CIMB targets RM200m in non-life insurance premiums for 2018

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KUALA LUMPUR, April 3 — CIMB Group Holdings Bhd is on track to achieve its target of RM200 million gross written premiums for its non-life insurance business this year.

Chief Executive Officer (Group Consumer Banking), Samir Gupta, said the group had been partnering with Sompo Holdings (Asia) Pte Ltd to market and distribute Sompo’s non-life insurance products through its distribution network, which includes Singapore and Indonesia.

“We started off in 2016 in Singapore and Indonesia, and in Malaysia in August last year.

“In Malaysia, the response has been good. In the first four months in the market last year, the group managed to collect a total premium of RM22 million while in the first two months of this year, the group had already achieved 20 per cent of the target,” he told reporters after the launch of CIMB-Sompo bancassurance partnership in Malaysia.

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Bank Negara will revise Takaful operational framework

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Malaysia’s central bank, Bank Negara (BNM) will carry out the further groundwork to support the takaful industry and build an environment that adopts the innovation, facilitated by a revised takaful operational framework.

According to Bernama report, Governor Tan Sri Muhammad Ibrahim said the revised framework would be published for consultation before the first-half of this year.

“The revised framework will bring greater clarity on the use of multiple Shariah standards in the models and structures of takaful.

“We will also strengthen the governance of takaful operators, including how takaful funds are managed, to further safeguard the interest of takaful participants,” he said in the speech at Takaful Annual Dinner and Awards 2018 last week.

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