Kuala Lumpur , February 7, 2006:
MNI Expects To Be Among Top Three In Marine Cargo Insurance

KUALA LUMPUR, Feb 7 (Bernama) -- Malaysia National Insurance Bhd (MNI) expects to be ranked among the top three in marine cargo insurance business over the next two years with the launch of its new Marine Web Portal.

Its acting chief executive officer Mohamad Salihuddin Ahmad, in stating this, said the insurance company was currently ranked fifth.

The Marine Web Portal is a web-based solution developed by Merimen (M) Sdn Bhd to expedite the issuing of the Marine Certificate of Issuance (CI) by corporate clients, agents, shipping agents and brokers.

Mohamad was speaking to reporters after a signing ceremony between MNI and Merimen to seal their collaboration here Tuesday.

He said with the launch of the web portal, MNI hoped that its existing 200 corporate clients would utilise the facility by year-end.

"At the moment, about 30 out of the 200 existing corporate clients have signed up to use our portal," Mohamad said.

"With our current inclusion under the Mayban Fortis insurance group, we believe we will be able to tap into the group's corporate clients. They have about 200 clients we can tap to use the portal," he added.

The web portal is accessible by logging into MNI's website at www.mni.com.my.

Mohamad said the Marine Certificate of Issuance (CI) was previously issued using pre-printed forms which were subjected to human error, time and administrative cost.

"With the web portal, it does not only reduce the processing cost of issuance but also enhances accuracy and simplifies downstream processes," he said.

MNI also hoped to attract about 50 to 100 new corporate clients to use the web portal, he added.

On the company's financial performance, Mohamad said MNI has targeted to increase total gross premiums by 12 percent to RM550 million for the current financial year ending June 30, 2006, from RM490 million last year.

He said the marine insurance business comprising the marine cargo industry and marine hull businesses was expected to contribute 14 percent this year.

MNI also expects the marine cargo industry business to contribute about 10 to 15 percent to the gross premiums for the current financial year, he added.

- BERNAMA

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