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



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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

No more PA for foreign workers

The Health Ministry, through its circular dated 20 July 2011, has directed all insurance companies providing the Foreign Workers Health Insurance (FWHI) Scheme to stop offering PA Policies together with the FWHI.

The Ministry warned that if the Insurance Companies continue with the sale of the PA, then they will not hesitate to cancel the status of Insurance Companies as the FWHI panelist.

First thing first, the Health Insurance scheme was not designed to incorporate PA coverage or compensation for injuries or disability or death. Instead it focuses on providing medical insurance for foreign workers due to sickness, disease or accidental injury at government hospitals.

The  FWHI Scheme is available to foreign workers at RM136 a year (RM105 for premium, RM15 for administration fees, RM10 for stamp duty and RM6 for service charge)

As for the accident coverage, it is already being provided under the Foreign Workmen Compensation Scheme for any occupational related accident or disease hence the need to avoid the duplication of the PA coverage in the FWHI Scheme which may cause confusion amongst employers and employees as well as cause enforcement problem for agency involved in the implementation of the scheme.

Malaysia: 26% increase in number of non-life agents expected

The number of general insurance agents in Malaysia is expected to grow by 26% this year, from more than 35,000 in the industry in 2010 (Source: Asia Insurance Review 15/9/2011).

How many of those Agents who will remain active in the insurance market place? From my personal  experience and observation, at least 80% of newly registered Agents will disappear from the scene in less than 2 years. Majority who remained, are likely to be less active in the market either these people have vested business elsewhere (where insurance commission is just a side income) or they are just contented with the little commission earned from the insurance agency.

Applying the 20:80% rule, the fact remained that 20% of active agents are likely to be the main contributors to the Insurers' coffers in terms of insurance premium generated.

Two in five Indians are considered unhealthy

A study by a prominent health insurance company in India claims that 40% in the country are unhealthy, while one out of every 10 is obese (Asia Insurance Review 25/8/11)

Malaysia? Could be worst with the many fast foods, oily foods, junk foods, high cholestrol foods etc available for consumption 24 hours a day and yet everyone blamed no time for any form of exercises.

Even at the walkalator seen at airports, people just stand and let the walkalator takes them to the end of the line. Some people at fitness centre must take the lift to the 1st floor to exercise when one can easily walk up there to burn some calories. Just Plain lazy.

1.Australia: US$1.89 bln paid out for CATs

Insurance payouts after the Queensland floods and Cyclone Yasi have reached A$1.86 billion (US$1.89 billion), says the Insurance Council of Australia (ICA) in a report in the Herald Sun.



2.Australia: Insurance market heats up with new entrant
 
Supermarket giant Woolworths has teamed up with Swiss Re, the second largest reinsurer in the world, and The Hollard Group, a leading international insurance provider, to offer first life and pet insurance policies, with home and car policies to follow later. The products will be sold through call centres and online only, not in-store.


3. Australia: IAG warns of premium hikes;

Suncorp sees little room for higher premiumsInsurance Australia Group, the largest car and home insurer Down Under, warns that pressure remains for a further hike in premiums following billions ofdollars in payouts in the wake of a string of major natural disasters over the past year.


Source: Asia Insurance Review Aug 2011

Malaysia: Car owners must be advised of appropriate vehicle value

Local News

Insurers have to advise consumers on the appropriate market value of motor vehicles when the latter purchase comprehensive motor insurance cover for private cars with effect from this month, says Bank Negara Malaysia.

The Market Valuation of a motor vehicle is a rather subjective matter as much depends on the condition of vehicle, sole ownership, the month/year the vehicle is registered (those registered in December would be taken as 1 year old vehicle in January the following month/year), the mileage clocked in, the vehicle licence plate number (which can carry cursed numbers like 444, 4141 etc or auspicious numbers like 1168, 8888, 1688, 1188 etc or even unlucky number like 9248)

How can this valuation exercise be effectively implemented by the Insurers? Let us wait and see.




Regional News

Singapore: 100% surge in bancassurance premium drives life sector's 1H growth


Singapore's life insurance industry registered a total of S$941.5 million (US$777.6 million) in weighted new business premiums for the first half of 2011, a 38% growth over the same period last year. New business weighted premium from bancassurance surged an impressive 100% from $161 million in the first half of 2010 to record $322 million, according to the Life Insurance Association (LIA) of Singapore.

Thailand: Toyota Vios the most insured vehicle

Among 50 car models, the Toyota Vios was the most insured automobile in Thailand at 762,297 units, drawing more than THB10 billion (US$336 million) in premium income for the industry between 2005 and 2009, according to data from the Insurance Premium Rating Bureau (IPRB).

Australia: Most insurers yet to capitalise on mobile phone technology

Surprised surprised.

Most Australian insurers are yet to offer any mobile applications for their employees,
customers, agents or brokers despite the fact that the country is one of the world's
most mature mobile markets, with 17% of Australians using their mobile-connected
devices to search for and make decisions about insurance.


Source: Asia Insurance Review 1.8.2011

Insurance News Across Asia 28/7/2011

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.

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