Companies and operators that offer takaful and insurance services are regulated by Brunei Darussalam Central Bank (BDCB). Policies and coverage are available directly from the insurance companies or takaful operators. Other sources include authorised agents; banks that have a bancassurance (bancatakaful) agreement with insurance companies or takaful operators; and brokers registered under BDCB. The BDCB Financial Institutions Directory provides a list of registered insurance companies, takaful operators, general insurance or takaful agents and insurance brokers in the country. The directory is available on the BDCB website and app.
In 2013, the Brunei Insurance and Takaful Association (BITA) was inaugurated in a soft launch, uniting all the registered conventional life and non-life insurers as well as takaful operators in the country. The trade body promotes a level playing field, harmony and cooperation among members and industry players.
BITA members include AIA, Great Eastern, Audley Insurance, National Insurance Company, Insurans Islam TAIB General and Family Takaful, Standard Insurance, Tokio Marine Insurance Group, Takaful Brunei Am Sdn Bhd (TBA) and Takaful Brunei Keluarga Sdn Bhd (TBK).
In addition to supporting the Brunei Darussalam National Road Safety Council, BITA is also a member of the ASEAN Insurance Council and the East Asian Insurance Council.
Established in 1957, AIA Brunei is the largest commercial life insurance company in the country and has served generations as a trusted household name. With a strong financial foundation and personalised services, the company helps its customers achieve financial security and medical protection in every stage of life.
As part of its services, AIA Brunei provides Financial Health Check which includes identifying a customer’s goals, establishing their priorities and assessing the options available to achieve their goals. The Financial Health Check provides a sound foundation for AIA Brunei’s customers to build a secure financial future.
In response to the pandemic, AIA Brunei introduced complimentary COVID-19 coverage for eligible customers, upholding its promise of helping customers achieve healthier, longer and better lives. The year 2022 marks the company’s 65th anniversary as it continues to provide lifelong support and financial security to its customers.
Audley Insurance Company Sdn Bhd (AIC) is a subsidiary of Brunei Investment Agency (BIA). It was established in 1996 with the primary objective of acting as a “captive insurer” for all BIA-owned assets and interests.
AIC offers its services to all assets and interests owned and partly owned by His His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam’s Government and others that are of strategic importance to Brunei. The company also services insurance needs of other major corporations and individuals in Brunei.
As a captive insurer, AIC retains a percentage of risks of its related companies. This has proven beneficial to the companies, providing stability in its premium rates. AIC’s mission is to ensure all important and strategic assets of BIA and Brunei Government are properly and adequately insured at the best market terms with a high value security.
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.
Founded in 1908, Great Eastern is the oldest and largest life insurance group in Singapore and Malaysia. Great Eastern is one of the leading insurance companies in Asia with over SGD90 billion in assets and over 10 million policyholders. The company provides insurance solutions through three distributions channels: a tied agency force, bancassurance and a financial advisory firm named Great Eastern Financial Advisers.
Aside from operating in Indonesia and Brunei, the group also has a presence in China as well as a representative office in Myanmar. Great Eastern was named the Life Insurance Company of the Year at the Asia Insurance Industry Awards in 2011 and 2013 by Asia Insurance Review. Having been in Brunei since 1975, Great Eastern Life has acquired its very own office building, a statement of its commitment as a foreign life company.
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.
Established in 1993, Insurans Islam TAIB Holdings Sdn Bhd (IITH) is a subsidiary company of Perbadanan Tabung Amanah Islam Brunei (TAIB). IITH is the first takaful company in the country and 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 Sdn Bhd (IITGT) and Insurans Islam TAIB Family Takaful Sdn Bhd (IITFT). The two subsidiaries offer a wide range of Takaful products and services. IITGT protects the insured’s assets and values, whereas IITFT provides financial protection for families if the insured or their significant other becomes ill and is unable to work. 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, telecommunications, 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 support 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.
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. The partnership paves a channel 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 in 1996. The company was re-certified with the new 9001:2015 standard in 2017, becoming one of the few insurance companies in the region to have achieved this prestigious certification. The company is also active in the Brunei business community and is a member of the Brunei Insurance and Takaful Association, the Brunei Darussalam International Chamber of Commerce and Industry, and the East Asia Insurance Congress. National Insurance celebrated its 50th anniversary in 2019.
Standard Insurance Sdn Bhd is an approved insurer offering risk solutions in Brunei and has been operating for over 25 years. The company has been a member of the General Insurance Association (GIA) of Brunei Insurance and Takaful Association (BITA) since BITA’s inception. The company has three branches and two counters, with the head office located in Kampong Kiarong. The company offers a wide range of quality risk solutions for individual and commercial customers, precisely constructed to cater to their customers’ needs throughout the various aspects of their lives or businesses.
Syarikat Takaful Brunei Darussalam Sdn Bhd (Takaful Brunei) is the holding company of two leading Islamic insurance companies, Takaful Brunei Am Sdn Bhd (TBA) and Takaful Brunei Keluarga Sdn Bhd (TBK). As the largest locally incorporated takaful operator in the country, Takaful Brunei contributes growth and development to Brunei’s financial sector by providing protection products and services offered by TBA for general takaful or non-life and TBK for family takaful or life classes of business. TBA provides a complete range of protection covers for corporate assets such as buildings, machinery, equipment, inventory goods, vessels, vehicles, workers and other types of assets against defined risks and exposures.
Meanwhile, TBK provides protection benefits for employees against death, disability and medical related expenses. Protection for personal and individual assets is also available, which includes private motor vehicles, home and contents, financing, domestic helpers, medical surgical expenses and others.
Takaful Brunei has consistently been awarded as the proven market leader in Brunei’s takaful and insurance industry. From 2017 to 2019, Takaful Brunei was awarded the Best Takaful Company in Brunei by the International Takaful Summit. The company was also awarded Digital Insurance Initiative of the Year by the Insurance Asia Awards 2020, marking the first of such award presented to insurance and takaful operators in Brunei.
With a history of over 140 years, Tokio Marine has an expansive network than spans across the globe, conducting business with integrity, passion and quality.
Tokio Marine Insurance Singapore Ltd (Brunei branch) is a Brunei-registered life insurance, regulated by the Brunei Darussalam Central Bank. 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.
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.
Copyright 2019 Borneo Bulletin Yearbook 2019 All rights reserved.
