Kuala Lumpur , February 8, 2006:
MNI expects RM550m gross premiums

Malaysia National Insurance Bhd (MNI) expects gross premiums from its general insurance business for the financial year ending June 30, 2006 to reach RM550 million, up 13.6% from the previous year’s RM484 million.

Its acting chief executive officer Mohamad Salihuddin Ahmad said on Feb 7 that he expected slightly over 8% of the premiums to come from its marine cargo insurance business. Last year, the marine sector contributed RM24 million in premiums.

He said MNI expects its recently launched marine web portal to enable marine cargo insurance to contribute between 10% and 15% for the financial year ending June 30, 2007.

Salihuddin said the marine web portal at the MNI website www.mni.com.my was a collaboration between MNI and technological solutions provider, Merimen (M) Sdn Bhd.

“With this portal, we will provide a solution that will spell convenience and maximise efficiency for our corporate customers,” he told reporters before the signing of a memorandum of understanding (MoU) with Merimen in Kuala Lumpur.

The web portal is an internet-based solution developed to expedite the issuance of Marine Certificate of Issuance (CI) by corporate clients, agents, shipping agents and brokers.

Salihuddin said it would reduce the process cost of issuance of CIs and also enhance accuracy and simplify downstream processes. Being internet-based, it would be available worldwide.

He said MNI also intends to increase its market ranking for marine cargo insurance from fifth into the top three within two years by tapping into MNI’s 200 existing marine cargo clients.

Since the solution was introduced at the end of 2005, he said the company had signed up 30 of those clients for the web portal and aims to sign up the remaining 170 customers by year-end.

He said Malayan Banking Bhd’s 70% subsidiary Mayban Fortis Holdings Bhd, which is acquiring MNI’s parent company MNI Holdings Bhd (MNIH), has about 200 marine cargo clients and MNI intends to sign up those customers under its web portal by year-end.

In addition, he said the company hopes its marine web portal would attract between 50 and 100 new marine cargo clients by December 2006.

Mayban Fortis chief executive officer Aminuddin Md Desa, who was also present at the signing ceremony, said Bank Negara's approval of four new talakul licences would create greater competition for the existing players.

He said ultimately, the public would benefit from more players providing their products.

– The Edge Daily

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