Insurance
companies have
been operating in the country for decades,serving the needs of all and sundry.
Top 10 of Malaysia looks at some of the country’s leading life and general
insurers (presented in no particular order).
LIFE
INSURANCE
Great
Eastern Life Assurance (Malaysia)
Berhad
The company’s tagline,
‘Life is Great!’ aptly reflects its ambition for continuous growth. Great
Eastern currently employs more than 21,000 agents and has 21 operational
branches in the country alone. Today, Great Eastern benefits from a wide
network across South-East Asia – one which covers neighbouring countries:
Singapore, Brunei and Indonesia as well as China and Vietnam. It is also the
largest life insurance company in Singapore.
American
InternationalAssurance (AIA) Berhad
AIA Berhad
is the largest independent listed pan-Asia life insurance group in
the world. In Malaysia, the insurer boasts a network of 23 branches and markets
a portfolio of life insurance products via a multi-distribution system.
Allianz
Life Insurance Malaysia Berhad
Allianz Life
Insurance Malaysia Berhad (Allianz Life) offers a comprehensive range of life
and health insurance and investment-linked products. Allianz Life has been
recorded as one of the fastest growing life insurers in Malaysia and continues
to show strong growth with RM621.6 million in GWP for the first six months of
2012, increasing by 12.5% since last year.
Prudential
Assurance Malaysia Berhad
Prudential
Assurance Malaysia Berhad (PAMB) is part of Prudential plc of the United
Kingdom and was established in Malaysia in 1924.Currently it has the backing of
some1,300 employees and over 13,000 agents and wealth planners to offer its
full range of financial solutions through 43 branches nationwide
Mayban
Life Assurance Berhad
Mayban Life
Assurance Berhad(Mayban Life) is the life insurance subsidiary of Maybank which
started operations in 1993. The absence of an agency force sets Mayban Life
apart from the rest. Its products are not distributed by life agents,but by
trained specialists located in Maybank branches throughout Malaysia. Mayban
Life customises its life insurance schemes exclusively for Malaysians from all
walks of life and that incudes financial planning for children’s education,
retirement,protection and investment schemes.
Tokio
Marine Life Insurance Malaysia Berhad
Tokio Marine
Life is the preferred life insurer with over 130 years of global experience and
over 60 years of local presence in delivering solid propositions to their
customers through its products and services.Tokio Marine Life is a member of
Tokio Marine and Nichido Fire Insurance Co., Ltd, the oldest and largest
non-life insurance company in Japan with more than17,000 employees, 46,000
agents and operates in 446 cities over 39 countries* worldwide. It is has a
credit rating** of AA- by Standard & Poor’s, Aa3 by Moody’s and A++ by A.M.
Best.
Zurich
Insurance Malaysia Berhad
Zurich
Insurance Malaysia Berhad was born when Zurich Insurance Group acquired
Malaysian Assurance Alliance Berhad from MAA Holdings in 2011. Acquiring a
wealth of talent, the company is powered by an employee base of more than 1,000
people, excluding 4,500 life agents and 3,000 general insurance agents.
Manulife
Malaysia
Manulife
Malaysia has long enjoyed a presence in Malaysia,albeit under different
names.Having first been established as a branch of Bahamas-based British
American Insurance Co, it went on to become British American(Malaysia)
Insurance Berhad and later, John Hancock Life Insurance Berhad before becoming
Manulife Malaysia as it is known today.Currently, the company serves its
customers through its 1,900 agents and 50 branches spread across the Peninsular
and East Malaysia.
Hong
Leong Assurance Berhad
Hong Leong
Assurance Berhad (HLA) has been operating in Malaysia as a general insurance
company under the name, Malaysia Pacific Insurance Berhad in 1972 but only
added the life insurance business into its range of products and services a
year later. HLA today is one of Malaysia’s leading domestic brands for
financial planning and protection solutions, specialising in Life Insurance
products and services
GENERAL
INSURANCE
Kurnia
Insurans (Malaysia) Berhad
Kurnia
Insurans has grown to become one of the leading general insurers in the country
and region. A part from having a well-recognised brand, a solid foot holdin the
motor insurance sector and gross premiums exceeding the RM1 billionmark, Kurnia
Insurans also features an impressive network which consists of a workforce of
1,200 employees and 30 branches across Malaysia. The company also runs
operations in neighbouring Thailand and Indonesia.
Allianz
General Insurance Company (Malaysia)
Berhad
Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”) is the
leading general insurer in Malaysia and has a broad spectrum of services in
personal lines; small to medium enterprise business and large industrial risks.
Allianz General recorded RM852.5million in GWP for the first six months of
2012. This is an increase by 14.2% as compared to RM746.7 million in 2011.
Etiqa
Insurance Berhad
Etiqa
Insurance Berhad was the result of the merger between Malaysia National
Insurance (MNI) Berhad and Takaful Nasional Sdn Berhad.Functioning as the
insurance and Takaful arm of Maybank Group. Etiqa Insurance Berhad today is the
longest Takaful operator in Malaysia with a 2,000-strong employee force and is
a true multi-channel distributor of insurance and Takaful products via its
23,000 agency force, 30 Insurance and Takaful branches, more than 450 Maybank
branches, ATMs andother third-party banks, providing full accessibility and
total convenience to customers
MSIG
Insurance (Malaysia) Berhad
MSIG, a
member of MS&AD Insurance Group is a subsidiary of Mitsui Sumitomo
Insurance Group.MSIG has become one of the largest general insurers in Malaysia
with a nationwide network of 20 branches. It has a multi-channel distribution
network established in partnerships with agents,brokers, motor franchise, local
and Japanese corporate clients as well as partnership
programmes with financial institutions.
Chartis
Malaysia Insurance Berhad
Chartis
Malaysia Insurance Berhad’s presence in Malaysia can be traced back to the 1920
in Kuala Lumpur and it became a locally incorporated Malaysian insurance
company in 2008. Today, the company provides its services to businesses and
individuals via its 16 offices nationwide making use of a network of more than
3,000 professional agents, brokers and staff. It is part of the Chartis Group,
one of the world’s leading general insurers that serves more than 70 million
clients worldwide and has one of the industry’s most extensive range of
products and services, deep claims expertise and excellent financial strength.
Berjaya
Sompo Insurance
Berhad
Berjaya Sompo Insurance Berhad,previously known as Berjaya General Insurance
Berhad, beganits operations in Malaysia in 1974. It became known as Berjaya
Sompo Insurance Berhad after Sompo Japan Insurance Inc – Japan’ssecond largest
insurance company– purchased a 30% equity stake inthe company from Berjaya
Capital Berhad. Sompo Japan Insurance Inc has 41 offices and subsidiaries in 27
countries. Currently, Berjaya Sompo has a network of 22 offices in Malaysia
providing a wealth of experience and expertise to policyholders.
Uni.Asia
General Insurance Berhad
Uni.Asia
General Insurance Berhad was the brainchild of a strategic partnership between
DRB-HICOM Berhad and United Overseas Bank Group. DRB-HICOM is
one of the largest integrated groups in Malaysia and has contributed
significantly to the region’s industrialisation.The United Overseas Bank (UOB)
Group was founded in 1935 and United Overseas Bank (Malaysia)Berhad was
incorporated in 1993.It is a subsidiary of United Overseas Bank Limited (UOB),
a leading bankin Singapore with an international network comprising 385 offices
in18 countries and territories in Asia Pacific, Western Europe and North
America. It is their mission to see Uni.Asia General grow into a leading force
in the general insurance industry.
AmG
Insurance Berhad
Formerly
part of the composite insurance (life and general) operation of AmBank Group,
AmG Insurance Berhad is a general insurer which carries the Am Assurance brand.
It leverages on an extensive distribution network which consists of the AmBank
Group’s 190 bank branches, 19 AmAssurance branches plus 2,900 agents who
provide the services forthe insurer’s one million policy holders.
MCIS
Zurich Insurance Berhad
The merger
between MCIS Insurance and Zurich Malaysia a decade ago culminated in a
strategic and synergic amal gamation that is complemented by decades of local
knowledge and strong global links. Currently, MCIS Zurich boasts a total of
400,000 policy holders in the country and has assets in excess of RM3 billion
with a solid record for good corporate governance.
AXA Affin
General Insurance Berhad
Born of a
joint venture between AXA Group and Affin Holdings Berhad – the former being a
long-serving leader in the local finance services industry – AXA Affin General
Insurance Berhad has earned its keep as one of Malaysia’s most profitable
insurance providers. The company employs 3,000 agents and 700 employees, spread
across 21 branches nationwide to serve its 300,000 policy holders. It also
provides services in formulating comprehensive plans specially designed for SME
businesses as well as providing insurance services in specialist fields such as
Marine and Trade Credit Insurance.
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