Pro­tect­ing our Con­sumers

Insurance - - EDITOR'S NOTE -

We live in a world where tech­nol­ogy is ad­vanc­ing with the bat of an eye­lid and so to is our beloved in­sur­ance in­dus­try. From dig­i­tal­iza­tion to evolv­ing Bank Ne­gara reg­u­la­tions, In­sur­ance magazine would like to keep our read­ers abreast on the lat­est from within the in­dus­try. The theme of this is­sue is Con­sumer Ed­u­ca­tion and Pro­tec­tion. With mar­ket pen­e­tra­tion rates still below the goal set by Bank Ne­gara, we find that it is piv­otal for aware­ness to be raised across the gen­eral pub­lic. In­sur­ance magazine is tak­ing the lead by bring­ing a wide range of topics for­ward in this in­for­ma­tive packed is­sue. We’ve asked our peers at Tow­ers Watson for an in-depth look into a hot topic, De­tar­if­fi­ca­tion. Widely de­bated and thor­oughly dis­cussed, we find that De­tar­if­fi­ca­tion is hot only within the in­dus­try but not with the gen­eral pub­lic. Here, we have bro­ken down ev­ery­thing one may need to know in an easy to un­der­stand Q&A for­mat. Another im­por­tant mile­stone for Taka­ful in Malaysia has taken place with the Hon­ourable Deputy Min­is­ter of Fi­nance, Dato’ Hj. Ah­mad Maslan launch­ing a re­search pub­li­ca­tion on Taka­ful and its growth in Malaysia. Turn to page 26 for an in-depth look on the cur­rent sit­u­a­tion. Our friends over at the Pri­vate Pen­sion Ad­min­is­tra­tor Malaysia have also con­trib­uted an ar­ti­cle calling on the younger gen­er­a­tion to map out a re­tire­ment plan as early as they can. The in­for­ma­tive guide is packed on alarm­ing sta­tis­tics on gen­er­a­tions may have to keep push­ing re­tire­ment from a lack of early plan­ning. Then we have an in­ter­est­ing out­look on a young CEO, Mar­cus Hein­re­ich, from Mu­nich RE In­sur­ance and how he has suc­cess­fully man­aged to as­sim­i­late and adapt to the lo­cal mar­ket whilst bring­ing se­lect Euro­pean traits to the mix. We’ve also brought for­ward an in­ter­est­ing ar­ti­cle on Taka­ful by Rosli­nah Daud. She speaks from the heart on the im­por­tance of Taka­ful and brings some very in­ter­est­ing points to pon­der dur­ing this Ra­mad­han pe­riod. I’d also like to take this op­por­tu­nity to wish all our Mus­lim read­ers a very peace­ful Ra­mad­han and blessed Aidil­fitri. For mem­bers who missed at­tend­ing the MII 36th An­nual Gen­eral Meet­ing in June, high­lights are show­cased in this is­sue for you.

En­joy this is­sue!

Dato' Haji Syed Mo­heeb Syed Ka­marulza­man



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