Organised by Asia Insurance Review since 1996, the Awards honoured the winners
yesterday in Kuala Lumpur, where the 26th East Asian Insurance Congress is currently taking place.
This year’s winners are:
Life Insurance Company of the Year
AIA Singapore
General Insurance Company of the Year
Tokio Marine Holdings
Educational Service Provider of the Year
Malaysian Insurance Institute
Innovation of the Year
Apollo Munich Health Insurance
Service Provider of the Year
BELFOR Asia
Risk Manager of the Year
Boning Tong
Broker of the Year
Unison Insurance Broking Services, India
Reinsurance Broker of the Year
Guy Carpenter
General Reinsurer of the Year
Swiss Re
Life Reinsurer of the Year
RGA
Corporate Social Responsibility Award
Fubon Life
Technology Initiative of the Year
Agriculture Insurance Company of India
Personality of the Year
Chang-Jae Shin
Lifetime Achievement Award
Chandra Thomas Adolphus Schaffter
Source: The Star 29th October 2012
Monday, October 29, 2012
Tuesday, July 17, 2012
AIA, Manulife, others crunch numbers as final ING US$7bil bids loom
HONG KONG: A wide range of suitors, from the son of Asia's richest man and a former rugby player in New Zealand to more established players including AIA Group and Manulife Financial Corp, are expected to submit binding bids on Monday for ING Groep's Asia insurance business in a deal that could top US$7 billion.
ING is selling its Asian life insurance and its asset management units in the region as it needs to repay bail-out funds it received from the Dutch government during the 2008 financial crisis. Since the bail-out, ING has sold 15.2 billion euros ($18.6 billion) worth of assets around the world.
ING CEO Jan Hommen scrapped a joint IPO of ING's Europe and Asia units in favor of an Asia sale about six months ago. Since then, the worsening euro zone crisis has put some potential buyers off big M&A bets. Metlife and Prudential Financial Inc , considered strong contenders for ING's insurance business, have dropped out of the process.
ING's Southeast Asian operations have generated the most interest, with Japan's Dai-ichi Life Co Ltd <8750.T>, South Korea's KB Financial Group <105560.KS>, Korea Life Insurance Co Ltd <088350.KS> and two groups expected to submit second-round bids for parts of the business, sources familiar with the process said, declining to be identified because discussions were confidential.
One consortium is led by ex-AIA CEO and a former rugby player Mark Wilson, backed by private equity firm Blackstone Group LP and Swiss Re , while the other is headed by Richard Li, son of billionaire Li Ka-shing, which is likely to be interested only in the Hong Kong, Malaysia and Thailand businesses.
Wilson was in charge of AIA when it planned an initial public offering in 2009, but was replaced the following year after a failed bid for AIA by British insurer Prudential Plc .
There is some skepticism over either consortium having a chance of winning.
"It gets complicated when you bring a private equity fund into the picture," said Hong Kong-based Keefe, Bruyette & Woods insurance analyst Stanley Tsai. "They will need an exit strategy in the next two to three years, making the deal more difficult to execute from a regulatory standpoint."
ING's Southeast Asian operations alone may fetch about $2 billion and could be sold at nearly two times embedded value, one source said. South Korea and Japan account for about two-thirds of ING's Asian business, but Japan may prove to be a stumbling block in the auction due to the 18 billion euros ($21.9 billion) worth of high-guarantee variable annuity policies the local operation has on its books.
The companies mentioned in this report either declined to comment or were not available for immediate comment.
Monday's binding bids could set the stage for a final round of negotiations, after which ING will decide whether to sell the life business en bloc or break it up and sell Japan, South Korea and Southeast Asia separately. ING has not set a reserve price, and Hommen said in May that Asian divestments would probably fetch less than 8 billion euros.
Nomura Holdings is helping ING to find a solution for its Japanese operations, while Goldman Sachs and J.P. Morgan are advising ING on the rest of the auction.
Manulife may bid for the entire Asian operation, while AIA is interested in South Korea and Southeast Asia, sources said. Though some sources said, the Canadian financial company could also skip Japan.
ING's Asia operations offer a platform for insurers keen to expand in a region enjoying rapid economic growth. Life insurance premiums in emerging Asia are forecast to grow 8.7 percent next year, nearly double the world average, according to Swiss Re estimates.
Binding bids for ING's asset management business are also due this week, with Nikko Asset Management, U.S.-based Principal Financial Group , Royal Bank of Canada , Singapore's United Overseas Bank and Manulife expected to participate. The asset management sale is expected to fetch about $600 million. - Reuters
Saturday, March 3, 2012
AGENT AS THE “EYE OF THE UNDERWRITER” AND “INSURANCE RISK ADVISOR” TO CLIENTS
COURSE TITLE
AGENT AS THE “EYE OF THE UNDERWRITER” AND “INSURANCE RISK ADVISOR” TO CLIENTS
COURSE BENEFITS
• Enhances the Agent’s image as a Professional GIA
• Helps client to manage risk to avoid interruption of business caused by controllable hazards
• Provides good communication channel between the Client and the Insurer
• Promotes good business working relationship between the client, the Insurer and the Agent
COURSE CONTENTS
Part 1
• Dual roles of Agent as (1) the “Eye of the Underwriter” and (2) “Insurance Risk Advisor” to clients
Part 2
• Why the need for a survey or inspection to be carried out at the risk premise from the underwriting perspective
• What risk assessment information that Agent needs to obtain from the client and furnish to Underwriter for decision making
• Risk Identification tools (what information can be extracted from the survey questionnaires, photographs of risk, check list, process flow chart, fault trees, annual financial report etc)
• Risk reporting format for use by Agents (Pro-Forma Report or Narrative Report)
Part 3
• Understand the meaning of “risk” and the “exposure hazards” from the underwriting perspective and what advise can be given to the client to minimize an accident from happening
• Identify the assets and liabilities of the Insured and the total value at risk for PML assessment purpose (PML)
Part 4
• Simple Step by step processes in conducting an inspection/survey of the Insured’s premises
o Research
o Preparation
o Approach
o Introduction
o Interview (What to ask)*
o Inspection (What to look for)**
o Exit Interview (Highlights of Hazards identified)
o Follow Up (Risk Improvement & Loss Control Measures)***
*Simulation Exercise on “interviewing” using the Insurer’s prescribed survey questionnaires for effective learning
**Case Study using copies of existing fire or burglary survey report and photographs of the risk for effective learning
***Group discussion on the hazards identified and the risk improvement or loss control measures to be adopted by the Insured
Part 5
• Completing the survey report (can be Narrative and pro-forma) supported by the Agent’s strong recommendation why the risk proposed for insurance should be accepted
Part 6
• Negotiating with the Underwriter for a win-win situation in terms of underwriting decisions, terms of acceptance and conditions etc.
METHODOLOGY
• Power Point Presentation, Questions & Answers, Group Presentation
COURSE DURATION
• 2 Days
FOR WHOM
• General Insurance Agents Who are interested to enhance their technical know how on risk management
FOR ENQUIRIES
Email to enquiry@csh.com.my
AGENT AS THE “EYE OF THE UNDERWRITER” AND “INSURANCE RISK ADVISOR” TO CLIENTS
COURSE BENEFITS
• Enhances the Agent’s image as a Professional GIA
• Helps client to manage risk to avoid interruption of business caused by controllable hazards
• Provides good communication channel between the Client and the Insurer
• Promotes good business working relationship between the client, the Insurer and the Agent
COURSE CONTENTS
Part 1
• Dual roles of Agent as (1) the “Eye of the Underwriter” and (2) “Insurance Risk Advisor” to clients
Part 2
• Why the need for a survey or inspection to be carried out at the risk premise from the underwriting perspective
• What risk assessment information that Agent needs to obtain from the client and furnish to Underwriter for decision making
• Risk Identification tools (what information can be extracted from the survey questionnaires, photographs of risk, check list, process flow chart, fault trees, annual financial report etc)
• Risk reporting format for use by Agents (Pro-Forma Report or Narrative Report)
Part 3
• Understand the meaning of “risk” and the “exposure hazards” from the underwriting perspective and what advise can be given to the client to minimize an accident from happening
• Identify the assets and liabilities of the Insured and the total value at risk for PML assessment purpose (PML)
Part 4
• Simple Step by step processes in conducting an inspection/survey of the Insured’s premises
o Research
o Preparation
o Approach
o Introduction
o Interview (What to ask)*
o Inspection (What to look for)**
o Exit Interview (Highlights of Hazards identified)
o Follow Up (Risk Improvement & Loss Control Measures)***
*Simulation Exercise on “interviewing” using the Insurer’s prescribed survey questionnaires for effective learning
**Case Study using copies of existing fire or burglary survey report and photographs of the risk for effective learning
***Group discussion on the hazards identified and the risk improvement or loss control measures to be adopted by the Insured
Part 5
• Completing the survey report (can be Narrative and pro-forma) supported by the Agent’s strong recommendation why the risk proposed for insurance should be accepted
Part 6
• Negotiating with the Underwriter for a win-win situation in terms of underwriting decisions, terms of acceptance and conditions etc.
METHODOLOGY
• Power Point Presentation, Questions & Answers, Group Presentation
COURSE DURATION
• 2 Days
FOR WHOM
• General Insurance Agents Who are interested to enhance their technical know how on risk management
FOR ENQUIRIES
Email to enquiry@csh.com.my
Friday, March 2, 2012
TECHNICAL FIRE INSURANCE UNDERWRITING WORKSHOP
FIRE INSURANCE UNDERWRITING WORKSHOP
COURSE BENEFIT
Technical enhancement of the subject
More competent and confident in handling fire insurance queries
Improved job perfomance
COURSE CONTENTS
Session 1
An overview of the 17 Sections of the Revised Fire Tariff (RFT)
Session 2
Comparisons of Coverage between
o Fire and Fire Consequential Loss (FCL) Insurance
o Fire/FCL and Industrial All Risks (IAR)
o Fire and Houseowners/Householders (HO/HH) Insurance
o Fire and BICC
o Fire and Insurance of Growing Trees
Group Discussion: Identifying the key words of policies
Session 3
Extraneous/Special Perils allowed under the respective policies
o Additional rates, extensions and limitations
Case Study: Recommendations based on the risk exposure “Needs” not the Client’s “Wants”
Session 4
RFT Approved Clauses: Purpose and Use and segregated into
o Clauses applicable to buildings only
o Clause applicable to plant and machineries only
o Clauses applicable to stocks only
o Clauses applicable across the board
o Know the premium and non premium clauses
Case Study: The many hidden benefits of Clauses in a fire claim scenario
Session 5
Mandatory and Non Mandatory warranties: 2 fold objectives
o Are used by Insurer as a risk management tool to ensure Insured’s compliance with safety standards
o Can be used by Insurer for some competitive advantage during quotation exercise
Session 6
The 3 Tiers of Rating under the RFT
o Standard Tariff Rate (TSI less than RM10 million)
o Self-Rating (RM10mil-RM30 million)
o Special Rating (RM30 million and above)
Case Study: Rating and Premium Computation for selected risk with various extensions
Session 7
Fire Insurance Risk Assessment
o Understanding the risk in detail to ascertain if quality of risk warrants acceptance
o Sourcing for the risk information through the various risk identification tools (proposal form, survey report, photographs of risk, annual financial report, flow chart etc)
o For sub-standard features requiring some improvement, what can be done to enhance acceptance
Presentation by group on the findings from the Fire survey report and photographs of risk selected
Session 8
Making sound Underwriting Decision based on risk assessment information obtained
o Use the weight factors (good features versus poor features)
o Justify and record your decision with facts
o Further underwriting terms and conditions deemed fit
Presentation by group on the decision made
Session 9
Fixing of Retention based on the Insurer’s Treaty Arrangement
Session 10
Writing out a Fire Insurance Quotation
o Description of Insured’s details and properties to be insured
o Scope of Cover and Extensions
o Basis of Sum Insured (Reinstatement, Market value, Agreed value, etc)
o Rating applicable based on the nature of trade/construction classification of building to be insured
o Incorporation of Clauses to meet the business needs of customers
o Highlights of warranties and major exclusions
o Writing a Covering Letter together with quotation and attachment
Group Work on this Quotation Exercise for selected risks
Session 11
15 Options for Insurer to compete competitively for fire class of business guided by the rules and regulations of the RFT
Session 12
Presentation of Insurance Program to Customer
o First impression counts
o Introduction & Opening
o Body language
o Use of training aids
o Speech & choice of words
o Closing your presentation with impact
Workshop: Participants to give a formal presentation of the insurance program and further dialogue and Q&A with Trainer to check for their understanding of the subject
COURSE DURATION
3 Days (9.00am to 5.00pm) with tea breaks and lunch in between
FOR WHOM
Staff of Insurance company involved in Fire Underwriting
FOR FURTHER ENQUERIES:
Email to: enquiry@csh.com.my
COURSE BENEFIT
Technical enhancement of the subject
More competent and confident in handling fire insurance queries
Improved job perfomance
COURSE CONTENTS
Session 1
An overview of the 17 Sections of the Revised Fire Tariff (RFT)
Session 2
Comparisons of Coverage between
o Fire and Fire Consequential Loss (FCL) Insurance
o Fire/FCL and Industrial All Risks (IAR)
o Fire and Houseowners/Householders (HO/HH) Insurance
o Fire and BICC
o Fire and Insurance of Growing Trees
Group Discussion: Identifying the key words of policies
Session 3
Extraneous/Special Perils allowed under the respective policies
o Additional rates, extensions and limitations
Case Study: Recommendations based on the risk exposure “Needs” not the Client’s “Wants”
Session 4
RFT Approved Clauses: Purpose and Use and segregated into
o Clauses applicable to buildings only
o Clause applicable to plant and machineries only
o Clauses applicable to stocks only
o Clauses applicable across the board
o Know the premium and non premium clauses
Case Study: The many hidden benefits of Clauses in a fire claim scenario
Session 5
Mandatory and Non Mandatory warranties: 2 fold objectives
o Are used by Insurer as a risk management tool to ensure Insured’s compliance with safety standards
o Can be used by Insurer for some competitive advantage during quotation exercise
Session 6
The 3 Tiers of Rating under the RFT
o Standard Tariff Rate (TSI less than RM10 million)
o Self-Rating (RM10mil-RM30 million)
o Special Rating (RM30 million and above)
Case Study: Rating and Premium Computation for selected risk with various extensions
Session 7
Fire Insurance Risk Assessment
o Understanding the risk in detail to ascertain if quality of risk warrants acceptance
o Sourcing for the risk information through the various risk identification tools (proposal form, survey report, photographs of risk, annual financial report, flow chart etc)
o For sub-standard features requiring some improvement, what can be done to enhance acceptance
Presentation by group on the findings from the Fire survey report and photographs of risk selected
Session 8
Making sound Underwriting Decision based on risk assessment information obtained
o Use the weight factors (good features versus poor features)
o Justify and record your decision with facts
o Further underwriting terms and conditions deemed fit
Presentation by group on the decision made
Session 9
Fixing of Retention based on the Insurer’s Treaty Arrangement
Session 10
Writing out a Fire Insurance Quotation
o Description of Insured’s details and properties to be insured
o Scope of Cover and Extensions
o Basis of Sum Insured (Reinstatement, Market value, Agreed value, etc)
o Rating applicable based on the nature of trade/construction classification of building to be insured
o Incorporation of Clauses to meet the business needs of customers
o Highlights of warranties and major exclusions
o Writing a Covering Letter together with quotation and attachment
Group Work on this Quotation Exercise for selected risks
Session 11
15 Options for Insurer to compete competitively for fire class of business guided by the rules and regulations of the RFT
Session 12
Presentation of Insurance Program to Customer
o First impression counts
o Introduction & Opening
o Body language
o Use of training aids
o Speech & choice of words
o Closing your presentation with impact
Workshop: Participants to give a formal presentation of the insurance program and further dialogue and Q&A with Trainer to check for their understanding of the subject
COURSE DURATION
3 Days (9.00am to 5.00pm) with tea breaks and lunch in between
FOR WHOM
Staff of Insurance company involved in Fire Underwriting
FOR FURTHER ENQUERIES:
Email to: enquiry@csh.com.my
Thursday, March 1, 2012
SALES TRAINING
GENERAL INSURANCE PRODUCTS:
PROSPECTING, PERSUADING, PRESENTING AND CLOSING THE SALES
COURSE BENEFITS
High level of confidence in marketing and selling GI products
Know how to handle sales objections and closing with impact
Enhanced sales presentation skills
COURSE CONTENTS
1. Are You a “Born” Salesperson or a “Trained” Salesperson
o Characteristics of a successful Sales Person
2. Know All the General Insurance Products that You are selling
o Property Insurance to Liability Insurance to Personal Insurances
o Create a Problem to Sell or Sell to solve a Problem
Group Presentation: Participants to show case their knowledge of the GI products
3. Sales Methodology
o One Off Selling
o Relationship Selling
o High Probability Selling
4. Prospecting Methods
o Through Intermediaries, Cold Calling, Clubs, Conferences, Direct Mail, Expert Pull, Getting Referral, Using Referrals, etc
5. Understand the profile of these buyers and man manage them during sales talk/presentation for win-win situation
o The Relater Buyer
o The Socializer Buyer
o The Analytical Buyer
o The Self-Actualizing Buyer
o The Diver Buyer
Group Discussion & Presentation: Best closing techniques to use for each type of buyer
6. Some effective Closing Techniques
o Adjournment Close, Assumptive Close, Compliment Close, Humor Close, Balance Sheet Close etc
7. Selling is never completed without some form of Objections from Customers
o Types of Objections
o Dealing with “NO”
o Handling Objections (Role Play & Negotiation Techniques)
8. Sales Presentation in a B2B Relationship Selling
o Preparing Yourself
Personal Appearance
Know Your Subject (General Insurance/ Market Factors)
Use the energy you feel
Wear a Persona
Check your language and diction
Getting in “the Zone”
Effective use of training aids (Projector, Laser pointer, flip chart etc)
Simulation Exercise: Participants to present their sales proposal and show case the many objections handling techniques and methods and the closing techniques learnt
COURSE DURATION
2 Days (9.00AM TO 5.00PM)
FOR WHOM
Marketing Officers, Front Liners and any others involved in marketing and selling of GI Products
FOR FURTHER ENQUIRIES:
PLEASE LOG ON TO ENQUIRY@CSH.COM.MY
GENERAL INSURANCE PRODUCTS:
PROSPECTING, PERSUADING, PRESENTING AND CLOSING THE SALES
COURSE BENEFITS
High level of confidence in marketing and selling GI products
Know how to handle sales objections and closing with impact
Enhanced sales presentation skills
COURSE CONTENTS
1. Are You a “Born” Salesperson or a “Trained” Salesperson
o Characteristics of a successful Sales Person
2. Know All the General Insurance Products that You are selling
o Property Insurance to Liability Insurance to Personal Insurances
o Create a Problem to Sell or Sell to solve a Problem
Group Presentation: Participants to show case their knowledge of the GI products
3. Sales Methodology
o One Off Selling
o Relationship Selling
o High Probability Selling
4. Prospecting Methods
o Through Intermediaries, Cold Calling, Clubs, Conferences, Direct Mail, Expert Pull, Getting Referral, Using Referrals, etc
5. Understand the profile of these buyers and man manage them during sales talk/presentation for win-win situation
o The Relater Buyer
o The Socializer Buyer
o The Analytical Buyer
o The Self-Actualizing Buyer
o The Diver Buyer
Group Discussion & Presentation: Best closing techniques to use for each type of buyer
6. Some effective Closing Techniques
o Adjournment Close, Assumptive Close, Compliment Close, Humor Close, Balance Sheet Close etc
7. Selling is never completed without some form of Objections from Customers
o Types of Objections
o Dealing with “NO”
o Handling Objections (Role Play & Negotiation Techniques)
8. Sales Presentation in a B2B Relationship Selling
o Preparing Yourself
Personal Appearance
Know Your Subject (General Insurance/ Market Factors)
Use the energy you feel
Wear a Persona
Check your language and diction
Getting in “the Zone”
Effective use of training aids (Projector, Laser pointer, flip chart etc)
Simulation Exercise: Participants to present their sales proposal and show case the many objections handling techniques and methods and the closing techniques learnt
COURSE DURATION
2 Days (9.00AM TO 5.00PM)
FOR WHOM
Marketing Officers, Front Liners and any others involved in marketing and selling of GI Products
FOR FURTHER ENQUIRIES:
PLEASE LOG ON TO ENQUIRY@CSH.COM.MY
Thursday, February 2, 2012
Car thieves stay ahead with advanced technology
PETALING JAYA: Vehicle thieves are using high-tech gadgets to make swift and silent getaways.
Where they once used metal rods or rulers to disable a car's locking system before hot-wiring it, they now rely on high-tech gadgets that can deactivate an alarm and other security features to enable them to steal the vehicle in seven minutes on average.
CID director Comm Datuk Seri Mohd Bakri Zinin said syndicates were using computer harnesses which could be connected to a vehicle's diagnostic system.
“These hand-held devices look like video game consoles to the untrained eye, but they can immobilise a vehicle's alarm and other security features.
“The newer model cars are more vulnerable because they have computer boxes incorporated into their system,” he added.
Vehicle thefts are usually a combined effort by several syndicates, Comm Mohd Bakri said, and explained the stages:
“First, the thieves steal a targeted car and delivers it to a certain location.
“Then a driver takes it to a storage facility before it is either handed over to a freight forwarder or cannibalised for parts.
“The syndicates involved do not make any physical contact with each other when passing the car along.”
He said police had difficulty clamping down on the syndicates because they did not know each other.
Comm Mohd Bakri said the Bukit Aman Operations, Intelligence and Records division had compiled data on the methods the syndicates use to steal vehicles.
“Some of the syndicates target cars in parking lots. After breaking into a vehicle, they drive it bumper to bumper with their own car.
“This way they can use their parking ticket to get both vehicles out before the boom gate closes,” he said.
He added that there were also cases where syndicates rammed into a targeted car, and when the owner came out to inspect the damage, they jumped in and drove off with the vehicle.
Where they once used metal rods or rulers to disable a car's locking system before hot-wiring it, they now rely on high-tech gadgets that can deactivate an alarm and other security features to enable them to steal the vehicle in seven minutes on average.
CID director Comm Datuk Seri Mohd Bakri Zinin said syndicates were using computer harnesses which could be connected to a vehicle's diagnostic system.
“These hand-held devices look like video game consoles to the untrained eye, but they can immobilise a vehicle's alarm and other security features.
“The newer model cars are more vulnerable because they have computer boxes incorporated into their system,” he added.
Vehicle thefts are usually a combined effort by several syndicates, Comm Mohd Bakri said, and explained the stages:
“First, the thieves steal a targeted car and delivers it to a certain location.
“Then a driver takes it to a storage facility before it is either handed over to a freight forwarder or cannibalised for parts.
“The syndicates involved do not make any physical contact with each other when passing the car along.”
He said police had difficulty clamping down on the syndicates because they did not know each other.
Comm Mohd Bakri said the Bukit Aman Operations, Intelligence and Records division had compiled data on the methods the syndicates use to steal vehicles.
“Some of the syndicates target cars in parking lots. After breaking into a vehicle, they drive it bumper to bumper with their own car.
“This way they can use their parking ticket to get both vehicles out before the boom gate closes,” he said.
He added that there were also cases where syndicates rammed into a targeted car, and when the owner came out to inspect the damage, they jumped in and drove off with the vehicle.
Wednesday, February 1, 2012
RM604mil in insurance claimed last year
PETALING JAYA: The amount that insurance companies spent on stolen vehicle claims has almost doubled over the past decade, hitting RM604mil last year.
They paid out RM603,719,506 last year, compared to RM340,387,264 in 2000. The number of claims increased from 20,145 to 37,564 in that same period.
Figures from the General Insurance Association of Malaysia showed 8,736 claims were for private cars and 27,304 for motorcycles.
According to the Vehicle Theft Reduction Council of Malaysia Bhd, the most “high-risk” foreign models were the Toyota Hilux and Honda Civic.
However, almost 50% of the cars stolen in the country were locally made, council coordinator Mohd Yusof Idris said.
“The local cars are stolen to be cannibalised for its parts,” he said, adding that greater control over the country's supply chain of car spare parts could help authorities nab the thieves.
Mohd Yusof said greater coordination among the related authorities and industry players was crucial to curb vehicle thefts.
“We need more cooperation among Puspakom (the vehicle inspection authority), police, insurance companies, the port authorities and others,” he said, adding that there should be more sharing of information.
The council is responsible for identifying and coordinating the activities of all sectors involved in curbing vehicle thefts. Its members comprise representatives of the police, Transport Ministry, Road Transport Department, Customs, Bank Negara and the insurance industry.
“We need to look into the loopholes in the system (of checking vehicle thefts) and this can only be done with the cooperation of all the related authorities,” Mohd Yusof said.
He added that more vigorous checks, aided by equipment such as X-ray machines, should be conducted at the country's exit points.
They paid out RM603,719,506 last year, compared to RM340,387,264 in 2000. The number of claims increased from 20,145 to 37,564 in that same period.
Figures from the General Insurance Association of Malaysia showed 8,736 claims were for private cars and 27,304 for motorcycles.
According to the Vehicle Theft Reduction Council of Malaysia Bhd, the most “high-risk” foreign models were the Toyota Hilux and Honda Civic.
However, almost 50% of the cars stolen in the country were locally made, council coordinator Mohd Yusof Idris said.
“The local cars are stolen to be cannibalised for its parts,” he said, adding that greater control over the country's supply chain of car spare parts could help authorities nab the thieves.
Mohd Yusof said greater coordination among the related authorities and industry players was crucial to curb vehicle thefts.
“We need more cooperation among Puspakom (the vehicle inspection authority), police, insurance companies, the port authorities and others,” he said, adding that there should be more sharing of information.
The council is responsible for identifying and coordinating the activities of all sectors involved in curbing vehicle thefts. Its members comprise representatives of the police, Transport Ministry, Road Transport Department, Customs, Bank Negara and the insurance industry.
“We need to look into the loopholes in the system (of checking vehicle thefts) and this can only be done with the cooperation of all the related authorities,” Mohd Yusof said.
He added that more vigorous checks, aided by equipment such as X-ray machines, should be conducted at the country's exit points.
Monday, January 30, 2012
150 cars stolen daily
PETALING JAYA: An average of 150 vehicles are stolen a day in the country, with Proton and Perodua models topping the list of 112,503 whisked away since 2010.
Federal CID director Comm Datuk Seri Mohd Bakri Zinin said the high number of thefts was due to the demand not only for new but also old vehicles, which are cannibalised for their parts.
A total of 57,462 vehicle thefts were reported in 2010 while the number was 55,041 as of September 2011, he said.
He added: “There is a big demand for the stolen vehicles at construction sites in remote areas. Some are used in robberies and other criminal activities while certain models are exported overseas.
“We believe that vehicles like Toyota Hilux are stolen to feed the huge demand for four-wheel drives in the Middle East. We think that rebel forces use them to mount guns.”
* For more story in The Star today
Related Stories:
Car thieves stay ahead with advanced technology
RM604mil in insurance claimed last year
Rides go missing when victims least expect it
Federal CID director Comm Datuk Seri Mohd Bakri Zinin said the high number of thefts was due to the demand not only for new but also old vehicles, which are cannibalised for their parts.
A total of 57,462 vehicle thefts were reported in 2010 while the number was 55,041 as of September 2011, he said.
He added: “There is a big demand for the stolen vehicles at construction sites in remote areas. Some are used in robberies and other criminal activities while certain models are exported overseas.
“We believe that vehicles like Toyota Hilux are stolen to feed the huge demand for four-wheel drives in the Middle East. We think that rebel forces use them to mount guns.”
* For more story in The Star today
Related Stories:
Car thieves stay ahead with advanced technology
RM604mil in insurance claimed last year
Rides go missing when victims least expect it
Friday, January 27, 2012
Life Insurance Claims & Disputes
Stories on Life Insurance Claims and Disputes as reported in The Star Newspaper, 27th January 2012 make interesting reading (You can also read online at http://thestar.com.my/news/nation/ )
Consult a doc and read the fine print before signing up for a health policy
WHEN is a heart attack not a heart attack? When it does not fit into the definition that appears in fine print on an insurance policy.
Cases abound of insurance companies rejecting claims of critical illness even after doctors have confirmed it.
But the news is not all bad: The Financial Mediation Bureau has ruled many times against nit-picking insurers.
(Frankly, there should also be reports on appeal cases which had been rejected by the FMB to proof that there are also irresponsible policyholders trying to make fraudulent claims against the Insurer by fabricating the medical report, faking injury, inflating the medical bill, backdating of cover, non-disclosure of pre-existing illness and so on)
Even so, our investigations show that you should not sign up for a health policy without first consulting a doctor to save yourself heartaches in the future.
(Consulting a doctor before you sign up the health policy? You think its for free or charges apply? Your take)
Related Stories:
Hundreds of true-life trials of the insured
Association takes steps to rectify weaknesses
Consult a doc and read the fine print before signing up for a health policy
WHEN is a heart attack not a heart attack? When it does not fit into the definition that appears in fine print on an insurance policy.
Cases abound of insurance companies rejecting claims of critical illness even after doctors have confirmed it.
But the news is not all bad: The Financial Mediation Bureau has ruled many times against nit-picking insurers.
(Frankly, there should also be reports on appeal cases which had been rejected by the FMB to proof that there are also irresponsible policyholders trying to make fraudulent claims against the Insurer by fabricating the medical report, faking injury, inflating the medical bill, backdating of cover, non-disclosure of pre-existing illness and so on)
Even so, our investigations show that you should not sign up for a health policy without first consulting a doctor to save yourself heartaches in the future.
(Consulting a doctor before you sign up the health policy? You think its for free or charges apply? Your take)
Related Stories:
Hundreds of true-life trials of the insured
Association takes steps to rectify weaknesses
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