Malaysian market News

Malaysia to Offer Crop Insurance to Strengthen Food Security

Malaysia will offer government-backed insurance plans to help compensate farmers for losses after natural disasters, as part of measures to strengthen food security. The Agro-Food Takaful Insurance Scheme will be launched through the Ministry of Agriculture and Food Industries and …

Liberty Mutual Insurance Acquires Malaysian Insurer AmGeneral

Liberty Mutual Insurance has completed the acquisition of Malaysian insurer AmGeneral Insurance Berhad, which is expected to make Liberty Mutual the country’s largest auto insurer. AmGeneral was previously 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group. Liberty Insurance …

Malaysian Central Bank Sets 2023 Cutoff for Foreign Insurer Stake Sales: Sources

Malaysia’s central bank is giving foreign insurers until the end of 2023 to either reduce stakes in their local ventures or contribute to a charitable fund, people with knowledge of the matter said, more than a decade after the requirement …

As Strongest Storm to Hit Philippines in 2021, Typhoon Rai ‘Exceeded All Predictions’

SINGAPORE – The rapid intensification that turned this week’s Typhoon Rai into the strongest storm to hit the Philippines this year surpassed all predictions, forecasters said, leaving nearly 400 people dead and almost a million displaced. While it’s unclear exactly …

Typhoon Rai Leaves Trail of Destruction in Southeast Asia, Killing More Than 200

Severe weather disruptions hit Malaysia and the Philippines, leaving a trail of destruction among nations most prone to natural disasters. Typhoon Rai, a super typhoon before slamming into the Philippines on Thursday, left 208 dead along its path. More than …

Malaysia’s Malene Insurance Brokers Renamed Howden Takaful Brokers

Howden, the London-based international insurance broker, announced that further to its merger with Malene Insurance Brokers in February 2019, Malene will operate as Howden Takaful Brokers, a fully dedicated Takaful specialist. Howden Takaful Brokers’ team of 30 specialists offers bespoke …

Liberty Mutual Looks to Acquire Malaysian P/C Insurer AmGeneral

Boston-based Liberty Mutual Insurance said it will be applying for regulatory approval to acquire Malaysian property/casualty insurer AmGeneral Insurance Berhad, which is currently 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group (IAG). Subject to regulatory approvals, Liberty Mutual’s …

Generali Agrees to Buy AXA’s Malaysian P/C and Life Insurance Units

MILAN/PARIS/KUALA LUMPUR – Italy’s top insurer Generali has agreed to buy AXA’s insurance assets in Malaysia and take full ownership of a joint-venture it runs in the country to strengthen its local presence. The deals will turn Generali into the …

Insurance Australia Group, AMMB Seek to Sell Their Malaysian Auto Insurer: Sources

The owners of AmGeneral Insurance Bhd., Malaysia’s second-biggest auto insurer, have restarted a sale process and are seeking as much as $1 billion for the company, people with knowledge of the matter said. Kuala Lumpur-listed AMMB Holdings Bhd. and Insurance …

Fire Kills Five People at Petronas-Aramco Oil Refinery in Malaysia

A fire killed five people at an oil refining complex in southern Malaysia owned by Petronas and Saudi Aramco, forcing the closure of the facility that was set to begin full commercial operations this year. It was the second fire …