A peek into what’s hap­pen­ing in 2014 …

Insurance - - NEWS -

Ac­cord­ing to Fitch Rat­ing’s 2014 Out­look: Malaysian Insurance Sec­tor re­port, Malaysia’s con­ven­tional life and gen­eral insurance, and taka­ful sec­tors are ex­pected to grow steadily in a chang­ing mar­ket en­vi­ron­ment. This fore­cast is at­trib­uted to in­sur­ers and taka­ful op­er­a­tors’ credit pro­files that in­di­cate on­go­ing pre­mium ex­pan­sion, sat­is­fac­tory mar­gin and sound risk-ad­justed

cap­i­tal­i­sa­tion. Con­cur­ring with ex­ist­ing mar­ket over­views, Jeremy Lim in 2014 Key Trends for Life Insurance & Fam­ily Taka­ful in Malaysia re­views the state of the insurance and taka­ful in­dus­try with an eye on im­pend­ing reg­u­la­tory changes im­pact­ing the in­dus­try in the near fu­ture. He also as­sess the im­pact of emerg­ing de­mo­graphic (re­tire­ment gap is­sue) and tech­no­log­i­cal chal­lenges (so­cial me­dia) that the in­dus­try faces. He rec­om­mends that the in­dus­try wisely cap­i­talises on the op­por­tu­ni­ties within the chang­ing en­vi­ron­ment and to strate­gise their way for­ward. Still on the topic of mo­tor insurance and de-tar­if­fi­ca­tion, Caro­line Dar­ling­ton pro­vides an insight into the de­vel­op­ment and chal­lenges in the mo­tor insurance in­dus­try in Malaysian Mo­tor Insurance Mar­ket – Are In­sur­ers Ready for Dereg­u­la­tion? She asks whether the re­moval of the Malaysian mo­tor tar­iff will al­low mar­ket forces to set eq­ui­table premi­ums or will it lead to price vo­latil­ity, which is food for thought for the pro­fes­sion. There are two other ar­ti­cles on mo­tor insurance; Gary Hoo, an ac­tu­ary by pro­fes­sion, shares a per­sonal ex­pe­ri­ence when buy­ing a third party car insurance pol­icy in Malaysia. He high­lights the dif­fi­culty in get­ting such insurance cover and ex­plains why in­sur­ers be­have the way they do from bad claims ex­pe­ri­ence. He sug­gests room for im­prove­ment in his ar­ti­cle, An Ac­tu­ary’s First Hand At­tempt at Buy­ing Third Party Mo­tor Insurance Cov­er­age. The other ar­ti­cle, An Overview of the En­dorse­ment of Break­age of Glass in Wind­screen, Win­dow or Sun­roof, LF Ong clears the air on some mis­guided per­spec­tives and prac­tices of those in the insurance in­dus­try on the terms and con­di­tions in the En­dorse­ment. This ar­ti­cle is use­ful and nec­es­sary as there seems to be a lack of ref­er­ence ma­te­ri­als and re­li­able au­thor­i­ta­tive sources to guide the pro­fes­sion in this area. Com­ing away from mo­tor insurance, we take a look at the con­cept of Com­mu­nity of Prac­tice (COP). Since the late 1990s, COPs have grad­u­ally gained im­por­tance in Knowl­edge Man­age­ment (KM), in terms of shar­ing com­mon knowl­edge be­yond for­mal di­vi­sions/de­part­ments and as a tool to break down the bar­ri­ers of knowl­edge flow across or­gan­i­sa­tions. Dr Ida Yasin ex­plains that when or­gan­i­sa­tions suc­cess­fully en­able COPs to be part of the or­gan­i­sa­tion’s cul­ture, the or­gan­i­sa­tions will ben­e­fit from its use. We have an ar­ti­cle on the loss ad­just­ing pro­fes­sion. This sec­tor is not of­ten fea­tured and per­haps not many un­der­stand what a loss ad­jus­tor does, so lit­tle is known about what sort of chal­lenges they face and how they adapt to changes in the insurance in­dus­try. Joash Tan in The Fu­ture of Loss Ad­just­ing – Changes & Chal­lenges, gives us a good overview of just what the loss ad­just­ing sec­tor has been ex­pe­ri­enc­ing over the years and how they adapt in chang­ing times. We hope this is­sue which ush­ers in the clos­ing of 2013 is help­ful to ev­ery­one. We would also like to take this op­por­tu­nity to wish you all, a Happy New Year!

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