Tune Insurance Updates

Tune Insurance Malaysia Bhd will be the first entity under the Tune Group to go public. Co-founder of Tune Group and group chief executive officer of AirAsia Bhd, Tan Sri Tony Fernandes, said due announcement would be made when the idea has been finalised.

"Tune Insurance's engine of growth will be stronger than what we have seen in Tune Hotel and Tune Talk. A listing is very possible because of the growth projection," he told reporters after launching the renamed entity, Tune Insurance, formerly known as Oriental Capital Assurance Bhd.

Fernandes said Tune Insurance planned to undertake merger and acquisition activities in Indonesia and Thailand to boost its capacity.
Meanwhile, Tune Insurance Malaysia's gross premiums were expected to rise to RM330 million next year from the RM260 million this year. Its chief executive officer, Su Tieng Teck, said the projection of gross premiums for next year was conservative and the growth prospect of the insurance company was imminent.

"We are looking at double-digit growth, up from the industry's growth of seven per cent," he said.
Su said currently Tune Insurance has about 180,000 policyholders, of which 45 per cent of them were from the motor insurance industry.

He said with the integration with Tune Group, AirAsia and AirAsia X, Tune Insurance expected to sign up 200,000 new insurance customers a month. "There will be huge prospects for travel insurance," he said.

Tune Insurance is controlled by Tune Ins Holdings Bhd, which has over 80 per cent stake. It now has approximately 1,000 agents and 16 branches nationwide