Source: The Star, 3rd June 2008
Tune Money Sdn Bhd has launched a motor protection plan that will allow car owners to purchase or renew their motor takaful online.
Tune Money has so far launched a personal accident, motorcyclist personal accident and home protection plans, which are all underwritten by CIMB Aviva Takaful Bhd.
Tune Money chief executive officer Tengku Zafrul Aziz said in a statement many people renewed their motor insurance policies without knowing what they were getting into.
“Our motor protection plans are unbundled, which means you have to read up what’s on offer and tick what you think is appropriate for you. In this way, you have a greater understanding of what you are getting into and what you are paying for,” he said, adding that Tune Money also advised clients on procedures if accidents occurred and how to make claims.
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Source: The Edge Daily, 19th May 2008
When the fifth largest global insurer — Aviva Plc — bought a 49% stake in the CIMB Group’s assurance and takaful businesses last July for close to RM1 billion, many within the industry felt it was a high price to pay.
But what’s interesting about the deal is that it allowed Aviva to dip its fingers into the takaful business, which many insurers are eyeing. So far, the segment is restricted to only nine players.
The takaful business offers opportunities not only for the domestic market but also for global players. CIMB-Aviva saw this potential and has already got a head start by applying and receiving the International Currency Business Unit (ICBU) licence from Bank Negara Malaysia to enable it to sell its takaful products overseas.
“We got our international takaful licence late last year. This means we can effectively do takaful insurance in other countries and earnings made are tax exempt. We haven’t used the licence yet but it is a matter of finding the right opportunity. We are looking… we will always look at new opportunities if they make good economic sense to us,” says Simon Machell, Aviva’s Asia-Pacific chief executive based in Singapore.
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Source: Bernama, 25th June 2007
Islamic insurer Commerce Takaful Berhad is set to increase total gross contributions to over RM500 million this year up from RM68 million last year, backed its newly launched Takaful Global Giants (TGG) product.
“We are targeting total gross contributions of more than RM500 million this year, and the new product itself is expected to bring in total sales exceeding RM250 million in the next few weeks,” said its chief executive officer Zainudin Ishak.
“With this product and other businesses, we are confident of reaping total gross contributions over RM500 million by end of this year,” he told reporters at the TGG product launch here Monday.
Commerce Takaful, owned by CIMB Group and United Kingdom’s biggest insurer Aviva Plc, currently offers general takaful products, the major contributor to its revenue last year, as well as family takaful and investments plans.
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