In Brunei Darussalam, companies and operators offering takaful and insurance services are licensed by AMBD, the country’s central bank.
Policies or coverage are available via directly from the insurance company or takaful operator; from takaful agents that have been authorised to represent insurance companies or takaful operators; from banks that have a bancassurance (bancaTakaful) agreement with insurance companies or takaful operators; or from brokers that are registered under AMBD.
AMBD provides a list of registered insurance companies and takaful operators, registered general insurance or takaful agents and insurance brokers in the country through its Financial Institutions Directory. The directory is available at the AMBD website and app.
The Brunei Insurance and Takaful Association (BITA) was established on November 14, 2013 uniting all registered conventional life and non-life insurers and takaful operators in Brunei.
The association aims to enhance the insurance business by delivering effective products based on the country’s specific needs, supporting the public and monitoring emerging issues and regulatory changes in the country and around the world.
BITA and its advocacy partners respond proactively to help mold the schemes and policies affecting the captive industry. Its member companies offer schemes and policies under four categories: General, Life, Motor and Others.
In 2017, the association introduced the Motor Claims Guidelines (MCG), a best practice initiative to be followed by all motor insurers in the country which provides clear and common procedures on what to do in the event of a motor accident.
The initiative is a joint effort between the Land Transport Department (JPD), Royal Brunei Police Force (RBPF) and the Brunei Insurance Takaful Association (BITA), and has the objective of providing motorists with an enhanced claims experience and clear and common procedures for reporting of motor accidents, as well as to allow motorists to make motor claims in a simple, efficient and speedy manner.
According to the guidelines, those involved in accidents should contact their respective insurance agent or motor vehicle takaful company for further advice and to exchange particulars such as their name, identity card number, address, mobile phone number of driver and car owner, vehicle registration number, type of vehicle, and information on insurance or motor vehicle takaful.
Other steps include taking pictures of the vehicles involved and the accident site, and sending the cars to the Accident Reporting Centre (ARC) appointed by the respective insurance and takaful companies (either by driving the vehicle directly or using a towing service appointed by the insurance or takaful company within 24 hours, or by the following working day).
The aim of introducing the MCG, besides providing an efficient and transparent claims process, is to enhance customer experience in the procedure in line with international best practices.
BITA is also committed to ensuring its members are continuously conducting global best practices. In 2018, it held a professional skills refresher training day for authorised agent members. The training day was held to ensure members conduct their daily operations based on international standards.
AIA Brunei is the largest commercial life insurance company in Brunei, commanding the leading market share in the country in new business and renewal premiums. It offers a wide range of solutions to satisfy their customers’ individual needs, such as investment-linked, traditional life, single premium, life accident and health, term and group insurance products.
It was the first insurance company to introduce Australian, Canadian and US currency denominated products as well as investment linked policies into the Brunei market.
AIA Group Limited and its subsidiaries (collectively “AIA” or “the Group”) comprise the largest independent publicly-listed pan-Asian life insurance group.
It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Brunei, Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and representative offices in Myanmar and Cambodia.
Audley Insurance Company Sdn Bhd
Audley Insurance Company Sdn Bhd (AIC), a subsidiary of Brunei Investment Agency (BIA), was established on October 30, 1996 with the primary objective of acting as a “Captive Insurer” for all BIA-owned assets and interests. In recent years, the company extended its services to cover all assets and interests owned and partly-owned by the Government of His Majesty and others of strategic importance to Brunei.
Etiqa Insurance Berhad
Etiqa Insurance Berhad, Brunei branch (previously known as Malaysian National Insurance Berhad) is a fully owned subsidiary of the Maybank Group. The company offers general insurance designed to provide coverage for businesses, individuals, properties and assets.
Products offered by Etiqa Brunei include fire insurance, burglary insurance, motor insurance and all risks insurance for industries, such as the construction sector, which entails a significant risk factor due to the use of heavy machinery.
Great Eastern Life Assurance
Incorporated in 1908, Great Eastern is the largest life insurance group in Singapore and Malaysia, and one of the leading insurance firms in Asia. Latest figures show that the company holds over SGD80 billion in assets and services over four million policyholders.
The Group, which has operations in Brunei, Indonesia and China as well as a representative office in Myanmar, was named Life Insurance Company of the Year by Asia Insurance Review at the Asia Insurance Industry Awards in 2011 and 2013.
At present, it has three successful distribution channels: a tied agency force, bancassurance, and a financial advisory firm, Great Eastern Financial Advisers. It has been designated a financial strength and counterparty credit rating of ‘AA-’ by Standard & Poor’s since 2010, one of the highest among Asian life insurance companies.
Having been in Brunei since 1975, Great Eastern Life is the only foreign life company that has acquired its very own office building, a statement of its commitment in the country.
Backed by an integrated health and wellness Live Great programme, which provides clients access to benefits such as wellness tools, mobile apps, health tips, workshops and events as well as exclusive privileges, Great Eastern goes beyond the traditional role of an insurance company when it comes to helping customers live healthier, better and longer.
National Insurance Company Berhad
National Insurance Company Berhad, incorporated in 1969, is the market leader in general insurance in Brunei.
In January 1998, Allianz Global Corporate & Specialty AG, MSIG Holdings (Asia) Pte Ltd, and Baiduri Holdings Berhad acquired partial ownership of the company, a mark of confidence in National Insurance and the Brunei economy, and a move to consolidate the company’s competitive position in the country and the region. The partnership paves a path for the transfer of international insurance expertise to Brunei, enabling the company to explore new opportunities in the sector.
National Insurance cemented its status as the country’s premier general insurance firm when it attained ISO 9002 certification on April 15, 1996. On May 22, 2017, it was re-certified with the new ISO 9001:2015 standard, becoming the only insurance company in Brunei and among the only few in the region to have earnt this prestigious certification.
The company is also active in the Brunei business community, and is a member of BITA, the Brunei Darussalam International Chamber of Commerce and Industry, and the East Asia Insurance Congress. National Insurance celebrates its 50th Anniversary this year.
Standard Insurance Sdn Bhd
Another one of the leading general insurance companies in Brunei, with a local presence since 1995, Standard Insurance offers a comprehensive range of insurance and risk solutions for both individuals and commercial entities.
Putting the best interests of customers at heart, it seeks to provide top-quality financial protection at the best rates to address the needs of its clients at every stage of their lives or businesses. The company currently has four branches and two counters throughout the country.
Prominent in Takaful and Insurance Industry
Insurans Islam TAIB Holdings Sdn Bhd (IITH) celebrated the 25th anniversary of its establishment on March 3, 2018. The company was formerly known as Takaful TAIB Sendirian Berhad, a start-up company with only five employees. The company occupied a small area within its parent company Perbadanan Tabung Amanah Islam Brunei (TAIB) office.
From its humble beginning, IITH and its subsidiaries now have more than 140 personnel, three head offices and branches, eight Takaful counters and more than 70 authorised agents. The company has bancatakaful partnerships with leading banks and financial institutions in Brunei.
IITH has two subsidiary companies under the Takaful Order 2008: Insurans Islam TAIB General Takaful Sendirian Berhad (IITGT) and Insurans Islam TAIB Family Takaful Sendirian Berhad (IITFT); offering a wide range of Takaful products and services. IITGT protects the insured’s assets and values. Meanwhile, IITFT provides financial protection for families if the insured or their significant other becomes ill and is unable to work.
Information Technology (IT) has always been at the forefront of IITH services. The company aspires to provide professional and efficient Syariah-compliant Takaful services through the latest technology.
In November 2018, IITH ventured into e-commerce with the launching of IIT Mobile app. Available in Google Play and Apple App Store, the app has a minimalist and user-friendly interface. Users may explore IITH, IITGT and IITFT corporate and products information; view the list of authorised agents and understand the policy claim process. The app’s “Get Quote” feature allows customers to obtain quotations and more information on Takaful products.
For corporates, IITGT and IITFT have introduced various Takaful products with customisable coverages and benefits to suit their needs. Their products cater to oil and gas related industries, fishery, aviation, telecommunication, marine hull and marine cargo. Clients of IITGT and IITFT range from government agencies to private companies including micro, small and medium enterprises.
With its extensive market experience and global supports from highly rated reinsurance companies, retakaful and actuarial firms; IITH and its subsidiaries remain steadfast and maintain their stronghold in Brunei’s Takaful and insurance industry.
Syarikat Takaful Brunei Darussalam Sdn Bhd (Takaful Brunei)
Syarikat Takaful Brunei Darussalam Sdn Bhd is the parent company to two of Brunei Darussalam’s leading Islamic Insurance companies: Takaful Brunei Am Sdn Bhd (TBA) and Takaful Brunei Keluarga Sdn Bhd (TBK). The Takaful Brunei brand takes a shariah-compliant and holistic financial approach to the protection of assets in the event of calamities, in-line with Brunei’s MIB practices and the need to fulfill Islamic and moral obligations to the community.
With over 25 years of experience, Takaful Brunei won the International Takaful Awards’ ‘Best Takaful Company in Brunei’ award in 2017 and 2018.
TBA provides General (Non-Life) Takaful for a complete range of protection schemes from private to corporate assets such as motor vehicles, fire, travels, buildings, machinery, equipment, inventory goods, vessels, vehicles, workers and many other risks and exposures.
TBK provides Family (Life) Takaful Protection and Savings plans for Education, Retirement, Haj and Umrah, Medical, as well as Islamic Financial Planning services by Certified Islamic Financial Planners. Mortgage and Financing Takaful for homes & assets are also provided. TBK regularly conducts talks on Takaful Protection and Islamic Financial Planning to education institutions as well as private and government sectors to improve the nation’s financial literacy and create a culture of Takaful savings and smart spending.
Takaful Brunei is the first Takaful company in Brunei to have certified employees, with over 20 officers certified in the Insurance (CII) Professional Course since January 2018. The CII Certificate is an internationally recognised professional certification from the Chartered Insurance Institute, United Kingdom. Takaful Brunei continues to innovate their services by being the first Takaful Company to introduce Brunei Darussalam’s first Call Centre quotation and renewal service through the TBA Call Centre at 224 4000. This service allows customers to request for quotations and pay via an online payment link sent by the call centre directly to the customers’ smartphone. TBA also provides free delivery of the Takaful Certificates to the customers’ home or office.
TBA’s product development for 2018 included improving their Musafir (Travel) Takaful with more coverages including the option of a family or group package up to four participants at competitive rates. The new Musafir (Travel) Takaful provides up to 24 types of comprehensive benefits and an International Travel Emergency Assistance hotline, medical expenses coverage of up to BND300,000 and emergency medical evacuation of up to BND1 million.
For frequent travellers, Takaful Brunei also provides an annual Musafir (Travel) plan, which covers all their travels within a 12-month period. TBA has also introduced two new comprehensive coverage packages for Motor Takaful: Executive and Prestige, on top of the existing Classic package. The comprehensive packages provide up to 10 additional coverages which include Excess Buy Back, Flood and Special Perils, Windscreen, Key System Replacement, Personal Accident for Passengers, Legal Liability to Passengers, Accessories Coverage and more. TBA has also provided a special package for the Third-Party market with the Third-Party Plus.
It is a Third-Party upgrade with the additional coverage of Personal Accident for Passengers, Legal Liability to Passengers and Legal Liability of Passengers for Acts of Negligence. All the comprehensive packages assist customers to select packages conveniently.
TBK introduced the Critical Illness Takaful Plan in November 2018 as a proactive response to the concerns of statistics showing critical illnesses being the leading cause of deaths in Brunei. The plan covers up to 31 critical illnesses including major illness like cancer, heart attack, kidney failure and strokes. Coverage for these illnesses begin at the age of six months up to 70 years old, with a sum coverage of up to BND500,000.
The Critical Illness Takaful Protection Plan is also available as an additional coverage to TBK’s Aman Takaful, an income protection plan to ease dependents from financial burden due to death or a permanent disability.
Tokio Marine Insurance Singapore Ltd (Brunei branch) is a Brunei-registered life insurance company regulated by the AMBD.
The company offers life insurance solutions covering everything from retirement, term, investment-linked plans and savings to estate planning, mortgage planning and personal accident, as well as general insurance protection for private motor, travel and sports, home, and personal accident and health.
In Brunei, Tokio Marine operates two branches: one in the Brunei-Muara District, and another in Belait. Placing customer trust and quality of service at the forefront of its activities, Tokio Marine strives to conduct itself with the utmost integrity and ethics, and do the best by its employees, customers and society.
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