Year: 2020

Federation of Malaysian Consumers Associations appeals to regulator to intervene in medical insurance repricing

The Federation of Malaysian Consumers Associations (FOMCA) has called for the government and Central Bank of Malaysia (BNM) to intervene to halt repricing of the medical insurance premium. FOMCA, a not-for-profit national non-governmental organisation, is the umbrella body for 13…

Can I Claim Insurance From Two Different Insurance Companies?

Matthew Okunade Can we claim insurance from two different companies? The short answer to this question is, “Yes.” While this is certainly not common, you might find yourself in a position where you can validly put out a claim to…

Business, Insurers Face Survival Showdowns Over Pandemic Coverage

August 18, 2020 by Emma Rumney and Noor Zainab Hussain PILANESBERG NATIONAL PARK, South Africa— Wynand du Toit’s safari camp in South Africa’s Pilanesberg National Park lies abandoned, its tents ripped open by baboons and its survival in the balance after…

GIC Re’s downgrade adds to Srivastava’s challenges

GIC Re continues to struggle with big underwriting losses and has yet to inspire confidence that its plans for a return to profitability are working. India’s only domestic reinsurer booked underwriting losses of Rs7.2 billion (US$96.2 million) during the past…

Trust Re to leave Labuan, Malaysia and to centralise its operations in Bahrain

Trust Re has announced its strategic plans to centralise all its activities at its head office in Bahrain. The company now looks to implement its restructured operational model which focuses on profitability, cost management and maximising its core strengths. As…

How our insurance regulator responds to covid-19

Part extracted from https://www.vantageasia.com/regional-insurance-regulators-covid-19/ In the wake of the covid-19 pandemic, insurance regulators across the Asia-Pacific have taken measures to provide relief to the insurance sector – both for insurance companies and their customers. Almost all jurisdictions have urged companies…

Is Covid-19 protection gap a big concern for insurers?

The economic impact of Covid-19 (coronavirus) is clearly going to be significant, with global growth in GDP for 2020 now expected, at best, to be only half that of the 3% originally anticipated. Relative to the $86.5trn global GDP for…

E-hailing company’s liability in accidents

In Tea Chew Chin v Grabcar Sdn Bhd & Ors (Sessions Court Suit No. JA-A53KJ-610-10/2018), the Plaintiff was injured when the Grabcar driven by the 2nd Defendant and owned by the 3rd Defendant was involved in an accident. The Plaintiff claims that Grabcar was…

Bank Negara: Make motor insurance payouts quicker, less painful with reforms.

BY IDA LIM Bank Negara suggested that there is room to revamp the entire accident and motor claims process. KUALA LUMPUR, April 3 — Malaysian motorists could have an easier and quicker process to claim for motor insurance payouts if…

Persuasive Selling in WIIFM

Things that I have learned today…. What’s WIIFM? Simply means What’s In It For Me? There are 5 main things you will need to grasp in persuasive selling: 1. You 2. Free…. samples 3. New…. latest 4. Now…. don’t procrastinate,…