Insurance is a promise of reimbursement in the case of loss, paid to people or companies so concerned about hazards that they have made prepayments to a policy. The insured is a person whose interests are protected by an insurance policy, a person who contracts for an insurance policy that indemnifies the person against loss of property or life or health etc.
The origin of the insurance industry in Malaysia dates back to the colonial era between the 18th century and 19th century. At that time, British agency houses acted as agents to Insurance companies, incorporated in the United Kingdom. Some important Insurance companies are Harrison & Cross and Boustead.
The Insurance industry in Malaysia is on the line of the industry in Britain. Even till 1955, foreign insurer's dominated the local insurance market. But after Independence in 1957, the Government took efforts to introduce the domestic insurance companies. By the early 1960s, the country witnessed the establishment of a few life insurance companies, which however wound up soon, due to lack of proper business expertise and inadequate technical background. The government intervened by the enactment of Insurance Act 1963, to regulate the insurance industry.
The Insurance Act 1996, replaced the Insurance Act 1963, made some vital changes to the legislative framework for improving the supervision and regulation of the industry in terms of operational and financial discipline, transparency of policies and practices and protection of the policy owners.
Insurance Industry and the Consumer
The insurance industry in Malaysia has witnessed a change in the attitude of the consumers towards the industry in recent times. There are several reasons for the change in attitude.
The consumer in Malaysia is better educated and knowledge than before. According to the International Consumer Movement, consumers have eight basic rights which include: which include: right to satisfaction, right to information, right to choose, right to basic goods and services, right to be heard, right to redress, right to consume education, and right to a safe and clean environment.
Insurance Companies in Malaysia
Allianz Malaysia Berhad is an investment holding company for both general and life insurance entities in Malaysia namely Allianz General Insurance Company (Malaysia) Berhad ("AGIC") and Bright Mission Berhad (formerly known as Commerce Assurance Berhad)"BMB" for the general insurance arm and Allianz Life Insurance Malaysia Berhad ("ALIM") for life insurance arm.
Am Life Insurance Berhad is a distinctive brand name of quality in the Malaysian insurance industry. Behind Am Life are strong regional and international franchises-AmBank Group a leading regional banking group and Friends Provident, one of the United Kingdom’s largest companies.
AXA AFFIN Life Insurance Bhd
AXA is a French global insurance companies group headquartered in Paris. The AXA Group is an important global player whose ambition is to attain leadership in its core financial protection business. Its winning strategy is built on a set of defined values and commitments.
AXA is a French global insurance companies group headquartered in Paris. The AXA Group is an important global player whose ambition is to attain leadership in its core financial protection business. Its winning strategy is built on a set of defined values and commitments.
