China:
Chinese life insurers are expected to pay claims of 14.87 million yuan (US$2.19 million) involving those killed in an air crash in northeast China on Tuesday, according to the China Insurance Regulatory Commission (CIRC).
Asia Insurance Review 27/8/2010
Friday, August 27, 2010
Thursday, August 26, 2010
Insurance Payout for HK Tourists killed in the Philliphines
Hong Kong:
The families of four of the victims killed in Monday's bloody hostage crisis in Manila will receive ompensation totaling up to HK$1,320,000 (US$170,000) for each victim.
The sum comprises a HK$300,000 payout from the insurer of the Hong Kong-organised tour they had been travelling on, a HK$20,000 gratuity from the Hong Kong government, as well as an extra HK$1 million because the four had bought travel insurance from Chartis through the travel agency, Hong Thai, for the tour.
The next of kin of the other four dead victims will receive up to HK$320,000 for each victim.
Asia Insurance Review 26/8/2010
The families of four of the victims killed in Monday's bloody hostage crisis in Manila will receive ompensation totaling up to HK$1,320,000 (US$170,000) for each victim.
The sum comprises a HK$300,000 payout from the insurer of the Hong Kong-organised tour they had been travelling on, a HK$20,000 gratuity from the Hong Kong government, as well as an extra HK$1 million because the four had bought travel insurance from Chartis through the travel agency, Hong Thai, for the tour.
The next of kin of the other four dead victims will receive up to HK$320,000 for each victim.
Asia Insurance Review 26/8/2010
Monday, August 23, 2010
Acquisition of Tahan Insurance
Malaysia: Regulator gives nod to acquisition of general insurance business by
Singapore group.
Bank Negara Malaysia (BNM), the country's central bank which also supervises
the insurance and other financial services sectors, has approved the transfer of
the general insurance business of Tahan Insurance Malaysia to Singapore's
Great Eastern group.
Asia Insurance Review 19/8/2010
Singapore group.
Bank Negara Malaysia (BNM), the country's central bank which also supervises
the insurance and other financial services sectors, has approved the transfer of
the general insurance business of Tahan Insurance Malaysia to Singapore's
Great Eastern group.
Asia Insurance Review 19/8/2010
Thursday, August 5, 2010
Malaysia: Prudential-P&O Merger
Malaysia: Analysts say Prudential - P&O merger may offer mutual synergies.
One of Malaysia's largest non-life insurers, Pacific & Orient (P&O)
Insurance, is seeking Bank Negara's approval to commence talks with Prudential
for the sale of a stake to the UK-headquartered insurance giant. The potential merger
between P&O Insurance and Prudential is likely to result in mutual synergies,
reports The Star newspaper
Asia Insurance Review 5/8/2010
One of Malaysia's largest non-life insurers, Pacific & Orient (P&O)
Insurance, is seeking Bank Negara's approval to commence talks with Prudential
for the sale of a stake to the UK-headquartered insurance giant. The potential merger
between P&O Insurance and Prudential is likely to result in mutual synergies,
reports The Star newspaper
Asia Insurance Review 5/8/2010
Wednesday, August 4, 2010
Malaysia: Insurance claims for stolen vehicles exceeded US$125 mln in 09.
Insurance companies in Malaysia paid out Rm404.7 million (US$127 million) in
claims over stolen private vehicles last year, according to data released by the
General Insurance Association of Malaysia (PIAM). A total of 8,673 private
cars were reported stolen last year throughout the country.
Asia Insurance Review 3/8/2010
P/S:
Now we can see the reason why Insurers are very rigid in the acceptance of
motor insurance.
Suggested Theft Preventive Measures:
1) When Parking your Vehicle:
a) Park at brightly lighted area where it is clearly visible to others
b) Wind up your window, remove the ignition key and lock your vehicle
c) Quality Steering lock be used to secure the steering wheel of the vehicle
d) Do not leave any valuables like computer, handphone etc on the seats
of your vehicle which can attract unnecessary attention from the would be
burglars
e) Ensure your vehicle alarm is maintain in good working condition. Do a
functional test on it regularly and any fault be rectified immediately.
Subscribe to the GPS (Captor Recover & Tracking System) which
is said to have a 99% success tracking and recovery rate
f) Try to park your vehicle next to a more expensive one to divert the burglar's
intent. Example. a Proton Wira parked next to a Toyota Camry 2.4V or
BMW or Benz
g) Try not to leave your vehicle to the jockey to park your car (unless the
jockey service is run by a professional outfit). Your key may be duplicated
without your knowledge. Be careful of the Disclaimer Clause which absorb
them of any blame for theft or damage to your vehicle whilst under their care.
h) Be vigilante at all times. Forget about parking your vehicle at the particular
spot if at all you feel very uncomfortable with the surroundings and the
people around there.
2) When Driving Your Vehicle
a) When driving at odd hours, be alert of vehicle constantly trailing you
from behind. The would be carjackers would purposely bump into your vehicle
forcing you to exit from your vehicle and inspect the damage. It is here that
they will strike by taking over the wheel and driving off with your vehicle and
leaving you stranded, scared and helpless.
b) If you are being trailed, drive to the nearest town or city centre and stop
somewhere where there are lots of people who may come to your aid if
situation demands or to the nearest police station (if you know where) to
force the car jackers to abandon their intent.
c) Do not leave the vehicle engine running without an adult in attendance.
Do not leave your children alone in the car. There are too many cases of
reports where the victim found their vehicle driven off (with the kids as well)
by the car jackers when they went into a shop to purchase sundry,
cigarettes etc.
d) If you are stopped by the police, JPJ Officers whilst driving for a
purported offence at a seculded location, please remember you have the
right to ask to see their authority card for verification. Ensure your door is
lock internally. Do not exit from your vehicle if the so called police or JPJ
Officers cannot produce their AC.There are just too many of these bogus
Officers around. Do not hassle over the offence. Ask for the summon ticket
(if they can produce it) and drive off. Do not attempt to bride them.
d) Be vigilant even when you are opening or closing the auto gate of your
house to park or reverse your vehicle especially early in the morning when
the sky is still dark or when it is already late into the night. If you suspect
something amiss, abandon your intent, and ensure it is safe to do so before
you open/close your auto gate.
IMPORTANT NOTE:
Please note there is a condition called "Due Diligence and Care" attached to
the motor insurance policy. Meaning, as the owner of the vehicle..you and/or
your authorized driver are required to exercise due diligence and care to
protect the vehicle from being stolen or damaged under controlled circumstances.
Some of those suggestions mentioned above are related to this condition.
Insurer reserves the right to reject any claims for theft arising from the failure
of the Insured to comply with this condition
The above are written for members reading pleasure only without any prejudice.
claims over stolen private vehicles last year, according to data released by the
General Insurance Association of Malaysia (PIAM). A total of 8,673 private
cars were reported stolen last year throughout the country.
Asia Insurance Review 3/8/2010
P/S:
Now we can see the reason why Insurers are very rigid in the acceptance of
motor insurance.
Suggested Theft Preventive Measures:
1) When Parking your Vehicle:
a) Park at brightly lighted area where it is clearly visible to others
b) Wind up your window, remove the ignition key and lock your vehicle
c) Quality Steering lock be used to secure the steering wheel of the vehicle
d) Do not leave any valuables like computer, handphone etc on the seats
of your vehicle which can attract unnecessary attention from the would be
burglars
e) Ensure your vehicle alarm is maintain in good working condition. Do a
functional test on it regularly and any fault be rectified immediately.
Subscribe to the GPS (Captor Recover & Tracking System) which
is said to have a 99% success tracking and recovery rate
f) Try to park your vehicle next to a more expensive one to divert the burglar's
intent. Example. a Proton Wira parked next to a Toyota Camry 2.4V or
BMW or Benz
g) Try not to leave your vehicle to the jockey to park your car (unless the
jockey service is run by a professional outfit). Your key may be duplicated
without your knowledge. Be careful of the Disclaimer Clause which absorb
them of any blame for theft or damage to your vehicle whilst under their care.
h) Be vigilante at all times. Forget about parking your vehicle at the particular
spot if at all you feel very uncomfortable with the surroundings and the
people around there.
2) When Driving Your Vehicle
a) When driving at odd hours, be alert of vehicle constantly trailing you
from behind. The would be carjackers would purposely bump into your vehicle
forcing you to exit from your vehicle and inspect the damage. It is here that
they will strike by taking over the wheel and driving off with your vehicle and
leaving you stranded, scared and helpless.
b) If you are being trailed, drive to the nearest town or city centre and stop
somewhere where there are lots of people who may come to your aid if
situation demands or to the nearest police station (if you know where) to
force the car jackers to abandon their intent.
c) Do not leave the vehicle engine running without an adult in attendance.
Do not leave your children alone in the car. There are too many cases of
reports where the victim found their vehicle driven off (with the kids as well)
by the car jackers when they went into a shop to purchase sundry,
cigarettes etc.
d) If you are stopped by the police, JPJ Officers whilst driving for a
purported offence at a seculded location, please remember you have the
right to ask to see their authority card for verification. Ensure your door is
lock internally. Do not exit from your vehicle if the so called police or JPJ
Officers cannot produce their AC.There are just too many of these bogus
Officers around. Do not hassle over the offence. Ask for the summon ticket
(if they can produce it) and drive off. Do not attempt to bride them.
d) Be vigilant even when you are opening or closing the auto gate of your
house to park or reverse your vehicle especially early in the morning when
the sky is still dark or when it is already late into the night. If you suspect
something amiss, abandon your intent, and ensure it is safe to do so before
you open/close your auto gate.
IMPORTANT NOTE:
Please note there is a condition called "Due Diligence and Care" attached to
the motor insurance policy. Meaning, as the owner of the vehicle..you and/or
your authorized driver are required to exercise due diligence and care to
protect the vehicle from being stolen or damaged under controlled circumstances.
Some of those suggestions mentioned above are related to this condition.
Insurer reserves the right to reject any claims for theft arising from the failure
of the Insured to comply with this condition
The above are written for members reading pleasure only without any prejudice.
Tuesday, August 3, 2010
Continuous Professional Development (CPD) Training for GI Agents
Phew!!!! It has been a very tiring but exciting 6 months for me travelling the length of the country to deliver the CPD training to the agency force organized by the various Insurers in the market.
Between January and July 2010, I had delivered the following topics by way of lectures, workshop, groups discussion and presentation:
a) Insurance Design for the SMI/SME and Presentation Skills
b) Developing a Comprehensive Fire Insurance Program
c) Motor Insurance & Claims
d) Miscellaneous Accident Insurance
e) Claims Handling
f) The Perfect Marketing Mix
g) Personal Lines Insurance: Selling, Cross Selling & Upselling
h) Risk Survey from the Agents View point
i) Anti Money Laundering Act 2001
j) Products Disclosure & Transpareny Procedures.
Many questions were raised by the participants during these sessions and I hope to compile them, classes by classes, and post them in my blog very soon.
Looking forward to coming sessions in August 2010 where I will be conducting a half day seminar on Perfect Marketing Mix in KL and Penang.
Chao!!!
Between January and July 2010, I had delivered the following topics by way of lectures, workshop, groups discussion and presentation:a) Insurance Design for the SMI/SME and Presentation Skills
b) Developing a Comprehensive Fire Insurance Program
c) Motor Insurance & Claims
d) Miscellaneous Accident Insurance
e) Claims Handling
f) The Perfect Marketing Mix
g) Personal Lines Insurance: Selling, Cross Selling & Upselling
h) Risk Survey from the Agents View point
i) Anti Money Laundering Act 2001
j) Products Disclosure & Transpareny Procedures.
Many questions were raised by the participants during these sessions and I hope to compile them, classes by classes, and post them in my blog very soon.
Looking forward to coming sessions in August 2010 where I will be conducting a half day seminar on Perfect Marketing Mix in KL and Penang.
Chao!!!
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