In Brunei Darussalam, companies and operators offering takaful and insurance services are licensed by Autoriti Monetari Brunei Darussalam (AMBD), the country’s central bank.
Policies or coverage are available 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 on the AMBD website and app.
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.
AIC extended its services to all assets and interests owned and partly owned by His Majesty’s Government and others which are of strategic importance to Brunei.
The company also services insurance needs of other major corporations and individuals in Brunei Darussalam. 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 SGD85 billion in assets, around four million policyholders and three successful distribution channels — a tied agency force, bancassurance and a financial advisory firm named Great Eastern Financial Advisers.
The group also operates in Indonesia and Brunei and 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 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, 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 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 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 earned 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 since 1995. 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, all located in different areas throughout Brunei Darussalam with the head office located in Kampong Kiarong.
Standard Insurance offers a wide range of quality risk solutions for both individual and commercial customers, and precisely constructed to cater to the many needs of their customers throughout the various aspects of their lives or businesses.
Insurans Islam TAIB Holdings Sdn Bhd (IITH) 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.
Celebrating the 25th anniversary of its establishment on March 3, 2018, 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.
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 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.
Having been established for over 25 years, Takaful Brunei has continuously built its reputation as a leader in the Takaful and Insurance industry. With expertise in providing extensive protection coverages at the highest capacity for nation-building industries, Takaful Brunei supports industrialisation and economic growth while holding firm to its heritage and values.
Takaful Brunei strives to be at the forefront of business development, managing the ever-evolving global risks. The company offers a complete range of protection covers for corporate assets such as buildings, machinery, equipment, inventory goods, vessels and vehicles.
Also offered by Takaful Brunei are protection benefits for employees in the event of death, disability and medical related expenses.
Takaful Brunei is the first company in the Takaful and Insurance industry to introduce direct billing in Brunei. With Takaful Brunei’s direct billing service, patients no longer need to file the medical claims themselves. Instead, Takaful Brunei can make payments to government hospitals for medical expenses under the Takaful Brunei Am Sdn Bhd (TBA) Workmen Compensation scheme and various Takaful Brunei Keluarga Sdn Bhd (TBK) protection products.
The direct billing service is time efficient and ensures that medical treatment is prioritised. It also reduces financial burdens of customers, particularly in case of emergencies.
Takaful Brunei firmly believes in assimilating information technology advancements with the care of human touch. Thus, the company has ventured into digital platforms to enhance the customer journey. The Takaful Brunei Mobile application is part of Takaful Brunei’s newest distribution channel after the TBA and TBK online payment via call centre services.
The mobile application enables customers to receive quotations, make payments and be protected on-the-go for their Takaful Protection needs. In addition, the user profile feature helps customers manage their Takaful Brunei products from claims notification and status to renewal reminders. Customers are also entitled to special Takaful Brunei Mobile promotions. The mobile application embodies technology without the compromise of human compassion.
Takaful Brunei has consistently been awarded by the International Takaful Awards as the proven market leader in Brunei’s Takaful and Insurance industry. For three consecutive years in 2017, 2018 and 2019, Takaful Brunei won the Best Takaful Company in Brunei award through continuous development and optimisation of their workforce. Takaful Brunei empowers their staff with new skillsets and professional certifications, and the company continues to innovate their products and services for the best customerexperience.
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.
AIA Brunei is the largest commercial life insurance company in Brunei and has served generations since it was established in 1957.
Over the past six decades, the company has grown to be a trusted household name, helping people achieve financial security with innovative solutions at different stages of life.
As part of its services, AIA Brunei provides Financial Health Check, identifying customers’ goals, establishing their priorities and assessing the options available to achieve their goals. This process provides a sound foundation for AIA Brunei’s customers to build a secure financial future.
An important aspect of planning to achieve financial goals is to seek expert advice. AIA Brunei has a team of dedicated representatives to assist our customers planning for their financial future.
AIA Brunei General Manager Kenneth Ling believes that financial literacy should be taught at a young age.
Ling feels that with financial planning, and an understanding of how to apply financial literacy skills and use financial resources, your life and future will change for the better with financial security.
Financial literacy starts with the simple concept of savings. The key is to pay oneself first and prioritise their savings, said the general manager. Many people pay their bills first or give in to temptations when they receive their pay. The remaining amount goes towards their savings. This is not the right formula, said the general manager. It is important to practice self-discipline instead of giving in to instant gratification.
In 2020, AIA Brunei successfully transferred its business from AIA Company Limited, Brunei Branch to AIA Singapore Private Limited, Brunei Branch. AIA Singapore Private Limited is a prominent life insurer with a long history of close to 90 years in Singapore.
AIA Brunei was previously set up as a branch of AIA Company Limited, which is incorporated in Hong Kong and regulated by the Hong Kong Insurance Authority. With the business transfer, AIA Brunei is aligned with AIA Singapore Private Limited’s legal and operational structure. This alignment allows a streamlined approach, so that AIA Brunei can operate more efficiently and meet its customers’ needs. The existing terms and conditions of AIA Brunei’s policies remain unchanged.
Following the move to the new office premises in Pavo Point and the business transfer, AIA Brunei will continue to serve the needs of customers enabling them to live healthier, longer, better lives.
Copyright 2019 Borneo Bulletin Yearbook 2019 All rights reserved.
