(Business Times) 10 DEC 2009, CHARTIS Malaysia Insurance Bhd, formerly AIG General Insurance Malaysia, is embarking on a three-pronged strategy to grow its total gross premiums to 7.5 per cent next year, says its top executive.
Chief executive officer Rob Ryan said the company is strengthening its agency force, expanding its branch footprint nationwide and introducing various diversified products to boost its performance next year.
For the financial year ending December 31 2009, Ryan expects growth to remain flat compared with last year.
Gross written premiums rose 8.2 per cent to RM479 million in 2008 from RM442.6 million in 2007.
As of November 2009, Chartis Malaysia has recorded RM400 million in gross premiums.
The general insurer, represented by some 2,800 agents, which contributes about 54 per cent to its turnover, wants to increase its intake to 3,000 agents in the coming year.
“Our focus for 2010 will be targeted more on the small business sector, which is the backbone of the Malaysian economy. This is where we want to increase our presence,” Ryan told newsmen at Chartis brand launch in Kuala Lumpur yesterday.
He said Chartis plans to offer package policy for fire and liability for the small business community primarily through its agency force.
“We are also looking to expand our household contents insurance, the country’s penetration in this segment is only at about 5 per cent,” he said.
Another new product Chartis has recently introduced is the aviation insurance, which Ryan claims the company is the first locally incorporated insurer to offer directly in the country.
Ryan said as the operations and the team in Malaysia is getting stronger, Chartis will be opening at least three new branches in 2010.
Following the new branch to be launched in Klang, Selangor, on December 21, the insurer is planning to open another office in Sungai Petani, Kedah, in the first quarter of next year.
“We are also looking to open another office in Seremban, Negeri Sembilan, and at least one more in the East Coast next year,” he added.
Chartis is optimistic on Malaysia’s insurance prospects and is keen to continue investing in the country.
“We want to double our business here in the next five years,” Ryan said.
In the pipeline, Chartis is planning to set up a regional processing centre for Southeast Asia that would create 1,500 jobs
“The plan is to expand that globally,” said Chartis Southeast Asia’s regional president Leslie Mouat without disclosing the budget.
The proposed centre will initially be set up in Technology Park Malaysia in Bukit Jalil, Kuala Lumpur, and will eventually move to a bigger site in Cyberjaya, Selangor.
The Chartis name took effect on December 7 this year and is part of a worldwide roll out of the brand to harmonise and provide a consistent look and feel for the company’s operating business.
Chartis Malaysia, with a capital of over RM310 million, is above the 130 per cent minimum capital adequacy ratio required by the Bank Negara Malaysia.
ALLIANZ General Insurance Company (Malaysia) Bhd has introduced the enhanced Personal Accident plan Allianz Shield, which is designed to provide a more comprehensive coverage, it said in a statement.
