Category: Motor Insurance

The colour of your car may be a pricing factor in your car insurance

Interesting article from https://businesstech.co.za/news/banking/182879/do-insurance-companies-care-about-the-colour-of-your-car/ Car insurance companies use a list of factors to calculate your risk and determine premium rates. And while there are some commonly accepted boxes that need to be ticked off when calculating your insurance costs –…

Practice Notes 00002 of 2017 on Motor Insurance Detariff Do’s and Don’ts

The Practice Note dated 20th June 2017 that contains the Regulator’s latest FAQs was certainly not anything good for the Non Life industry, definitely not when Hari Raya is just around the corner. It has caused significant disruption for the…

Protected: Weekend Insurance Talk

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A Period Of Silence Or Blackout Before Premium Rates Change On 1st July 2017

The General Insurance industry is slowly changing (although we may not have noticed those changes) in the face of the liberalisation roadmap for motor and fire insurance practices; a “Roadmap” dedicated by regulators towards building a more modern and robust…

LTA to stop issuing physical road tax discs from 15 February 2017

BY NEYLA ZANNIA ON FEBRUARY 9, 2017   This writeup is from Singapore, although not applicable for Malaysian vehicles but it is good to know in case insurers need to resolve some claim settlements. Land Transport Authority (LTA) has reminded the public…

Reclassification of PA and Miscellaneous Insurances Tied to or Marketed Together with Motor Insurance

The General Insurance/Takaful Industry have agreed to reclassify PA/Misc. insurances that are tagged/marketed together with Motor Insurance as Motor Product under the paragraph 2.2 of the Phased Liberalisation of Motor/Fire Tariffs. Products like Passenger PA (whether as a package with other miscellaneous coverage or otherwise) and standalone Misc. Accident package tied to Motor Insurance (like the Enhanced Road Warrior) must now be of the Motor class and financially reported as part of the Motor “Others” or Non-Act.

What’s Next As General Insurers And Takaful Operators Prepare For The Unknown Poser Of The Phased Liberalisation Roadmap

The liberalisation roadmap (specifically referred to as the “Phased Liberalisation of Motor and Fire Tariffs” and referenced as BNM/RH/PD 029-8) had been put into effect on 1st July 2016 (by Bank Negara) but so far what have the General Insurers and General Takaful Operators been doing….?

The Post-1st July 2016…. Till 1st July 2017

As of now till 1st July 2017 we can only see submission in regards to submission to PIAM’s IPREB for wordings approval, firstly for those existing products that fall within current tariff framework but somehow part of product’s component or section may require a revisit from the tariff angle, and secondly, some insurers may wish to introduce some new add-ons (or currently called extension cover) of standalone products that leverage on the tariff products, for example passengers’ PA leveraging on Motor Insurance.

General Insurers Affected By Malaysian Competition Act 2010

The Competition Commissioner had issued a notice to require provision of information and document by all 22 insurers and their Association under section 18(1) of the Competition Act 2010. The notice further states the Commission has commenced an investigation against them under section 15(1) of the Act where the Commission has reason to suspect the 23 listed parties have infringed or are infringing section 4(2)(a) of the Act in relation to and agreement to fix prices or charges in regards to the following for the period between (sometimes in) July 2011 and up until the date of this Notice….

Your Car was knocked by a commercial vehicle for hire and reward

Assuming your car is insured on a comprehensive insurance cover…. What if you were knocked by a vehicle that is licensed for commercial purposes, and specifically for hire or reward? Examples of such vehicle is taxis, buses and “A” permit….…

Is your car insured against damages of the crowd in your UBER or GRAB adventure?

The couple, along with the Uber driver, were pulled out of the car before the suspects used rocks to break the car window. The injured female tourist was then taken to the Kuala Lumpur Hospital for treatment.