.8
165.
35.
017
9.2
8.4
Ope
ratin
g pr
ofit/
(loss
)21
.9-6
.025
.918
.332
.625
.9
Tab
le 5
.2: O
pera
tin
g R
esu
lts
of
Ad
just
ers
LO_Inside_KPV4.indd 48 26/12/2012 12:37:42 PM
49Knowledge Pack Vol 4
Developments inGeneral Insurance Industry 2011-2012
LO_Inside_KPV4.indd 49 26/12/2012 12:37:42 PM
THE MALAYSIAN INSURANCE INSTITUTE50
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
DEVELOPMENTS IN THE GENERAL INSURANCE INDUSTRY
Financial Sector Blueprint 2011-2020
The Financial Sector Blueprint marks a new phase in the development of the financial system in Malaysia and was officially launched by Bank Negara Malaysia (BNM) on 21st December 2011. The blueprint with the theme Strengthening Our Futurebuilds on and reinforces the solid foundations that have been achieved in the previous decade.
The success of the first Financial Sector Masterplan produced a financial system that is well-positioned to respond to the new imperatives in the economic environment. The financial institutions in Malaysia are well-capitalized and have improved risk management and governance practices in place. This is largely derived from the cumulative effects of building strong institutions, developing an efficient financial infrastructure and enhancing the regulatory and supervisory framework. In total, the Blueprint sets out 69 recommendations to achieve the vision of the financial sector by 2020.
Some of the broad roles and areas to be addressed by insurers and takaful operators are identified in the Blueprint as follows:-
• tosupporthighervalueaddedbusinessactivitiesandinfrastructureinvestments;• tomeettheneedsofthechangingdemography;• to intensify the internationalization of Islamic finance through regional and global
takaful/retakafuloutreach;• to enhance financial inclusion by providing adequate levels of protection across all
segmentsofthepopulation;• topromoteextensiveuseofthee-paymentsystems;• tofurtherexpandconsumereducationandprotection;• toenhancetalentdevelopment:and• inrelationtotheRegulatoryandSupervisoryregime,tointeraliaexamineandmonitor
the impact of uplifting of price restrictions.
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51Knowledge Pack Vol 4
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
AGENCY AND OTHER DISTRIBUTION CHANNELS
Agency Registration System
The table below shows the number of agency units registered under the General Insurance Agents Registration Regulations (GIARR) as at 31st December 2011 and 2010.
Year (as at 31st Dec)
No. of Agency Units Registered With
Total No. of Agency Units
Registered
Percentage of Agency Units Registered With
One Principal Two Principals One Principal Two Principals
2010 16,373 17,949 34,322 48% 52%
2011 16,684 18,927 35,611 47% 53%
As at 31st December 2011, the number of registered general insurance agents was 35,611 which is an increase of 3.8% compared to 34,322 in 2010.
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THE MALAYSIAN INSURANCE INSTITUTE52
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
Analysis of Business by Distribution Channels
Year AgentsDirect Business
ChannelsInsurance Brokers
Others Total
20107,955.1 m 2,450.0 m 1,884.7 m 615.1 m 12,904.9m
61% 19% 15% 5% 100%
20097,079.8 m 2,365.1 m 1,810.2 m 649.9 m 11,905.0m
60% 20% 15% 5% 100%
In 2010, agents garnered 61% or RM7,955.1 million of the total business in comparison to other distribution channels. Of the business acquired by the agency force in 2010, about 10% of total business is acquired via motor vehicle franchise holders. This analysis indicates that insurance agents continue to play a significant role in the acquisition channels in this market.
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53Knowledge Pack Vol 4
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
The percentage of agents earning less than RM5,000 decreased from 19.3 % in 2009 to 14.5% in 2010 whilst the percentage of agents earning above RM100,000 increased from 29.2% in 2009 to 34.2% in 2010.
In terms of quantum, the total remuneration earned by agents increased by 10% to RM937 million in 2010.
Trend in PCEIA Passes
The trend in the percentage of passes of the Pre-Contract Examination for General Insurance Agents (PCEIA) as at 31st December 2011 are as below:-
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THE MALAYSIAN INSURANCE INSTITUTE54
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
There were 3,271 candidates who sat for the PCEIA examination - General Insurance Route from January to December 2011 and the overall passing rate was 73%. Degree holders account for the highest percentage of passes at 88%.
ANALYSIS ON PROFILE OF AGENTS
Location
The geographical distribution of registered general insurance agents is as below:-
State
No. of Agents
2010 2011
Johore 4,934 5,118
Kedah 1,558 1,622
Kelantan 616 672
Melaka 1,395 1,404
N. Sembilan 1,275 1,339
Pahang 1,441 1,523
Penang 3,405 3,490
Perak 2,764 2,869
Perlis 123 122
Sabah 1,881 1,956
Sarawak 2,263 2,365
Selangor 6,912 7,184
Terengganu 501 573
WP Kuala Lumpur 5,192 5,316
WP Labuan 44 54
Singapore 18 4
The state of Selangor has the largest number of agents comprising 20% of the total agency population followed by Kuala Lumpur at 15%. The state with the lowest number of agents (in Peninsular Malaysia) is Perlis at 122 (0.3%).
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55Knowledge Pack Vol 4
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
Age Distribution of Agents
More than 85% of registered agents are above the age of 31 years. Agents within the age bracket of 31-40 formed the largest group at 30.2% followed by agents in the age bracket of 41-50 at 29.4%. Those below 21 years old comprised less than 1% of the agency force. The minimum age to be an agent is 18 years old.
Duration as General Insurance Agent
Agents who have been in the industry for more than 9 years formed 52% of the agency force. In contrast, about 19% of the agency force had been in the industry for less than 2 years. Those with 3 to 4 years of experience in the industry formed the smallest group at 0.8%.
Minimum Maintenance Contract (MMC) Requirement For General Insurance Agents
Since the implementation of the MMC Requirement in July 2003, the number of agents that have been terminated due to non-compliance showed a marked improvement i.e from 15.9% (7,656 agents) in 2005 to 5.4% (1,917 agents) in 2011.
Under the MMC Requirement, agents are required to maintain a minimum of RM20,000 production to be retained as an agent.
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THE MALAYSIAN INSURANCE INSTITUTE56
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
INSURANCE INDICATORS
Source:-ISM
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57Knowledge Pack Vol 4
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
LO_Inside_KPV4.indd 57 26/12/2012 12:37:44 PM
THE MALAYSIAN INSURANCE INSTITUTE58
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
LO_Inside_KPV4.indd 58 26/12/2012 12:37:44 PM
59Knowledge Pack Vol 4
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
BUSINESS REPORT
Despite the challenging economic environment, the Malaysian economy recorded a steady growth of 5.1% in 2011 (2010: 7.2%). This growth was achieved in an increasingly challenging and volatile global environment. There were several natural disasters in the region that had severe impact on the economies of these countries and which also disrupted the global manufacturing supply chain. There continues to be uncertainty over the international reforms that are taking place in several major advanced economies and the implications on overall global economic growth.
Domestically, the services sector was the largest contributor of growth and it sustained expansion at 6.8% in 2011 (2010: 6.8%) to contribute to 3.9% of the overall Gross Domestic Product (GDP) growth. The finance and insurance sub-sectors expanded firmly following strong performance in bank lending and increased insurance premium income.
Domestic demand registered a steady growth of 8.2% in 2011 (2010: 6.3%) driven by both household and business spending. Headline inflation as measured by the annual percentage change in Consumer Price Index (CPI), averaged 3.2% in 2011 (2010: 1.7%).
The general insurance industry looks forward to a sustainable growth rate amidst what is generally expected to be a highly challenging global economic environment.
Key Figures of the General Insurance Industry, 2010/2011
Association Membership
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THE MALAYSIAN INSURANCE INSTITUTE60
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
As at 1st April 2012, the Association had 32 members comprising licensed general insurance and reinsurance companies operating in Malaysia. There were 18 general insurers, 8 composite insurers and 6 general reinsurers. Out of the 32 member companies, 17 were domestic operations whilst 15 were foreign owned.
General Insurance Business Performance
The general insurance industry registered positive growth in 2011 amidst global economic uncertainty and huge catastrophic losses experienced in the region. Gross written premium showed a growth of 7.85% to reach RM14.029 billion, compared with an increase of 8.56% (RM13.009 billion) in 2010. Net premiums grew at a rate of 8.20% to reach RM9.718 billion.
The Motor and Fire classes of business recorded increases in gross written premiums with Motor recording written premiums of RM6.382 billion which was an increase of 6.93% over the previous year (2010: 5.2%, RM5.969 billion). The Fire class recorded a 4.67% increase to reach RM2.399 billion (2010: 2.4%, RM2.292 billion). Medical insurance received a 27.8% boost to reach RM0.822 billion compared to RM0.643 billion in 2010.
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61Knowledge Pack Vol 4
Source : Persatuan Insuran Am Malaysia (PIAM) 2011
General Insurance Business Market Share
In terms of market share, the previous year’s trend in sectorial distribution of the total market share was generally maintained. The Motor sector dominated the market at 46.4%, which was a decrease of 0.7% from the previous year. The Fire sector’s share was reduced from 16.7% in 2010 to 16.5% in 2011. All the other sectors maintained their respective market shares.
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NEW ARRIVALS 2012
THE MALAYSIAN INSURANCE INSTITUTE62
LO_Inside_KPV4.indd 62 26/12/2012 12:37:45 PM
63Knowledge Pack Vol 4
Source : MII Knowledge Centre
1. Title: Insurance: A Big Decision For Small Business Author: Mitchel Smith Publisher: lulu.com ISBN: 9781257823727
This book is designed to help the small-business owner navigate the confusing world of property and casualty insurance. Large companies often have a whole department devoted to insurance and risk management. However, as with so many aspects of any small business, insurance is often one more hat that only an owner or manager can wear. This book also will help anyone in charge of insurance for a small business understand the basics of insurance and the various types of policies available.
2. Title: Career Guidebook For IT in Insurance: A Definitive guide to
a career in insurance IT Author: Essvale Corporation Ltd ISBN: 9780470599075
This is another title in the Career Guidebook Series that are definitive guides for a career in IT across industry sectors. This book will provide a guide for IT professionals working in insurance IT and those that aspire to work in IT in this sector of the financial services industry. The eight chapters in this guidebook contain information about the different roles that exist in insurance IT, from business analysts and project managers to test analysts and helpdesk analysts. Also included are an overview of the business of insurance and tips on how to write a winning CV for the different roles in insurance IT – contract or permanent.
3. Title: A Guide to Forensic Accounting Investigation Authors: Thomas W. Golden, Steven L. Skalak, Mona M. Clayton Publisher: Sweet & Maxwell Ltd ISBN: 9780470599075
The Auditor’s Guide to Forensic Accounting Investigation explores exactly what assurances auditors should provide and suggests alternatives to giving the capital markets more of what they are requiring-greater assurances that the financial statements they rely upon for investment decisions are free of material error, including fraud. It reveals the surprising complexity of fraud deterrence, detection, and investigation, and offers a step-by-step approach to understanding that complexity.
LO_Inside_KPV4.indd 63 26/12/2012 12:37:45 PM
THE MALAYSIAN INSURANCE INSTITUTE64
Source : MII Knowledge Centre
4. Title: How to become an independent insurance adjuster: a 3-step action plan to entering the profession
Authors: insuranceadjusterbook.com Publisher: Insurance Adjuster Resources, LLC ISBN: 9780578059846
This practical, hands-on guide shows you the fastest and best way to break into the adjusting profession. From training and licensing to finding an independent firm, this resource has everything you need to begin your new career. The good folks from Adjuster Resources, LLC have combined decades of adjusting experience and condensed it into one easy-to-read and easy-to-follow manual.
5. Title: Rainmaking Conversations: Influence, Persuade, and Sell in
Any Situation Author: Mike Schultz ISBN: 9780470922231
Conversations make or break everything in sales. Every conversation you have is an opportunity to find new prospects, win new customers, and increase sales. Rainmaking Conversations provides a proven system for leading masterful conversations that fill the pipeline, secure new deals, and maximize the potential of your account. Rainmaking Conversations offers a research-based, field-tested, and practical selling approach that will help you master the art of the sales conversation. This proven system revolves around the acronym RAIN, which stands for Rapport, Aspirations and Afflictions, Impact, and New Reality. You’ll learn how to ask your prospects and clients the right questions, and help them set the agenda for success.
6. Title: Essential Mathematics for Market Risk Management Author: Simon Hubbert Publisher: John Wiley & Sons ISBN: 9781119979524
With risk management top of the agenda for many organizations, this book is essential reading for getting to grips with the mathematical story behind the subject of financial risk management. It will take you on a journey - from the early ideas of risk quantification up to today’s sophisticated models and approaches to business risk management.To help you investigate the most up-to-date, pioneering developments in modern risk management, the book presents statistical theories and shows you how to put statistical tools into action to investigate areas such as the design of mathematical models for financial volatility or calculating the value at risk for an investment portfolio.
LO_Inside_KPV4.indd 64 26/12/2012 12:37:46 PM
65Knowledge Pack Vol 4
Source : MII Knowledge Centre
7. Title: The Financial Services Marketing Handbook Authors: Evelyn Ehrlich PhD, Duke Fanelli Publisher: Bloomberg Financial ISBN: 9781118065716
The Financial Marketing Services Handbook, Second Edition gives sales and marketing practitioners the practical tools and best practices they need both to improve their job performance and their retail and institutional marketing strategies. The FSM Handbook guides marketing and sales professionals working in an industry characterized by cut-throat competition, client mistrust, transformative technologies, and ever-changing regulation, to understand the practical steps they must take to turn these threats into opportunities.
8. Title: Healthcare Fraud: Auditing and Detection Guide Author: Rebecca Saltiel Busch Publisher: John Wiley & Sons ISBN: 9781118179802
An invaluable tool equipping healthcare professionals, auditors, and investigators to detect every kind of healthcare fraud. According to private and public estimates, billions of dollars are lost per hour to healthcare waste, fraud, and abuse.
9. Title: The Fraud Audit : Responding to the Risk of Fraud in Core Business Systems
Author: Leonard W. Vona Publisher: John Wiley & Sons ISBN: 9780470647264
Essential guidance for creation of an effective fraud audit program in core business systems The Association of Certified Fraud Examiners has reported that U.S. businesses lose up to $4 billion annually due to fraud and abuse. Discover fraud within your business before yours becomes another business fraud statistic.
10. Title: Health Care in Malaysia Authors: Hematram Yadav, Sirajoon Noor Ghani Publisher: University of Malaya Press ISBN: 9789831004449
This book is written mainly to provide information about the development of health care services available in Malaysia. The focus is on the public sector as it provides the -bulk of the services though the private sector plays an important role in the delivery of health care.
LO_Inside_KPV4.indd 65 26/12/2012 12:37:46 PM
THE MALAYSIAN INSURANCE INSTITUTE66
Source : MII Knowledge Centre
Latest News from Knowledge Centre
MII Knowledge Centre is introducing a new search engine system that have replaced our previous “MII elibrary”. The new system bring together almost all of our online and physical collections and resources: books, e-books, journals, journal articles, news articles, audio video materials etc., and allow them to be searched from a single point within a single system called MII Visualizer. All Visualizer’s search result will direct you to:
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All the physical books, journals and magazines catalogue records and thumbnail image owned by MII Knowledge Centre will be resided here. You can also check the review of the books from Amazon.com or Barnes & Noble as well as the table of contents of the book. Search by browsing, subject searching and keyword searching with much more convenience and at faster speed.
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Browse or search our digital contents of exam papers, newspapers clippings, ebooks, e journals and etc from here. Simply login and click the image to download our digital contents. Only MII and KC members are entitled for login account so sign up our membership now to enjoy more benefits.
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Full name: NRIC no: Passport no (for international members only): Email address (preferably personal email): Contact no: Do let us know what you think of our new library system by e-mail your feedback to us at [email protected].
Check out MII Visualizer at www.miielibrary.com
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ASK US
THE MALAYSIAN INSURANCE INSTITUTE70
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71Knowledge Pack Vol 4
We are here to assist you.
Please contact the Knowledge Centre Team for further assistance :
Ily Aliah Ismail | [email protected] Nursafiyyah Mazlan | [email protected] Mahalil | [email protected] Hilmi Ramlee | [email protected]
Knowledge CentreThe Malaysian Insurance Institute (MII) Knowledge Centre,S17-S28, 2nd Floor,Maju Junction Mall,1001 Jalan Sultan Ismail50250 Kuala Lumpur
Tel : + 603 2693 2604 / 2691 8233Fax : + 603 2693 2370
The Malaysian Insurance Institute (Headquarters)No 5 Jalan Sri Semantan 1Damansara Heights50490 Kuala Lumpur
Tel : + 603 2087 8882Fax : + 603 2093 9794
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