LIST OF INSURANCE COMPANIES IN MALAYSIA

List Of Insurance Companies In Malaysia

List of insurance companies in Malaysia – As we have previously explained before on this website, insurance is a kind of investment against risk. It is a forward-thinking plan which a person makes ahead of the day of trouble, to reduce the effects of his loss. Insurance can be further explained as an agreement between two parties in which one party agree to pay a certain amount of money if or when the other party should suffer a loss. Life insurance is a particular kind of insurance in which a person agrees to pay a regular premium so that in the event of his death, a previously agreed sum of money will be paid to his family or any other elected beneficiary.

There are various types of insurance; life insurance, fire insurance, property insurance, health insurance, motor vehicle insurance, third party vehicle insurance, burglary insurance, and so on.

List Of Insurance Companies In Malaysia

  • Company: Zurich Insurance Malaysia
  • Company: Tokio Marine Life Malaysia Insurance
  • Company: AIA Malaysia
  • Company: Prudential Malaysia
  • Company: Maybank Insurance
  • Company: Manulife Malaysia Insurance
  • Company: Hong Leong Assurance
  • Company: Great Eastern Insurance
  • Company: AIG Malaysia
  • Company: Allianz Malaysia
  • Company: Kurnia Insurans Malaysia
  • Company: Etiqa Insurance
  • Company: MSIG Malaysia
  • Company: AXA Affin General Insurance
  • Company: UNI.ASIA General Insurance
  • Company: AmGeneral Insurance
  • Company: Berjaya Sompo Insurance
  • Company: AXA AFFIN Life Insurance

Contact Us Of Insurance Companies in Malaysia (Addresses, Phone Number and Website)

  • Company: Zurich Insurance Malaysia
    • Business Address: Level 23A, Mercu 3, No. 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur, Malaysia
      Contact Telephone‎: ‎1-300-888-622
      Official Website: https://www.zurich.com/
      Parent Company: Zurich Insurance. Germany.
  • Company: Tokio Marine Life Malaysia Insurance
    • Business Address:: 189, Jalan Tun Razak, Hampshire Park, 50400 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
      Contact Phone: +60 3-2059 6188
      Official Website: https://www.tokiomarine.com/my/en/personal/discover.html
  • Company: AIA Malaysia
    • Business Address: Menara AIA, 99 Jalan Ampang, 50450. Kuala Lumpur. P.O. Box 10140,
      Contact Phone: +60 7-774 5145
      Official Website: https://www.aia.com.my/en/help-support/contact-us.html
  • Company: Prudential Malaysia
    • Business Address: Level 11, Menara Prudential, Persiaran TRX Barat, Tun Razak Exchange, 55188, 55100, Federal Territory of Kuala Lumpur, Malaysia
      Contact Phone: +60 3-2031 8228
      Official Website: https://www.prudential.com.my/en/contact-us/
  • Company: Maybank Insurance
    • Business Address: 100 Jalan Tun Perak. 50050 Kuala Lumpur. Malaysia.
      Contact Phone: +603 2070 8833
      Official Website: https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/…/contact_us.page
  • Company: Manulife Malaysia Insurance
    • Business Address: 12 th Floor, Menara Manulife 6, Jalan Gelenggang, Damansara Heights 50490 Kuala Lumpur, Malasia.
      MYLife_CustomerService@manulife.com
      Official Website: www.manulife.com.my/Customer-Service-Contact-Us
  • Company: Hong Leong Assurance
    • Head Office. Level 3, Tower B, PJ City Development,. 15A, Jln 219, Seksyen 51A,. 46100 Petaling Jaya, Selangor.
      Contact Tel: 03-76501818.
      Fax: 03-76501991 …
      Official Website: https://www.hla.com.my/
  • Company: Great Eastern Insurance
    • Business Address: Menara Great Eastern, 303 Jalan Ampang, 50450 Kuala Lumpur, Malaysia.
      Contact Telephone‎: ‎+603 4259 8888
      Official Website: https://www.greateasternlife.com/my/en/index.html
  • Company: AIG Malaysia
    • Business Address: 198 Jalan Bukit Bintang 55100 Kuala Lumpur Malaysia
      Contact Telephone‎: ‎+603 2118 0188
      Official Website: https://www.aig.com/about-us/contact-us
  • Company: Allianz Malaysia
    • Address: Level 29, Menara Allianz Sentral, 203, Jalan Tun Sambanthan, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia
      Contact Phone: +60 3-2264 1188
      Official Website: https://www.allianz.com.my/
  • Company: Kurnia Insurans Malaysia
    • Business Address: 1800 88 3833
      Official Website: www.kurnia.com/
  • Company: Etiqa Insurance
    • Business Address: ‎Level 19, Tower C, Dataran Medeka, Kuala Lumpur, Malaysia.
      Facsimile‎: ‎+603 2297 3800
      Contact Telephone‎: ‎+603 2297 3888
      Official Website: https://www.etiqa.com.my/v2/contact-us
  • Company: MSIG Malaysia
    • Address: Customer Service Centre, Level 15, Menara Hap Seng 2, Plaza Hap Seng, No 1, Jalan P Ramlee, 50250 Kuala Lumpur.
      Contact Telephone‎: ‎+603 2050 8228
      Official Website: https://www.msig.com.my/contact-us/
  • Company: AXA Affin General Insurance
    • Wisma Goldhill, Jalan Raja Chulan, 50200, Kuala Lumpur,
      Contact Tel (603) 21708383
      Official Website: https://www.axa.com.my/
  • Company: UNI.ASIA General Insurance
    • Address: Menara Safuan, Level 11, Jalan Ampang, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
      Contact Phone: +60 3-8320 0200
      Official Website: www.jpj.my
  • Company: AmGeneral Insurance
    • Address: 211, Jalan Tun Sambanthan, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
      Contact Phone: +60 3-2268 3333
      Official Website: https://www.amgeneralinsurance.com/
  • Company: Berjaya Sompo Insurance
    • Business Address: Level 38, Menara Bangkok Bank 105, Jalan Ampang, 50250 Kuala Lumpur
      Contact Phone: 03 2170 7300
      Official Website:https://www.berjayasompo.com.my/
  • Company: AXA AFFIN Life Insurance
    • Address: 3, Jalan Conlay, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
      Contact Phone: +60 3-2117 6688
      Official Website: https://www.axa.com.my/axa-affin-life

Those are the Malaysian insurance companies. But who is responsible for the regulation of the Malaysian insurance industry? There are two main agencies: The Malaysian insurance industry is regulated by BNM, which in turn is regulated by the Ministry of Finance.

The life and non-life sections of the insurance businesses in Malaysia are regulated by the provisions of the FSA, and that came into force on June 30, 2013.

The Malaysian government permits Foreign Direct Investment up to a limit of 70% in the insurance industry and that is one of the highest in the world. However, Composite insurance is not permitted in Malaysia.

List Of Insurance Companies In Malaysia
List Of Insurance Companies In Malaysia

Motor Vehicle third-party liability insurance and also workmen’s compensation insurance is compulsory by an act of law in Malaysia.

The Financial Services Act of 2013 (Malay: Akta Perkhidmatan Kewangan 2013), is a Malaysian law which was enacted to provide for the regulation and supervision of financial institutions, payment systems and also other relevant financial entities. They are also charged with the oversight of the money market and also the foreign exchange market to ensure financial stability and also to ensure sanity and fair treatment within the financial system.

The Financial Services Act of 2013 (FSA) and the Islamic Financial Services Act of 2013 (known as IFSA) are the two of the most significant pieces of legislation that affect the financial services industry in Malaysia. Both legislation received Royal approval and were ratified on March 2013. The FSA consolidates and replaces the Banking and Financial Institutions Act of 1989, the Payment Systems Act 2003, and also the Insurance Act 1996 and not forgetting the Exchange Control Act 1953. On the other hand, the IFSA consolidates and repeals the Islamic Banking Act 1983 and the Takaful Act 1984 these are unique laws that set Malaysia apart from other countries in the region, and other countries with a similarly structured Islamic population.

Both Laws were introduced to regulate and supervise the financial institutions, payment systems and other such financial entities, as well as provide oversight of the money market and the foreign exchange market. Their main regulatory duty is to promote financial stability by fostering the safety and viability of financial institutions, the strength of the money market and foreign exchange market, as well as business conduct of financial institutions, and very important consumer protection.

Let us now examine briefly the setup of the FSA and the IFSA.

  • 1. The Financial Services Act of 2013

Financial Holding Company. The FSA enables the financial regulator, namely the Central Bank of Malaysia, and also commonly known as Bank Negara Malaysia (BNM), to exercise oversight functions over financial institutions by introducing and mandating the concept of a Financial Holding Company (FHC).

An FHC (sometimes called a Parent Company) is defined as a company which holds an aggregate of more than 50 percent interest in the value of shares in a licensed business entity, or holds a total of less than 50 percent of shares but which has control of a licensed business entity. Furthermore, the FHC must be approved by BNM to be an FHC or a Parent Company.

FHCs that are based outside Malaysia may not be directly controlled by the FSA as the Act does not provide the BNM with extra-territorial powers to enforce the FSA Law outside Malaysian land. However, BNM may however require its local licensed entity to propose another company to be approved as an FHC for operations in Malaysia. BNM has the authority to approve more than one company within a group as a Parent Company.

Consumer protection and proper (fair) business conduct. The FSA grants BNM the authority to undertake various actions to ensure fairness within the financial services providers sector, they also ensure that companies are responsible and professional when dealing with financial customers. The Financial services providers are also governed by the standard of prohibited business conduct as tabled under Schedule 7 of the Law. Any contravention of these laws will attract a hefty fine of no more than RM10 million, or imprisonment, or sometimes both. Institutions are expressly forbidden from exerting undue pressure and influence on consumers when marketing products to make debt repayments and to collude with any other persons to push any financial product or service.

  • 2. The Islamic Financial Services Act 2013

Apart from the main objective of the IFSA discussed above, the IFSA also aims to ensure compliance with Shariah principles or Islamic Financial systems. To achieve this, it increases BNM’s role as Shariah regulator, and imposes tough requirements on Shariah governance mechanisms and also caters to the tenets of Islamic financial principles and laws and operations which are based upon various types of Shariah business contracts.

Shariah governance and compliance thereof. The IFSA intends to increase the foundations for end-to-end Shariah financial governance and also compliance, they also support the effective application of Islamic financial contracts in the offering of Islamic financial solutions and services, starting from entering into a contract to the dissolution of a failed Islamic financial institution.

The main difference between the FSA and the IFSA is in the IFSA’s extensive requirements on Shariah governance and also ensuring Shariah law compliance. The IFSA by an act of law enforces the management of Shariah non-compliance. They also watch risk and requires Islamic financial institutions to ensure that their aims, way of operations, business dealings, affairs, and activities are also in compliance with Shariah legal principles at all times. Specifically, the IFSA: (i) entrenches the job of BNM as Shariah regulator; (ii) it also embeds Shariah principles and BNM Shariah Advisory Council (SAC) rulings; (iii) the IFSA also strengthens Shariah governance and compliance requirements; (iv) makes it a contravention of law for IFIs to carry on Shariah non-compliant activities and imposes heavy fines in relation to Shariah compliance matters; and (v) It also gives BNM wide powers to assess, peruse, investigate, intervene, direct and penalise Islamic Financial Institutions who make offences and breach of IFSA provisions.

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