Aviva Indonesia is introducing an International Health Insurance product offering to the Indonesian market in response to a growing number of expats and well heeled local Indonesians. The portfolio offers international health insurance coverage with limits between US$1-2 million, depending on the product, and will allow holders of a policy to travel internationally in order to receive qualifying…

Global insurance power Zurich Insurance Co Ltd (Zurich) announced last week that they had closed the acquisition of the entire share capital of Malaysian composite insurer Malaysian Assurance Alliance Berhad (MAAB). From October 1, 2011 onwards the Malaysian insurer will become part of the Zurich Financial Services Group and will combining their strengths with the goal of eventually becoming the best…

A new report issued by Bank Negara Malaysia (BNM), Malaysia's central bank, demonstrates the continued growth in demand for takaful products and the country's overall continued prominence in the global Islamic insurance industry. The takaful industry in Malaysia was established in 1985 after the enactment of the Takaful Act 1984. The Malaysian government has played a prominent role in supporting the…

Industry analysts are expecting the increase in merger and acquisition activity in Thailand's healthcare sector to continue. Thai healthcare providers are determined to integrate more with one another to give them a national competitive advantage over the large foreign multinationals now entering the market. Under the ASEAN Economic Community (AEC) agreements, by 2015 many industries will be increasingly…

ACE Group, the global group of insurance and reinsurance companies based in Switzerland and listed in the New York Stock Exchange, has announced the singing of an agreement which will see the group acquire a 100 percent stake in Jemeh Insurance, the general insurance company majority-owned by Jemah Asia in Malaysia, for an estimated US$200 million (EUR 143 million).

After having established a dedicated health insurance operation in Asia, AXA PPP International is now in the process of revamping its distribution network to increase their capabilities in the region. Teaming up with AXA Asia General Insurance (AGI), their partnership aims to increase the volume of business for both life and general insurance in Singapore, Malaysia, Indonesia, Thailand, Hong Kong and China, places where AXA has already established a presence.

Allianz Group is set to move regional CEOs around the world, reorganizing the upper management due to the departure of Massimo Michaud, the previous Chief Executive Officer of Allianz Italia S.p.A. The vacancy at the top of Allianz Italia will be filled by George Sartorel, who is currently the Chief Executive Officer of Allianz Turkey. Sartorel will be succeeded in Turkey by Mr. Alexander Ankel,…

The Central Bank of Malaysia, Bank Negara Malaysia has given the go ahead for Great Eastern Holdings (GEH) of Singapore to start negotiations with investment holdings parent PacificMas Berhad (PMB) to acquire Pacific Insurance Berhad of Malaysia. The transaction involves the acquisition of all the issued and paid-up share capital at an undisclosed price and subject to the terms and conditions to be resolved during the negotiation.