Knowledge Pack Vol 4. About MII

Transcription

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2 Knowledge Pack Vol 4 1 About MII LO_Inside_KPV4.indd 1 26/12/ :37:34 PM

3 2 THE MALAYSIAN INSURANCE INSTITUTE PROFESSIONAL SERVICE PROVIDER OF THE YEAR 2007 EDUCATIONAL SERVICE PROVIDER OF THE YEAR 2012 EDUCATION AND TRAINING BODY Founded in 1968 as a non-profit organisation, MII is the leading insurance education and training institution, providing internationally recognized qualifications in insurance, risk management and financial planning. It is highly respected as a regional centre that offers an extensive range of quality education and training programmes for professionals in the insurance and financial services industries. As the premier professional insurance education provider in Malaysia, MII works closely with the insurance industry with the full support from the Regulator, Bank Negara Malaysia to ensure that the training and education programmes conducted are relevant and in full alignment to the ever-changing needs of the industry. Annually, MII conducts an average of 300 technical training programmes for insurers (life and general), brokers, adjusters, reinsurers, regulators with about 10,000 participants from Malaysia and other countries. The excellent track record has earned MII a seat on the Education Board of the Federation of Afro Asian Insurers and Reinsurers (FAIR) based in Egypt with members across Africa and Asia.On an ongoing basis, MII also conducts training for life and general insurance agents to equip them with the necessary skills to better provide value added services to their clients. MII in collaboration with LIMRA (USA) conduct the Agency Management Training Course (AMTC) to further enhance the professionalism of the life insurance agency leaders. MII has two flagship professional programmes i.e The Diploma of The Malaysian Insurance Institute (DMII) and The Associateship of The Malaysian Insurance Institute (AMII). They are highly sought after and are the benchmark standards for the industry both locally as well as in the emerging markets. LO_Inside_KPV4.indd 2 26/12/ :37:35 PM

4 Knowledge Pack Vol 4 3 EXAMINATION CENTRE MII is the custodian of education standards for the industry and is endorsed as the official examination centre for the insurance industry. There are about 13 major examinations for the local industry that cover over 60,000 candidates annually. Due to the excellent track record and established credibility as an examination centre, MII is also entrusted as the regional hub to facilitate various external examinations offered by other established examining bodies such as Chartered Insurance Institute (CII, UK), Society of Actuaries (SOA, USA), Casualty Actuarial Society (CAS, USA), The Institute of Risk Management (IRM, UK), Chartered Institute of Loss Adjusters (CILA, UK) and others. INSURANCE INFORMATION CENTRE MII prides itself as having a specialized library in insurance and insurance related areas. It has an extensive collection of books, journals and magazines related to insurance. Through its elibrary portal, there is extensive links to companies in the industry, Insurance Associations, the Regulators, University libraries, newspapers, publishing houses and other related bodies. MII also has an archive collection for reference. CONFERENCE ORGANISER Annually, MII conducts about eight conferences which are specially designed to meet the specific needs of the industry. These conferences receive tremendous support from various organizations both locally as well as internationally. Apart from gaining and sharing of knowledge and experiences, our conferences provide the value added platform for networking. AFFILIATION WITH INTERNATIONAL BODIES MII has a firm belief in collaborating its efforts and resources together with other reputable insurance education bodies throughout the world so as to maximize and leverage on each other s strengths. MII s commitment to deliver the best quality standards in education is reflected in its international links with major insurance institutions, universities and relevant organisations. Among the collaborations that MII has established are with The Chartered Insurance Institute (UK), Australasian Institute of Chartered Loss adjusters (AICLA), Chartered Institute of Loss Adjusters (CILA), Australian New Zealand Institute of Insurance and Finance (ANZIIF), LOMA (USA), Institute of Risk Management (UK), LIMRA (USA) and others. LO_Inside_KPV4.indd 3 26/12/ :37:35 PM

5 4 THE MALAYSIAN INSURANCE INSTITUTE INTERNATIONAL PRESENCE While addressing the domestic needs will always remain as a main focus and priority, MII has also spread its wings into the international scene, particularly in fulfilling the needs of the emerging markets. This is in line with its vision to be the preferred Institute for training solutions, education and information in insurance in Malaysia and the emerging markets. The increasing numbers and wide range of international training participants and conference delegates is a testimony of the recognition and regard for the relevant and high quality programmes being offered by MII. MII s presence in the emerging market, particularly within the ASEAN region is quite significant. When the 10 ASEAN insurance regulatory authorities formed the ASEAN Insurance Training & Research Institute (AITRI), MII was given the honour to lead as the secretariat for AITRI. AITRI is a non-profit organisation to provide regional research, insurance education and training support for the regulators as well as the industry of the ASEAN member countries. Its activities are featured in international publications and have gained great recognition and international support such as the World Bank (USA), International Association for Insurance Supervisors (Switzerland), Office of the Superintendent of Financial Institutions (Canada) and others. INTERNATIONAL AWARD In 2007, MII won the Professional Service Provider of the Year 2007 Award by The Review Worldwide Reinsurance in London. MII emerged as the first ever winner from Asia since the award started 14 years ago. Among the reasons for the recognition of the award was MII s on going effort and commitment in providing training and development to the emerging markets. For further details, please contact : THE MALAYSIAN INSURANCE INSTITUTE 5, Jalan Sri Semantan Satu, Damansara Heights, Kuala Lumpur Tel: / 8883 (Customer Service) Fax : customercare@mii.org.my Web : LO_Inside_KPV4.indd 4 26/12/ :37:36 PM

6 Knowledge Pack Vol 4 5 MALAYSIAN INSURANCE INDICATOR Bank Negara Malaysia Insurance Statistics 2011 LO_Inside_KPV4.indd 5 26/12/ :37:36 PM

7 6 THE MALAYSIAN INSURANCE INSTITUTE MALAYSIAN INSURANCE INDICATORS Page Table 1.1 Insurance Key Indicators 7 Table 1.2 Number of Licensees 12 Table 1.3 Number of Branches 12 Table 1.4 Distribution of Paid-up Capital of Malaysian-incorporated Insurers 13 Table 1.5 Distribution of Paid-up Capital of Insurance Brokers 13 Table 1.6 Distribution of Paid-up Capital of Adjusters 13 Table 1.7 Distribution of Paid-up Capital of Financial Advisers 14 Table 1.8 Shareholders Equity of Malaysian-incorporated Insurers 14 Table 1.9 Capital Adequacy Ratio 15 Table 1.10 Compounding of Offences, Table 1.11 Insurance Guarantee Scheme Fund : Compensation and Expenses 16 Table 2.1 Life Insurance : New Business of Direct Insurers 17 Table 2.2 Life Insurance : Business in Force of Direct Insurers 17 Table 2.3 Life Insurance : Distribution of New Business Premiums of Direct Insurers 18 Table 2.4 Life Insurance : Distribution of Annual Premiums in Force of Direct Insurers 19 Table 2.5 Life Insurance : Distribution of New Sums Insured of Direct Insurers 20 Table 2.6 Life Insurance : Distribution of Sum Insured in Force of Direct Insurers 21 Table 2.7 Life Insurance : Average Size and Cost of Ordinary Individual Life New Policies of Direct Insurers 22 Table 2.8 Life Insurance : Average Size and Cost of Ordinary Individual Life Policies of Direct Insurers 22 Table 2.9 Life Insurance : Terminations of Annual Premiums of Direct Insurers 23 Table 2.10 Life Insurance : Terminations of Sums Insured of Direct Insurers 24 Table 2.11 Life Insurance : Forfeiture and Surrender Rates of Direct insurers 25 Table 2.12 Life Insurance : Forfeiture Rate by Policy Years of Direct Insurers 25 Table 2.13 Life Insurance : Income and Outgo 26 Table 2.14 Life Insurance : Expense Rate and Rate of Interest Earned 27 Table 2.15 Life Insurance : Assest of Life Insurance Funds 28 Table 2.16 Life Insurance : Valuation result and Surplus Distribution 29 Table 2.17 Life Insurance : Life Insurance Growth and Socio-economic Indicators 30 Table 2.18 Life Insurance : The Rates of Mortality for Duration of Two or More Years 31 Table 3.1 General Insurance : Premium Income 32 Table 3.2 General Insurance : Distribution of Gross Direct Premiums 33 Table 3.3 General Insurance : Distribution of Net Premiums 34 Table 3.4 General Insurance : Net Retention Ratio 35 Table 3.5 General Insurance : Net Reinsurance Position, Table 3.6 General Insurance : Claims Ratio 37 Table 3.7 General Insurance : Underwriting Experience 38 Table 3.8 General Insurance : Underwriting and Operating Results 39 Table 3.9 General Insurance : Assets of General Insurance Funds 40 Table 3.10 General Insurance : Classification by Size of General Insurance Funds 41 Table 3.11 General Insurance : Technical Reserves 42 Table 3.12 General Insurance : Average Link Ratio for Cumulative Paid Claims and Emergence of Claims 43 Table 3.13 General Insurance : Ultimate Claims Ratio 44 Table 3.14 General Insurance : Estimated Average Frequency of Loss and Average Cost per Claim 44 Table 3.15 General Insurance : Performance of Professional General Reinsurers 45 Table 4.1 Insurance Broking : Total Premium Transacted 46 Table 4.2 Insurance Broking : Outstanding Premiums Due to Insurers 47 Table 4.3 Insurance Broking : Operating Results of Brokers 47 Table 5.1 Loss Adjusting : Cases handled by Adjusters 48 Table 5.2 Loss Adjusting : Operating Results of Adjusters 48 LO_Inside_KPV4.indd 6 26/12/ :37:37 PM

8 Knowledge Pack Vol 4 7 Table 1.1: Insurance Key Indicators 1 Market Structure No. of licensees Direct insurers Life General Life and General Professional reinsurers Life General Life and General Insurance brokers Adjusters Financial Advisers n.a No. of registered agents Life 37,373 74,887 80,078 87,163 83,174 General 14,456 38,766 35,930 35,236 35,609 No. of offices Insurers Insurance brokers n.a Adjusters n.a Financial Advisers n.a No. of resources employed Insurers 10,173 20,825 20,073 20,736 21,983 Insurance brokers 787 1,294 1,289 1,278 1,327 Adjusters 694 1,924 1,885 1,941 1,875 Financial Advisers n.a No. of qualifications held by insurance personnel 3 2,091 12,896 13,465 14,251 15,275 LO_Inside_KPV4.indd 7 26/12/ :37:38 PM

9 8 THE MALAYSIAN INSURANCE INSTITUTE Premium Income Total (RMm) Table 1.1: Insurance Key Indicators 1 (contd.) , , , , ,653.0 Premium (% of GNI) Life (% of GNI) General (% of GNI) Per capita insurance premium expenditure (RM) on: Life insurance General insurance Benefit Payments 1, , , , ,870.7 Total (RMm) Life , , , ,978.9 General , , , ,891.8 Insurance Fund 9, , , , ,306.2 Assets Total (RMm) Life 7, , , , ,970.9 General 2, , , , ,335.3 % of GNI % of total assets of the financial system LIFE INSURANCE New Business No. of policies 498,338 1,585,846 1,387,724 1,426,280 1,502,110 Sums insured (RMm) 24, , , , ,097.5 Total premiums (RMm) , , , ,913.7 Business in Force No. of policies 2,388,585 11,522,202 11,809,112 12,145,520 12,452,946 Sums insured (RMm) 86, , , , ,666.3 (% of GNI) Annual premiums (RMm) 1, , , , ,130.4 LO_Inside_KPV4.indd 8 26/12/ :37:38 PM

10 Knowledge Pack Vol 4 9 Table 1.1: Insurance Key Indicators 1 (contd.) LIFE INSURANCE (contd.) Distribution of Sums Insured in Force (%) Whole Life Endowment Temporary Investment-linked Annuity Others Premium Income 1, , , , ,794.1 (RMm) Net Policy Benefits , , , ,978.9 Total (RMm) Death and disability , ,092.3 Maturity/Vesting , , , ,359.6 Surrender , , , ,889.9 Cash bonuses , , , ,871.1 Medical n.a. 1, , , ,788.4 Others n.a Net Investment , , , ,034.3 Income (RMm) 3 Policy Years Forfeiture Rate (%) Surrender Rate (%) Expense Rate (%) Rate of Interest Earned (%) (excluding capital gains) LO_Inside_KPV4.indd 9 26/12/ :37:38 PM

11 10 THE MALAYSIAN INSURANCE INSTITUTE GENERAL INSURANCE Premium (RMm) Gross Direct Premiums 5 1, , , , ,596.1 Net Premiums 1, , , , ,858.9 Earned Premiums 1, , , , ,498.2 Reinsurance Premiums placed outside Malaysia Retention Ratio (%) Oversea Reinsurance Business (RMm) Net Premiums Total (RMm) 1, , , , ,858.9 Marine, aviation and transit ,327.0 Fire , , , ,563.1 Motor - Total - Act cover - Others Contractors' all risks and engineering Medical expenses and personal accident Table 1.1: Insurance Key Indicators 1 (contd.) , , , , , , , ,348.1 n.a n.a. 1, , , ,769.5 Liability n.a Workmen's n.a compensation and employers' liability Miscellaneous Claims (RMm) Gross less local , , , ,152.9 recoveries Net claims paid , , , ,891.8 LO_Inside_KPV4.indd 10 26/12/ :37:38 PM

12 Knowledge Pack Vol 4 11 Table 1.1: Insurance Key Indicators 1 (contd.) GENERAL INSURANCE (contd.) Claims Ratio Total (%) Marine, aviation and transit Fire Motor - Total - Act cover - Others Contractors' all risks and engineering Medical expenses and personal accident n.a n.a Liability n.a Workmen's n.a compensation and employers' liability Miscellaneous Underwriting Result (%) Claims ratio Management expenses ratio Commissions ratio Underwriting margin Operating Results (RMm) Underwriting gain/loss ,074.9 Investment income Operating profit/loss , , , As at calendar year end, unless indicated otherwise 2 As at financial year end, covering the period from 1 May - 30 April 3 Academic and professional qualifications of employees of insurers only 4 As per revenue account 5 Premiums on original gross rate charged to clients in respect of direct insurance business without any deduction for commission or brokerage 6 Number for 2009 and 2010 including license issued to Danajamin Nasional Berhad (Danajamin) n.a. Not available Negligible Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 11 26/12/ :37:38 PM

13 12 THE MALAYSIAN INSURANCE INSTITUTE Table 1.2: Number of Licensees As at end of December Direct insurers Malaysian-incorporated Foreign-incorporated - - Sub-total Professional reinsurers Malaysian-incorporated 3 3 Foreign-incorporated 4 4 Sub-total 7 7 Total insurers Insurance Brokers Adjusters Financial Advisers Number for 2010 and 2011 including license issued to Danajamin Nasional Berhad (Danajamin) Table 1.3: Number of Branches Insurers Insurance Brokers Adjusters Financial Advisers Approved in Operating as at December 2011 LO_Inside_KPV4.indd 12 26/12/ :37:39 PM

14 Knowledge Pack Vol 4 13 Table 1.4: Distribution of Paid-up Capital of Malaysian-incorporated Insurers As at end of December RMm % RMm % Held by Malaysians 3, , Bumiputera 1, , Non-Bumiputera 1, , Held by non-malaysians 3, , Total 6, , Table 1.5: Distribution of Paid-up Capital of Insurance Brokers As at end of December RMm % RMm % Held by Malaysians Bumiputera Non-Bumiputera Held by non-malaysians Total Table 1.6: Distribution of Paid-up Capital of Adjusters As at end of December RMm % RMm % Held by Malaysians Bumiputera Non-Bumiputera Held by non-malaysians Total LO_Inside_KPV4.indd 13 26/12/ :37:39 PM

15 14 THE MALAYSIAN INSURANCE INSTITUTE Table 1.7: Distribution of Paid-up Capital of Financial Advisers As at end of December RMm % RMm % Held by Malaysians Bumiputera Non-Bumiputera Held by non-malaysians Total Table 1.8: Shareholders Equity of Malaysian-incorporated Insurers As at end of December RM million Paid-up capital 6, ,245.8 Retained profit 7, ,319.2 Other reserves 1, ,842.2 Total 15, ,407.2 Table 1.10: Compounding of Offences, 2011 Nature of Offence Number of Licensees Fined Contravention of :- Section 67(1) 1 Section 74(1) 1 Section 150 (4) (a) 1 LO_Inside_KPV4.indd 14 26/12/ :37:39 PM

16 Knowledge Pack Vol 4 15 Table 1.9: Capital Adequacy Ratio 1 As at 31 December 2010 Life Insurance Companies General Insurance Companies Composite 2 Insurance Companies Consolidated Industry RM million Total Capital Available 8, , , , , , , ,501.1 Total Capital Required 3, , , , , , , ,407.7 Capital Adequacy Ratio (%) Based on consolidated data as at 31 December 2 Life and general business LO_Inside_KPV4.indd 15 26/12/ :37:39 PM

17 16 THE MALAYSIAN INSURANCE INSTITUTE Table 1.11: Insurance Guarantee Scheme Fund : Compensation and Expenses FGI SEG MISB Total Amount settled to date RM 000 Judgement awards 4,856 4,856 11,358 11,588 70,602 70,727 86,816 87,171 Out-of-court settlements 1,295 1, , , , ,633 Expenses: MIB (Administrative Unit) Professional charges Premium refunds ,979 1,979 1,979 1,979 Deposit refund (bond) Others ,311 12,311 12,319 12,319 Total 7,191 7,191 11,875 12, , , , ,654 % change No. of cases settled in the year No. of cases settled to date ,231 1,264 47,009 47,087 49,123 49,234 FGI First General Insurance (M) Sdn. Bhd. SEG SEG Insurance Sdn. Bhd. MISB Mercantile Insurance Sdn. Bhd. MIB Motor Insurance Bureau 1 Refers to solicitors and adjusters fees LO_Inside_KPV4.indd 16 26/12/ :37:39 PM

18 Knowledge Pack Vol 4 17 Year Table 2.1: Life Insurance : New Business of Direct Insurers No. of Policies Units Sums Insured Premiums Annual Single Total RM million ,337, , , , , ,585, , , , , ,387, , , , , ,426, , , , , ,502, , , , ,913.7 % change Table 2.2: Life Insurance : Business in Force of Direct Insurers Year No. of Policies Sums Insured Premiums Annual Units RM million ,909, , , ,522, , , ,809, , , ,145, , , ,452, , ,130.4 % change LO_Inside_KPV4.indd 17 26/12/ :37:39 PM

19 18 THE MALAYSIAN INSURANCE INSTITUTE Table 2.3: Life Insurance : Distribution of New Business Premiums of Direct Insurers Year Ordinary Life Investment- Linked Annuity Total Whole Life Endowment Temporary Others RM million , , , , , , , , , , , , , , , , , , , , , ,913.7 % change % share Negligible Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 18 26/12/ :37:39 PM

20 Knowledge Pack Vol 4 19 Table 2.4: Life Insurance : Distribution of Annual Premiums in Force of Direct Insurers Year Ordinary Life Investment- Linked Total Whole Life Endowment Temporary Others RM million , , , , , , , , , , , , , , , , , , , , , , , , ,130.4 % change % share Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 19 26/12/ :37:39 PM

21 20 THE MALAYSIAN INSURANCE INSTITUTE Table 2.5: Life Insurance : Distribution of New Sums Insured of Direct Insurers Year Ordinary Life Investment- Linked Annuity Total Whole Life Endowment Temporary Others RM million , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,097.5 % change % share Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 20 26/12/ :37:39 PM

22 Knowledge Pack Vol 4 21 Table 2.6: Life Insurance : Distribution of Sums Insured in Force of Direct Insurers Year Ordinary Life Investment- Linked Annuity Total Whole Life Endowment Temporary Others RM million , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,666.3 % change % share Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 21 26/12/ :37:39 PM

23 22 THE MALAYSIAN INSURANCE INSTITUTE Table 2.7: Life Insurance : Average Size and Cost of Ordinary Individual Life New Policies of Direct Insurers 1 Average Annual Premiums Average Sums Insured Average Cost 2 Year Whole Life Endowment Whole Life Endowment Whole Life Endowment RM ,326 1,923 48,971 29, ,514 2,439 50,866 30, ,925 3,072 51,279 27, ,478 3,837 56,540 30, ,000 4,419 53,721 28, For annual premium policies only 2 New annual premium per RM1,000 of new sums insured Table 2.8: Life Insurance : Average Size and Cost of Ordinary Individual Life Policies in Force of Direct Insurers 1 Average Annual Premiums Average Sums Insured Average Cost 2 Year Whole Life Endowment Whole Life Endowment Whole Life Endowment RM ,388 1,228 48,460 22, ,465 1,328 49,540 23, ,561 1,527 50,439 24, ,650 1,751 51,662 25, ,698 2,064 52,549 25, For annual premium policies only 2 Annual premiums in force per RM1,000 of sums insured in force LO_Inside_KPV4.indd 22 26/12/ :37:39 PM

24 Knowledge Pack Vol 4 23 Table 2.9: Life Insurance : Terminations of Annual Premiums of Direct Insurers Year Death Maturity Surrender RM million Forfeiture less Revivals Others Total , , , , , ,152.7 % change % share Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 23 26/12/ :37:40 PM

25 24 THE MALAYSIAN INSURANCE INSTITUTE Table 2.10: Life Insurance : Terminations of Sums Insured of Direct Insurers Year Death Maturity Surrender RM million Forfeiture less Revivals Others Total , , , , , , , , , , , , , , , , , , , , , , , , ,927.6 % change % share Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 24 26/12/ :37:40 PM

26 Knowledge Pack Vol 4 25 Year Table 2.11: Life Insurance : Forfeiture and Surrender Rates of Direct insurers 3 Policy Years Forfeiture Rate 1 (%) Surrender Rate (%) Combination of whole life, endowment and others policies Year Table 2.12: Life Insurance : Forfeiture Rate by Policy Years of Direct Insurers 1 Year of Total Issue 1st Policy Year 2nd Policy Year 3rd Policy Year Total Combination of whole life, endowment and others policies LO_Inside_KPV4.indd 25 26/12/ :37:40 PM

27 26 THE MALAYSIAN INSURANCE INSTITUTE Table 2.13: Life Insurance : Income and Outgo Item RMm % RMm % RMm % Income Premium income 19, , , Net investment income 4, , , Profit on sale of assets and miscellaneous income 4, , , Total 29, , , Outgo Net policy benefits 11, , , Agency remuneration 2, , , Management expenses 1, , , Loss on disposal of assets and other outgo 1, , , Total 18, , , Excess of income over outgo 11, , , Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 26 26/12/ :37:40 PM

28 Knowledge Pack Vol 4 27 Table 2.14: Life Insurance : Expense Rate and Rate of Interest Earned Year Agency Remuneration (a) Net Rate of % of Adjusted Premium Income 1 Interest Earned Staff Remuneration (b) Other Expenses (c) Total (a) + (b) + (c) (1) (2) The sum of first year premiums, renewal premiums and 10% of single premiums (1) Rate of return on investments excluding capital gains (2) Rate of return on investments including capital gains Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 27 26/12/ :37:40 PM

29 28 THE MALAYSIAN INSURANCE INSTITUTE Table 2.15: Assets of Life Insurance Funds Type of Investment RMm % RMm % RMm % RMm % RMm % Property, plant and equipment , , , Loans 11, , , , , Mortgages 4, , , , , Policy 6, , , , , Others Investments 72, , , , , Malaysia Government papers/guaranteed loans 17, , , , , Corporate/debt securities 53, , , , , Others 1, , , , , Investment properties 2, , , , , Cash and deposits 11, , , , , Other assets 1, , , , , Foreign assets 1, , , , , Total 102, , , , , Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 28 26/12/ :37:40 PM

30 Knowledge Pack Vol 4 29 Table 2.16: Life Insurance: Valuation Result and Surplus Distribution 1 Item RMm % change RMm % change RMm % change Valuation result Policy owners fund 95, , , Valuation liabilities 2 75, , , Surplus 19, , , Allocation to policyowners 2, , , Surplus distribution Allocation to shareholders 1, , , Surplus carried forward 17, , , Figures are based on Risk Based Capital (RBC) Valuation. 2. Valuation Liabilities inclusive of Allocation to policyowners. LO_Inside_KPV4.indd 29 26/12/ :37:40 PM

31 30 THE MALAYSIAN INSURANCE INSTITUTE Table 2.17: Life Insurance : Life Insurance Growth and Socio-economic Indicators Year Total Sums Insured in Force RMm % of GNI Per capita RMm GNI at Premium Income 1 Market Price % of GNI Per capita Per member of Employment Population Employment Per capita Income RMm Million RM , ,569 18, , , , , ,844 18, , , , , ,364 19, , , , , ,164 21, , , , , ,170 22, , ,702 P 28.6 P 12.2 P 29,094 P 1 As per revenue accounts P Preliminary (Source: Department of Statistics, Malaysia and Economic Planning Unit) LO_Inside_KPV4.indd 30 26/12/ :37:40 PM

32 Knowledge Pack Vol 4 31 Table 2.18: The Rates of Mortality for Duration of Two or More Years 1 Age Attained Group Ordinary ( ) Males Females With Medical Without Medical With Medical Without Medical E x q x E x q x E x q x E x q x Total Excluding policies with accelerated dread disease benefits E x - Number of lives exposed to risks in thousands q x - Mortality rate multiplied by 1,000 (Source: Life Insurance Association of Malaysia, data for 2006 to 2010) LO_Inside_KPV4.indd 31 26/12/ :37:40 PM

33 32 THE MALAYSIAN INSURANCE INSTITUTE Year Table 3.1: General Insurance : Premium Income Gross Premiums 1 Gross Direct Premiums RM Million Net Premiums Retention Ratio (%) , , , , , , , , , , , , , , , % change n.a n.a n.a n.a n.a 1 Gross direct and reinsurance accepted premiums less reinsurances within Malaysia n.a Not applicable LO_Inside_KPV4.indd 32 26/12/ :37:40 PM

34 Knowledge Pack Vol 4 33 Table 3.2: General Insurance : Distribution of Gross Direct Premiums Year Marine, Aviation and Transit Contractors All Risks and Engineering Fire Medical Expenses and Personal Accident Act Cover Motor Others Total Liability Workmen s Compensation and Employers Liability Miscellaneous Total RM million , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,596.1 % change % share Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 33 26/12/ :37:40 PM

35 34 THE MALAYSIAN INSURANCE INSTITUTE Table 3.3: General Insurance : Distribution of Net Premiums Year Marine, Aviation and Transit Contractors All Risks and Engineering Fire Medical Expenses and Personal Accident Act Cover Motor Others Total Liability Workmen s Compensation and Employers Liability Miscellaneous Total RM million , , , , , , , , , , , , , , , , , , , , , , , , ,858.9 % change % share Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 34 26/12/ :37:41 PM

36 Knowledge Pack Vol 4 35 Table 3.4: General Insurance : Net Retention Ratio Year Marine, Aviation and Transit Contractors All Risks and Engineering Fire Medical Expenses and Personal Accident Act Cover Motor Others Total Liability Workmen s Compensation and Employers Liability Miscellaneous Total Combined Direct Insurers Professional Reinsurers Net premiums to gross direct and reinsurance accepted premiums less reinsurances within Malaysia 2 Net premiums to reinsurance accepted premiums Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 35 26/12/ :37:41 PM

37 36 THE MALAYSIAN INSURANCE INSTITUTE Table 3.5: General Insurance : Net Reinsurance Position, 2011 Class Premiums Ceded and Retroceded Overseas Reinsurance and Retrocession Claims Recoveries from Overseas RM million Reinsurance and Profit Commissions Received from Overseas Net Inflow (+) / Outflow ( ) Net Inflow / Outflow as a % of Premiums Ceded and Retroceded Overseas Marine and aviation hull Marine, aviation and transit cargo Contractors all risks & engineering Fire Medical expenses and personal accident Motor Act cover Others Liability Workmen s compensation and employers liability Miscellaneous Total Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 36 26/12/ :37:41 PM

38 Knowledge Pack Vol 4 37 Table 3.6: General Insurance : Claims Ratio 1 Year Marine, Aviation and Transit Contractors All Risks and Engineering Fire Medical Expenses and Personal Accident Act Cover Motor Others Total Liability Workmen s Compensation and Employers Liability Miscellaneous Total Net claims incurred as a ratio of earned premium income LO_Inside_KPV4.indd 37 26/12/ :37:41 PM

39 38 THE MALAYSIAN INSURANCE INSTITUTE Table 3.7: General Insurance : Underwriting Experience Year Earned Premium Income Net Claims Incurred RM million Net Commissions Management Expenses 1 Under writing Margin , , , , , , , , , , , , , , , , , , , ,074.9 % of earned premium income % change Management expenses is inclusive of net bad and doubtful debts LO_Inside_KPV4.indd 38 26/12/ :37:41 PM

40 Knowledge Pack Vol 4 39 Table 3.8: General Insurance : Underwriting and Operating Results Item RMm % change RMm % change RMm % change RMm % change RMm % change Underwriting profit , Investment income Capital gains Other income Capital losses Other outgo Operating profit 1, , , , LO_Inside_KPV4.indd 39 26/12/ :37:41 PM

41 40 THE MALAYSIAN INSURANCE INSTITUTE Table 3.9: Assets of General Insurance Funds Type of Investment RMm % change RMm % change RMm % change RMm % change RMm % change Property, plant and equipment Loans Investments 10, , , , , Malaysian Government papers/guaranteed loans 3, , , , , Corporate/debt securities 6, , , , , Others , , , Investment properties Cash and deposits 6, , , , , Amount due from clients/ intermediaries/ reinsurers 1, , , , , Other assets , Foreign assets Total 19, , , , , Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 40 26/12/ :37:41 PM

42 Knowledge Pack Vol 4 41 Table 3.10: Classification by Size of General Insurance Funds Number of Funds RM million Less than to less than to less than to less than to less than to less than & above Total Inclusive of insurers which were running off their general insurance business LO_Inside_KPV4.indd 41 26/12/ :37:41 PM

43 42 THE MALAYSIAN INSURANCE INSTITUTE Table 3.11: Technical Reserves Year Unearned Premium Reserves / Premium Liabilities Provision for Outstanding Claims / Claims Liabilities RM million Technical Reserves , , , , , , , , , , , , , , ,322.4 % change % of net premiums Management expenses is inclusive of net bad and doubtful debts LO_Inside_KPV4.indd 42 26/12/ :37:41 PM

44 Knowledge Pack Vol 4 43 Table 3.12: General Insurance : Average Link Ratio for Cumulative Paid Claims and Emergence of Claims 1 Class Development Year % of Ultimate Incurred Claims Cost at End of Development Year Ultimate Marine, aviation and transit Fire Motor 'Act' cover Others Miscellaneous Based on financial year, consolidated from financial year end 1 July to 30 June 2 Development year 0 refers to the year of occurrence of loss 3 ncludes all classes other than MAT, fire and motor LO_Inside_KPV4.indd 43 26/12/ :37:41 PM

45 44 THE MALAYSIAN INSURANCE INSTITUTE Table 3.13: General Insurance : Ultimate Claims Ratio 1 Year of Occurrence of Loss Class % Marine, aviation and transit Fire Motor 'Act' cover Others Miscellaneous Ratios are based on unadjusted aggregated financial year data on movement of claims by duration submitted by the industry, consolidated from financial year end 1 July to 30 June 2 Includes all classes other than MAT, fire and motor Table 3.14: General Insurance : Estimated Average Frequency of Loss and Average Cost per Claim 1 Class Average Frequency of Loss 3 Average Cost per Claim % RM Marine, aviation and transit 5.9 5,296 Fire 1.7 9,877 Motor Act cover ,399 Others 6.1 3,821 Miscellaneous ,450 1 Based on financial year, consolidated from financial year end 1 July to 30 June 2 Includes all classes other than MAT, fire and motor 3 Ratio and data represent estimations only based on available industry data. Actual experience may differ according to the actual claims experience of individual insurer LO_Inside_KPV4.indd 44 26/12/ :37:41 PM

46 Knowledge Pack Vol 4 45 Table 3.15: Performance of Professional General Reinsurers Year Marine, Aviation and Transit Contractors All Risks and Engineering Fire Medical Expenses and Personal Accident Act Cover Motor Others Total Liability Workmen s Compensation and Employers Liability Miscellaneous Total Reinsurance Accepted Premiums (RM million) , , , , ,409.7 Net Premiums (RM million) , , ,141.2 Claims Ratio 1 (%) Net claims incurred as a ratio of earned premium income Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 45 26/12/ :37:42 PM

47 46 THE MALAYSIAN INSURANCE INSTITUTE Table 4.1: Insurance Broking : Total Premiums Transacted Year Marine, Aviation and Transit General Fire Motor Miscellaneous 1 Life Total Direct Premiums (RM million) , , , , ,108.0 Reinsurance Premiums (RM million) , , , ,564.0 Combined (RM million) , , , , , , , , , Includes all classes other than MAT, fire and motor Numbers may not necessarily add up due to rounding LO_Inside_KPV4.indd 46 26/12/ :37:42 PM

48 Knowledge Pack Vol 4 47 Table 4.2: Insurance Broking : Outstanding Premiums Due to Insurers Months Amount (RMm) % of Total Amount (RMm) % of Total Amount (RMm) % of Total > > over Total Numbers may not necessarily add up due to rounding Table 4.3: Operating Results of Brokers Item RMm % change RMm % change RMm % change Brokerage earned Other income Total expenses Operating profit LO_Inside_KPV4.indd 47 26/12/ :37:42 PM

49 48 THE MALAYSIAN INSURANCE INSTITUTE Table 5.1: Cases Handled by Adjusters Year Motor Non-motor Total No. % change % share No. % change % share No. % change , , , , , , , , , Table 5.2: Operating Results of Adjusters Item RMm % change RMm % change RMm % change Fees earned Other income Total outgo Operating profit/(loss) LO_Inside_KPV4.indd 48 26/12/ :37:42 PM

50 Knowledge Pack Vol 4 49 Developments in General Insurance Industry LO_Inside_KPV4.indd 49 26/12/ :37:42 PM

51 50 THE MALAYSIAN INSURANCE INSTITUTE DEVELOPMENTS IN THE GENERAL INSURANCE INDUSTRY Financial Sector Blueprint The Financial Sector Blueprint marks a new phase in the development of the financial system in Malaysia and was officially launched by Bank Negara Malaysia (BNM) on 21st December The blueprint with the theme Strengthening Our Futurebuilds on and reinforces the solid foundations that have been achieved in the previous decade. The success of the first Financial Sector Masterplan produced a financial system that is wellpositioned to respond to the new imperatives in the economic environment. The financial institutions in Malaysia are well-capitalized and have improved risk management and governance practices in place. This is largely derived from the cumulative effects of building strong institutions, developing an efficient financial infrastructure and enhancing the regulatory and supervisory framework. In total, the Blueprint sets out 69 recommendations to achieve the vision of the financial sector by Some of the broad roles and areas to be addressed by insurers and takaful operators are identified in the Blueprint as follows:- to support higher value added business activities and infrastructure investments; to meet the needs of the changing demography; to intensify the internationalization of Islamic finance through regional and global takaful/retakaful outreach; to enhance financial inclusion by providing adequate levels of protection across all segments of the population; to promote extensive use of the e-payment systems; to further expand consumer education and protection; to enhance talent development: and in relation to the Regulatory and Supervisory regime, to inter alia examine and monitor the impact of uplifting of price restrictions. Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 50 26/12/ :37:43 PM

52 Knowledge Pack Vol 4 51 AGENCY AND OTHER DISTRIBUTION CHANNELS Agency Registration System The table below shows the number of agency units registered under the General Insurance Agents Registration Regulations (GIARR) as at 31st December 2011 and Year (as at 31st Dec) No. of Agency Units Registered With Total No. of Agency Units Registered Percentage of Agency Units Registered With One Principal Two Principals One Principal Two Principals ,373 17,949 34,322 48% 52% ,684 18,927 35,611 47% 53% As at 31st December 2011, the number of registered general insurance agents was 35,611 which is an increase of 3.8% compared to 34,322 in Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 51 26/12/ :37:43 PM

53 52 THE MALAYSIAN INSURANCE INSTITUTE Analysis of Business by Distribution Channels Year Agents Direct Business Channels Insurance Brokers Others Total 7,955.1 m 2,450.0 m 1,884.7 m m 12,904.9m 61% 19% 15% 5% 100% 7,079.8 m 2,365.1 m 1,810.2 m m 11,905.0m 60% 20% 15% 5% 100% In 2010, agents garnered 61% or RM7,955.1 million of the total business in comparison to other distribution channels. Of the business acquired by the agency force in 2010, about 10% of total business is acquired via motor vehicle franchise holders. This analysis indicates that insurance agents continue to play a significant role in the acquisition channels in this market. Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 52 26/12/ :37:43 PM

54 Knowledge Pack Vol 4 53 The percentage of agents earning less than RM5,000 decreased from 19.3 % in 2009 to 14.5% in 2010 whilst the percentage of agents earning above RM100,000 increased from 29.2% in 2009 to 34.2% in In terms of quantum, the total remuneration earned by agents increased by 10% to RM937 million in Trend in PCEIA Passes The trend in the percentage of passes of the Pre-Contract Examination for General Insurance Agents (PCEIA) as at 31st December 2011 are as below:- Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 53 26/12/ :37:44 PM

55 54 THE MALAYSIAN INSURANCE INSTITUTE There were 3,271 candidates who sat for the PCEIA examination - General Insurance Route from January to December 2011 and the overall passing rate was 73%. Degree holders account for the highest percentage of passes at 88%. ANALYSIS ON PROFILE OF AGENTS Location The geographical distribution of registered general insurance agents is as below:- No. of Agents State Johore 4,934 5,118 Kedah 1,558 1,622 Kelantan Melaka 1,395 1,404 N. Sembilan 1,275 1,339 Pahang 1,441 1,523 Penang 3,405 3,490 Perak 2,764 2,869 Perlis Sabah 1,881 1,956 Sarawak 2,263 2,365 Selangor 6,912 7,184 Terengganu WP Kuala Lumpur 5,192 5,316 WP Labuan Singapore 18 4 The state of Selangor has the largest number of agents comprising 20% of the total agency population followed by Kuala Lumpur at 15%. The state with the lowest number of agents (in Peninsular Malaysia) is Perlis at 122 (0.3%). Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 54 26/12/ :37:44 PM

56 Knowledge Pack Vol 4 55 Age Distribution of Agents More than 85% of registered agents are above the age of 31 years. Agents within the age bracket of formed the largest group at 30.2% followed by agents in the age bracket of at 29.4%. Those below 21 years old comprised less than 1% of the agency force. The minimum age to be an agent is 18 years old. Duration as General Insurance Agent Agents who have been in the industry for more than 9 years formed 52% of the agency force. In contrast, about 19% of the agency force had been in the industry for less than 2 years. Those with 3 to 4 years of experience in the industry formed the smallest group at 0.8%. Minimum Maintenance Contract (MMC) Requirement For General Insurance Agents Since the implementation of the MMC Requirement in July 2003, the number of agents that have been terminated due to non-compliance showed a marked improvement i.e from 15.9% (7,656 agents) in 2005 to 5.4% (1,917 agents) in Under the MMC Requirement, agents are required to maintain a minimum of RM20,000 production to be retained as an agent. Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 55 26/12/ :37:44 PM

57 56 THE MALAYSIAN INSURANCE INSTITUTE INSURANCE INDICATORS Source:-ISM Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 56 26/12/ :37:44 PM

58 Knowledge Pack Vol 4 57 Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 57 26/12/ :37:44 PM

59 58 THE MALAYSIAN INSURANCE INSTITUTE Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 58 26/12/ :37:44 PM

60 Knowledge Pack Vol 4 59 BUSINESS REPORT Despite the challenging economic environment, the Malaysian economy recorded a steady growth of 5.1% in 2011 (2010: 7.2%). This growth was achieved in an increasingly challenging and volatile global environment. There were several natural disasters in the region that had severe impact on the economies of these countries and which also disrupted the global manufacturing supply chain. There continues to be uncertainty over the international reforms that are taking place in several major advanced economies and the implications on overall global economic growth. Domestically, the services sector was the largest contributor of growth and it sustained expansion at 6.8% in 2011 (2010: 6.8%) to contribute to 3.9% of the overall Gross Domestic Product (GDP) growth. The finance and insurance sub-sectors expanded firmly following strong performance in bank lending and increased insurance premium income. Domestic demand registered a steady growth of 8.2% in 2011 (2010: 6.3%) driven by both household and business spending. Headline inflation as measured by the annual percentage change in Consumer Price Index (CPI), averaged 3.2% in 2011 (2010: 1.7%). The general insurance industry looks forward to a sustainable growth rate amidst what is generally expected to be a highly challenging global economic environment. Key Figures of the General Insurance Industry, 2010/2011 Association Membership Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 59 26/12/ :37:44 PM

61 60 THE MALAYSIAN INSURANCE INSTITUTE As at 1st April 2012, the Association had 32 members comprising licensed general insurance and reinsurance companies operating in Malaysia. There were 18 general insurers, 8 composite insurers and 6 general reinsurers. Out of the 32 member companies, 17 were domestic operations whilst 15 were foreign owned. General Insurance Business Performance The general insurance industry registered positive growth in 2011 amidst global economic uncertainty and huge catastrophic losses experienced in the region. Gross written premium showed a growth of 7.85% to reach RM billion, compared with an increase of 8.56% (RM billion) in Net premiums grew at a rate of 8.20% to reach RM9.718 billion. The Motor and Fire classes of business recorded increases in gross written premiums with Motor recording written premiums of RM6.382 billion which was an increase of 6.93% over the previous year (2010: 5.2%, RM5.969 billion). The Fire class recorded a 4.67% increase to reach RM2.399 billion (2010: 2.4%, RM2.292 billion). Medical insurance received a 27.8% boost to reach RM0.822 billion compared to RM0.643 billion in Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 60 26/12/ :37:44 PM

62 Knowledge Pack Vol 4 61 General Insurance Business Market Share In terms of market share, the previous year s trend in sectorial distribution of the total market share was generally maintained. The Motor sector dominated the market at 46.4%, which was a decrease of 0.7% from the previous year. The Fire sector s share was reduced from 16.7% in 2010 to 16.5% in All the other sectors maintained their respective market shares. Source : Persatuan Insuran Am Malaysia (PIAM) 2011 LO_Inside_KPV4.indd 61 26/12/ :37:44 PM

63 62 THE MALAYSIAN INSURANCE INSTITUTE NEW ARRIVALS 2012 LO_Inside_KPV4.indd 62 26/12/ :37:45 PM

64 Knowledge Pack Vol Title: Insurance: A Big Decision For Small Business Author: Mitchel Smith Publisher: lulu.com ISBN: This book is designed to help the small-business owner navigate the confusing world of property and casualty insurance. Large companies often have a whole department devoted to insurance and risk management. However, as with so many aspects of any small business, insurance is often one more hat that only an owner or manager can wear. This book also will help anyone in charge of insurance for a small business understand the basics of insurance and the various types of policies available. 2. Title: Career Guidebook For IT in Insurance: A Definitive guide to a career in insurance IT Author: Essvale Corporation Ltd ISBN: This is another title in the Career Guidebook Series that are definitive guides for a career in IT across industry sectors. This book will provide a guide for IT professionals working in insurance IT and those that aspire to work in IT in this sector of the financial services industry. The eight chapters in this guidebook contain information about the different roles that exist in insurance IT, from business analysts and project managers to test analysts and helpdesk analysts. Also included are an overview of the business of insurance and tips on how to write a winning CV for the different roles in insurance IT contract or permanent. 3. Title: A Guide to Forensic Accounting Investigation Authors: Thomas W. Golden, Steven L. Skalak, Mona M. Clayton Publisher: Sweet & Maxwell Ltd ISBN: The Auditor s Guide to Forensic Accounting Investigation explores exactly what assurances auditors should provide and suggests alternatives to giving the capital markets more of what they are requiring-greater assurances that the financial statements they rely upon for investment decisions are free of material error, including fraud. It reveals the surprising complexity of fraud deterrence, detection, and investigation, and offers a step-by-step approach to understanding that complexity. Source : MII Knowledge Centre LO_Inside_KPV4.indd 63 26/12/ :37:45 PM

65 64 THE MALAYSIAN INSURANCE INSTITUTE 4. Title: How to become an independent insurance adjuster: a 3-step action plan to entering the profession Authors: insuranceadjusterbook.com Publisher: Insurance Adjuster Resources, LLC ISBN: This practical, hands-on guide shows you the fastest and best way to break into the adjusting profession. From training and licensing to finding an independent firm, this resource has everything you need to begin your new career. The good folks from Adjuster Resources, LLC have combined decades of adjusting experience and condensed it into one easy-to-read and easy-to-follow manual. 5. Title: Rainmaking Conversations: Influence, Persuade, and Sell in Any Situation Author: Mike Schultz ISBN: Conversations make or break everything in sales. Every conversation you have is an opportunity to find new prospects, win new customers, and increase sales. Rainmaking Conversations provides a proven system for leading masterful conversations that fill the pipeline, secure new deals, and maximize the potential of your account. Rainmaking Conversations offers a research-based, field-tested, and practical selling approach that will help you master the art of the sales conversation. This proven system revolves around the acronym RAIN, which stands for Rapport, Aspirations and Afflictions, Impact, and New Reality. You ll learn how to ask your prospects and clients the right questions, and help them set the agenda for success. 6. Title: Essential Mathematics for Market Risk Management Author: Simon Hubbert Publisher: John Wiley & Sons ISBN: With risk management top of the agenda for many organizations, this book is essential reading for getting to grips with the mathematical story behind the subject of financial risk management. It will take you on a journey - from the early ideas of risk quantification up to today s sophisticated models and approaches to business risk management.to help you investigate the most up-to-date, pioneering developments in modern risk management, the book presents statistical theories and shows you how to put statistical tools into action to investigate areas such as the design of mathematical models for financial volatility or calculating the value at risk for an investment portfolio. Source : MII Knowledge Centre LO_Inside_KPV4.indd 64 26/12/ :37:46 PM

66 Knowledge Pack Vol Title: The Financial Services Marketing Handbook Authors: Evelyn Ehrlich PhD, Duke Fanelli Publisher: Bloomberg Financial ISBN: The Financial Marketing Services Handbook, Second Edition gives sales and marketing practitioners the practical tools and best practices they need both to improve their job performance and their retail and institutional marketing strategies. The FSM Handbook guides marketing and sales professionals working in an industry characterized by cutthroat competition, client mistrust, transformative technologies, and ever-changing regulation, to understand the practical steps they must take to turn these threats into opportunities. 8. Title: Healthcare Fraud: Auditing and Detection Guide Author: Rebecca Saltiel Busch Publisher: John Wiley & Sons ISBN: An invaluable tool equipping healthcare professionals, auditors, and investigators to detect every kind of healthcare fraud. According to private and public estimates, billions of dollars are lost per hour to healthcare waste, fraud, and abuse. 9. Title: The Fraud Audit : Responding to the Risk of Fraud in Core Business Systems Author: Leonard W. Vona Publisher: John Wiley & Sons ISBN: Essential guidance for creation of an effective fraud audit program in core business systems The Association of Certified Fraud Examiners has reported that U.S. businesses lose up to $4 billion annually due to fraud and abuse. Discover fraud within your business before yours becomes another business fraud statistic. 10. Title: Health Care in Malaysia Authors: Hematram Yadav, Sirajoon Noor Ghani Publisher: University of Malaya Press ISBN: This book is written mainly to provide information about the development of health care services available in Malaysia. The focus is on the public sector as it provides the -bulk of the services though the private sector plays an important role in the delivery of health care. Source : MII Knowledge Centre LO_Inside_KPV4.indd 65 26/12/ :37:46 PM

67 66 THE MALAYSIAN INSURANCE INSTITUTE Latest News from Knowledge Centre MII Knowledge Centre is introducing a new search engine system that have replaced our previous MII elibrary. The new system bring together almost all of our online and physical collections and resources: books, e-books, journals, journal articles, news articles, audio video materials etc., and allow them to be searched from a single point within a single system called MII Visualizer. All Visualizer s search result will direct you to: MII Library Catalogue All the physical books, journals and magazines catalogue records and thumbnail image owned by MII Knowledge Centre will be resided here. You can also check the review of the books from Amazon.com or Barnes & Noble as well as the table of contents of the book. Search by browsing, subject searching and keyword searching with much more convenience and at faster speed. MII Digital Library Browse or search our digital contents of exam papers, newspapers clippings, ebooks, e journals and etc from here. Simply login and click the image to download our digital contents. Only MII and KC members are entitled for login account so sign up our membership now to enjoy more benefits. For active MII members and KC goldmembers, please request your new login ID to MII Digital Library by to knowledgecentre@mii.org.my with complete details of: Full name: NRIC no: Passport no (for international members only): address (preferably personal ): Contact no: Do let us know what you think of our new library system by your feedback to us at knowledgecentre@mii.org.my. Check out MII Visualizer at Source : MII Knowledge Centre LO_Inside_KPV4.indd 66 26/12/ :37:47 PM

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71 70 THE MALAYSIAN INSURANCE INSTITUTE ASK US LO_Inside_KPV4.indd 70 26/12/ :37:53 PM

72 Knowledge Pack Vol 4 71 We are here to assist you. Please contact the Knowledge Centre Team for further assistance : Ily Aliah Ismail ilyaliah@mii.org.my Siti Nursafiyyah Mazlan nursafiyyah@mii.org.my Harizam Mahalil harizam@mii.org.my Hairul Hilmi Ramlee hairul@mii.org.my Knowledge Centre The Malaysian Insurance Institute (MII) Knowledge Centre, S17-S28, 2nd Floor, Maju Junction Mall, 1001 Jalan Sultan Ismail Kuala Lumpur Tel : / Fax : The Malaysian Insurance Institute (Headquarters) No 5 Jalan Sri Semantan 1 Damansara Heights Kuala Lumpur Tel : Fax : LO_Inside_KPV4.indd 71 26/12/ :37:54 PM

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