1. Thailand: Rising costs of employer-provided health insurance becoming a concern
The rapid rise of employer-provided health insurance has quickly become one of the biggest financial challenges facing companies throughout the world, and Thailand will share the same fate if the current trend continues for another five to 10 years.
2. Australia: Older people seek more financial advice
Wealthy older men are the biggest consumers of financial advice and are far more likely to use a planner than those under age 34, or women, a recent study by Roy Morgan Research shows.
Thursday, July 28, 2011
Tuesday, July 26, 2011
Insurance News Across Asia 27/7/2011
1. Asia: Motor insurance can be profitable if priced properly
The growing demand for motor vehicles around Asia has created big opportunities for insurers, which will have to look at ways of providing cover at affordable prices while trying to maintain underwriting surplus. To be effective in this market, companies need to look seriously into their approach to pricing, said speakers yesterday at the 2nd Asian Motor Insurance and Claims Management Conference being held in Colombo, Sri Lanka.
2. Global: Opportunities for insurance innovation
Younger consumers and those from emerging markets are much more interested in innovations such as mobile services and much more likely to shop around, according to a survey of 7,000 people from 13 countries by the global consulting firm, Accenture.
3. Australia: Apartment owners face premium hike "crisis"
Apartment owners in north Queensland face premium rises of up to 400% in what has been called an "insurance crisis" by an umbrella body which represents the strata title sector. The rate hikes have led strata title owners to complain to a government panel that they are being unfairly targeted with "explosive" increases in insurance costs.
Asia Insurance Review 27/7/2011
The growing demand for motor vehicles around Asia has created big opportunities for insurers, which will have to look at ways of providing cover at affordable prices while trying to maintain underwriting surplus. To be effective in this market, companies need to look seriously into their approach to pricing, said speakers yesterday at the 2nd Asian Motor Insurance and Claims Management Conference being held in Colombo, Sri Lanka.
2. Global: Opportunities for insurance innovation
Younger consumers and those from emerging markets are much more interested in innovations such as mobile services and much more likely to shop around, according to a survey of 7,000 people from 13 countries by the global consulting firm, Accenture.
3. Australia: Apartment owners face premium hike "crisis"
Apartment owners in north Queensland face premium rises of up to 400% in what has been called an "insurance crisis" by an umbrella body which represents the strata title sector. The rate hikes have led strata title owners to complain to a government panel that they are being unfairly targeted with "explosive" increases in insurance costs.
Asia Insurance Review 27/7/2011
Saturday, July 23, 2011
Insurance News across Asia
1) Nine in 10 Singaporeans are underinsured
Only one in 10 Singaporeans is currently adequately insured, based on the industry recommendation of having total coverage of approximately 10 times one's annual income. This is according to the 2011 AIA
Singapore Nationwide Protection Survey research findings.
2) Tokio Marine to offer Japan's 1st one-day car insurance
Tokio Marine & Nichido Fire Insurance will begin offering auto insurance by theday in October - an industry first, according to an announcement by the non-life insurance giant.
3) Japan: Quake insurance sales soar
Earthquake insurance sales to homeowners in Japan grew more than five times in April from a year earlier, according to a report by the Non-Life Insurance Rating Organization of Japan (NLIRO).
Source: Asia Insurance Review July 2011
Only one in 10 Singaporeans is currently adequately insured, based on the industry recommendation of having total coverage of approximately 10 times one's annual income. This is according to the 2011 AIA
Singapore Nationwide Protection Survey research findings.
2) Tokio Marine to offer Japan's 1st one-day car insurance
Tokio Marine & Nichido Fire Insurance will begin offering auto insurance by theday in October - an industry first, according to an announcement by the non-life insurance giant.
3) Japan: Quake insurance sales soar
Earthquake insurance sales to homeowners in Japan grew more than five times in April from a year earlier, according to a report by the Non-Life Insurance Rating Organization of Japan (NLIRO).
Source: Asia Insurance Review July 2011
Thursday, June 23, 2011
Malaysia: Indonesian maids in country to enjoy insurance
Asia Insurance Review 22 June 2011
Quote:
"Indonesian maids working in Malaysia will soon be covered by insurance for accidents at work, with benefits of up to RM40,000 (US$13,200) for a premium of as low as RM70 a year"
First, the Foreign Workmen Compensation Insurance, then comes
Foreign Workmen Medical Insurance...Now
Insurance for Indonesia maids (why only Indo maids) ....Next
Your Guess?
Big business opportunities for Agents.
Quote:
"Indonesian maids working in Malaysia will soon be covered by insurance for accidents at work, with benefits of up to RM40,000 (US$13,200) for a premium of as low as RM70 a year"
First, the Foreign Workmen Compensation Insurance, then comes
Foreign Workmen Medical Insurance...Now
Insurance for Indonesia maids (why only Indo maids) ....Next
Your Guess?
Big business opportunities for Agents.
Wednesday, June 22, 2011
Fire Protection at Construction Sites
Followings are preferred fire and security arrangements at construction sites to minimize the risk of fire occurring:
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1 Proper fence protection of sites and stores
2. Doors & locks to be installed for storage buildings
3.Proper storage of goods and flammable liquids with adequate spacing
4. Elimination of dry grass, shrubs and used packing materials
5. No smoking rules in exposed areas and strict control/ enforcement
6. Strict control of hot works, application of welding permit
7. Provision of hydrants or easy accessibility to public hydrants
8. Setting up of own fire team with responsible head / Regular drills
9 Setting up of emergency plans and procedures
10. Clear accessibility to all site areas and stores
11. Watchmen on duty
2. Doors & locks to be installed for storage buildings
3.Proper storage of goods and flammable liquids with adequate spacing
4. Elimination of dry grass, shrubs and used packing materials
5. No smoking rules in exposed areas and strict control/ enforcement
6. Strict control of hot works, application of welding permit
7. Provision of hydrants or easy accessibility to public hydrants
8. Setting up of own fire team with responsible head / Regular drills
9 Setting up of emergency plans and procedures
10. Clear accessibility to all site areas and stores
11. Watchmen on duty
Monday, June 20, 2011
Definitions of Contractor's All Risks Policy Wordings
Followings are the definitions of some of the wordings appearing in the CAR policy:
Insured Parties
Can be The Owner/ The Principal/The Developer and The Main Contractor and Sub-Contractors
Insured Properties
The Works, Temporary Works, Temporary Buildings, Camp Sites, Electrical and Mechanical Plant including Contractor’s Plant and Machinery, Office Equipments, Materials on site etc
Contract Site
Means the lands and other places provided or approved by the principal/owner/developer, through which the project is to be executed
Contract Period
May be for few months (for small project) to years (for mega project). Initial period of Insurance given with further period subject to additional premium. Includes Defects Liability period of Insurance (after plant put into commercial operation)
Contract Value
Estimated at the outset for the whole contract period subject to adjustment
Third Party
Any Other Person (s) other than those related to or working for the above
Please refer to the CAR Policy wordings for more detailed information
Insured Parties
Can be The Owner/ The Principal/The Developer and The Main Contractor and Sub-Contractors
Insured Properties
The Works, Temporary Works, Temporary Buildings, Camp Sites, Electrical and Mechanical Plant including Contractor’s Plant and Machinery, Office Equipments, Materials on site etc
Contract Site
Means the lands and other places provided or approved by the principal/owner/developer, through which the project is to be executed
Contract Period
May be for few months (for small project) to years (for mega project). Initial period of Insurance given with further period subject to additional premium. Includes Defects Liability period of Insurance (after plant put into commercial operation)
Contract Value
Estimated at the outset for the whole contract period subject to adjustment
Third Party
Any Other Person (s) other than those related to or working for the above
Please refer to the CAR Policy wordings for more detailed information
Wednesday, June 15, 2011
Designer's Risk under the Contractor's All Risks Insurance
Many thanks to the 200 odd Agents who attended the CPD Training on Contractor's All Risk Insurance held at Concorde Hotel, Kuala Lumpur today, 15th June 2011.
The Q&A time was most beneficial with some very good questions posted by Agents to the Trainer. One of the question that needs further clarification is related to "Designers Risk".
I have enquired with 2 experienced Underwriters and made further reading on the CAR Policy wordings on the same subject, I can conclude as follows:
1) The Policy does not contained words like "Designer's Risks" nor "Defective Design"
2) The Policy does mentioned the words "Faulty Design"
3) There are no such combination of words like "Defective design, defective workmanship or defective materials" but only defective Workmanship and defective materials
3) The words "Designer's Risk" are used in the endorsement to provide part cover (DE3) or full cover (DE5)due to faulty design
Meaning, loss or damage due to Faulty Design is a total exclusion (expressly stated under Section c of Special Exclusions to Section 1) but can be extended by payment of additional premium to include resultant damage only (exclude the part caused by faulty design) or full cover (include the damage caused by faulty design). Please note that Underwriter does not usually grant the full cover.
On the defective materials and/or workmanship, it excludes the items immediately affected by the defective materials and/or workmanship but resultant damage to the correctly executed items is covered.
They are two stand alone exclusions.
Any comments are welcome.
The Q&A time was most beneficial with some very good questions posted by Agents to the Trainer. One of the question that needs further clarification is related to "Designers Risk".
I have enquired with 2 experienced Underwriters and made further reading on the CAR Policy wordings on the same subject, I can conclude as follows:
1) The Policy does not contained words like "Designer's Risks" nor "Defective Design"
2) The Policy does mentioned the words "Faulty Design"
3) There are no such combination of words like "Defective design, defective workmanship or defective materials" but only defective Workmanship and defective materials
3) The words "Designer's Risk" are used in the endorsement to provide part cover (DE3) or full cover (DE5)due to faulty design
Meaning, loss or damage due to Faulty Design is a total exclusion (expressly stated under Section c of Special Exclusions to Section 1) but can be extended by payment of additional premium to include resultant damage only (exclude the part caused by faulty design) or full cover (include the damage caused by faulty design). Please note that Underwriter does not usually grant the full cover.
On the defective materials and/or workmanship, it excludes the items immediately affected by the defective materials and/or workmanship but resultant damage to the correctly executed items is covered.
They are two stand alone exclusions.
Any comments are welcome.
Monday, June 6, 2011
General Insurance Claims Handling Seminar
Topics delivered:
An overview of claim sequence
Onus of Proof of Loss
Case studies on fire/PA/theft/motor losses
Rights of Insurers
Role of Loss Adjusters
Claims Adjustment
Average and Contribution
Reinstatement of Loss
Surogation and Discharge Voucher
Post Loss Improvement
Tuesday, May 10, 2011
Fire & Fatalities Losses in Malaysia
According to the Fire & Rescue Department in its press statement on Sunday Star, 8th May, 2011, they had received 55,529 emergency reports this year compared to 56,643 reported the year before.
Of the 55,529 reports, 29,333 were categorised as fire cases, which saw a decrease of 0.25% compared to 2009. Rescue cases also saw a decrease of 4.63% from 24,669 to 29,341.
The department also saved RM 16.32 billion worth of property in fire cases last year, an increase of 61% compared to 2009 where RM10.36 billion were saved.
There were 17% increase in deaths (with 89 fatalities) due to fires in households and much can be attributed to the lack of basic awareness of fire safety.
The use of unsuitable electrical appliances, excessive use of flexible cords and overloaded socket points, children playing with fire, oil lamp (for altars) placed at precarious position, lighted mosquitos coil, use of paraffin lamp, carelessly discarded lighted cigarette butts, fire from gas stove etc are common hazards found in households.
Perhaps every household should be equipped with fire extinguishers and smoke detectors so that the occupants would be prepared to deal with any fire related incident.
Every household should also purchase a Houseowner/Householders Insurance which will compensate them for (i) loss or damage to the building/contents caused by fire and lightning as well as other special perils in the form of flood, storm, impact, explosion, aircraft damage etc (ii) theft of household goods (iii) death of Insured caused by fire or theft (iv) legal liability for injury or damage to property belonging to third party arising from the occupancy of the property (iv) loss of rental (v) property temporary removed etc
Minimum premium for such insurance is RM60.00 excluding stamp duty
Of the 55,529 reports, 29,333 were categorised as fire cases, which saw a decrease of 0.25% compared to 2009. Rescue cases also saw a decrease of 4.63% from 24,669 to 29,341.
The department also saved RM 16.32 billion worth of property in fire cases last year, an increase of 61% compared to 2009 where RM10.36 billion were saved.
There were 17% increase in deaths (with 89 fatalities) due to fires in households and much can be attributed to the lack of basic awareness of fire safety.
The use of unsuitable electrical appliances, excessive use of flexible cords and overloaded socket points, children playing with fire, oil lamp (for altars) placed at precarious position, lighted mosquitos coil, use of paraffin lamp, carelessly discarded lighted cigarette butts, fire from gas stove etc are common hazards found in households.
Perhaps every household should be equipped with fire extinguishers and smoke detectors so that the occupants would be prepared to deal with any fire related incident.
Every household should also purchase a Houseowner/Householders Insurance which will compensate them for (i) loss or damage to the building/contents caused by fire and lightning as well as other special perils in the form of flood, storm, impact, explosion, aircraft damage etc (ii) theft of household goods (iii) death of Insured caused by fire or theft (iv) legal liability for injury or damage to property belonging to third party arising from the occupancy of the property (iv) loss of rental (v) property temporary removed etc
Minimum premium for such insurance is RM60.00 excluding stamp duty
Friday, April 22, 2011
Problems with Fire Protection Appliances installed in many industrial risks
From the general perspective of Insurers, backyard operators are amongst the many industrial risks who are the least concerned about fire protection and fire prevention at their premises. To them, there is insurance to claim, for any loss or damage to their properties, so why bother with fire prevention measures. They do not realize the long term damage caused by interruption to their business which can result in loss of goodwill, loss of customers, reduced market share or worst, goes into liquidation etc.
Below are amongst the evidence of "neglects" in majority of risks:
Portable fire extinguishers (PFE) are often misplaced from their original position, or past their service date or damaged due to vandalism. Theft of PFE is not uncommon.
Hydraulic Hose Reels (HR) are sometimes used for the wrong purpose (for washing car) when they are supposed to be used only for fire fighting. Pumps, at times, were found malfunctioned when tested. External Flexi hose, due to prolong exposure to heat under the scorching sun became brittle and caused leak Those installed internally are damaged by the impact of moving vehicle like forklift.
Pillar Hydrants in the compound, especially those fed from the public mains often suffered from low water pressure making fire fighting ineffective. Those installed with own pump sets were found to malfunction at times when tested. Effective capacity of the water storage tank failed to meet the minimum requirement of the hydrant system. . Canvas hose and nozzle kept next to each hydrant point were found missing. Often the view of hydrant is obstructed by overgrown lalangs or bushes.
Break Glass Fire Alarm and Smoke/Hear Detectors are meant to detect fire and summon help to the affected area. Often they are poorly maintained with weak battery, faulty bulb and wrong positioning. Sometimes, the Control Panel is not even manned.
Automatic sprinkler system suffered from faulty pump sets, ineffective capacity of the water storage tank and obstructed sprinkler heads etc
Below are amongst the evidence of "neglects" in majority of risks:
Portable fire extinguishers (PFE) are often misplaced from their original position, or past their service date or damaged due to vandalism. Theft of PFE is not uncommon.
Hydraulic Hose Reels (HR) are sometimes used for the wrong purpose (for washing car) when they are supposed to be used only for fire fighting. Pumps, at times, were found malfunctioned when tested. External Flexi hose, due to prolong exposure to heat under the scorching sun became brittle and caused leak Those installed internally are damaged by the impact of moving vehicle like forklift.
Pillar Hydrants in the compound, especially those fed from the public mains often suffered from low water pressure making fire fighting ineffective. Those installed with own pump sets were found to malfunction at times when tested. Effective capacity of the water storage tank failed to meet the minimum requirement of the hydrant system. . Canvas hose and nozzle kept next to each hydrant point were found missing. Often the view of hydrant is obstructed by overgrown lalangs or bushes.
Break Glass Fire Alarm and Smoke/Hear Detectors are meant to detect fire and summon help to the affected area. Often they are poorly maintained with weak battery, faulty bulb and wrong positioning. Sometimes, the Control Panel is not even manned.
Automatic sprinkler system suffered from faulty pump sets, ineffective capacity of the water storage tank and obstructed sprinkler heads etc
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