Share Providing a STOCK-THROUGHPUT INSURANCE COVER or avoiding it? Excluding stock-throughput coverage in a Marine Insurance reinsurance treaty agreement is a norm. However, if you check with your peers the exact nature or meaning of what stock-throughput means, nobody seems to be able to explain…. Some said, there is a prolonged storage extension (i.e., 120 days extension) to the storage after and before the marine voyage. Some commented the voyage involves factory-liked processes or...
Share Talents for the country in the making Sanction Clause on an expansionary mode I have numerous discussions with my reinsurance brokers as well as my lead reinsurer lately, the main subject was on the appropriateness of sanction clause being imposed in NON-MARINE related treaty reinsurance. Treaty reinsurers are now pushing hard to have the clause inserted into all non-marine treaty. Currently most if not all MARINE related treaty programmes are imposed with Sanction...
Share Introducing the latest SKIM AMANAH RAKYAT (SARA) 1MALAYSIA The Malaysian government has just launched the Skim Amanah Rakyat (SARA) 1Malaysia, which is offering a 32.16% return per annum on your investment…. something too good to be true perhaps that’s what you would be thinking. You probably wouldn’t be able to find any investment vehicles in the market right now providing such a high return on investment. How does this scheme works? SARA 1Malaysia is a...
Share Are you an insurance agent? Do you know what your roles are in as far as the governing laws are concerned? This may be of interest to you. Insurance agents must take their role as contracted personnel of an insurer and that someone who solicits and connects a policyholder with the insurer. Therefore the agent has a contractual responsibility to both insurer and policyholder and their representation has heavy legal weightage. The Malaysian...
Share New Motor Insurance Premium Framework | How are your motor insurance premium computed and How much more are you going to pay for your motor insurance in 2012? Get the answers here…. In case you do not know, starting this 16th January 2012 the Malaysian Insurance industry will be imposing some small increases to your existing motor insurance premium. These prescribed increases are applicable for the year 2012 but with gradual increases till 2016 when...
Share Auld Lang Syne 2011 and Happy New Year 2012! We are arriving at the doorsteps of 2012, so Malaysia Insurance Online wishes to thank you guys for faithfully arriving at our site in 2011 and hope you guys would be likewise doing so faithfully for the new year 2012. But, please do it with zest and be active commenting on the blogposting…. as we need feedbacks for further improvement. Taking this opportunity we...
Share Salary Review and Promotion for the Insurance and Takaful Industry – Predicting it for 2012 Reviewing some of my previous writeup on salary increment and promotion, did some serious checks on market salary (+pay package) comparison lately and having gone through an extensive appraisal review recently on staff performance I think I can further add on to what’s to come for the year 2012. And that’s on top of those writeups available over the web currently…. “Do you think a 4% to 7% increment...
Share Is your company providing coverage extension for overseas location? What about extension for Customers’ premises and Suppliers’ premises in respect of Business Interruption or Consequential Loss Insurance cover? The recent massive flooding in Thailand has caused havoc to reinsurers operating within the region. Expected insurable losses amounted to some USD19.5 billion (Thailand’s Office of Insurance Commission). Issues relating to Solvency Margin and Inadequacy Capital Many Thai insurers are already facing solvency problem with...
Share Insurance Companies and Takaful Operators | In Technology Transformation Project I read K. Ram Sundaram’s article on Why It Is Important To Put Generalists Above Specialists for Your Technology Transformation Project at Insurance & Technology website with interest for I tend to think there are elements of truth to what he had opined in that article. Let me rewrite certain part of his article and perhaps with some of his quotable quotes from the perspectives of my own experience...
Share In US and Europe markets it is already a common thing for insurers to check various information of individual by “snooping” on to the social media platforms as a form of intelligence gathering. Insurers use of social media for anti-fraud purposes is no more a violation of privacy than the way other companies use such information for marketing and other purposes. The problem is that the concept of what is public and private has changed, and...
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