Tag: technical underwriting

Latest Proposed New Motor Insurance Framework – Rakyat Di Dahulukan

The old TPBID or ACT Scheme

PROPOSED NEW MOTOR COVER FRAMEWORK — An extraction from the recent CONSULTATION SESSION WITH INSURANCE & TAKAFUL INDUSTRY on 23rd February 2011 This new motor framework was structured very much differently from the earlier version (refer to Fig 1 below…

Feng Shui for the insurance industry | Year of the Metal Rabbit 2011

  When the peaceful Rabbit hops in on February the 3rd 2011, the world over is looking forward to a year of relative calm and serenity… or is this going to be otherwise; something worst off than the tiger year?…

Competition Act 2010 | Enhance tech-driven tools and not more written rules!

Lady bosses tend to stick to more written rules and procedures...

Competition Act 2010 – How much do we know about this? How would its enforcement changes the way the insurance industry currently works? This should not be too difficult if we are to think in terms of DETARIFFICATION of our…

Punitive Damage Awards |Are these recoverable under Reinsurance Agreement?

What are punitive damage awards? In the context of this posting, punitive damages or what is usually termed as exemplary damages are damages intended to deter the defendant and others from engaging in conduct similar to that which formed the…

Top 5 things you should know |Introducing New General Insurance and Takaful Products

It took me quite awhile to finalise a review of Central Bank (BNM)’s BNM/RH/GL 010-14 “Guidelines on Introduction of New Products for Insurance Companies and Takaful Operators”. Procrastinating, perhaps! Anyway, I must say it, “Guidelines were badly written….” and the…

Claim lessons in Chinese tea leaves

Is it really very difficult when coming to the subject of determining the value of tea leaves? What about determining the types and grade of those leaves after a loss incident? How can we recognise tea leaves of higher grade…

Passenger liability: Your kids are not covered…….

What is passenger liability cover in your private vehicle insurance policy? It simply means coverage for you in the event your passenger(s) sue you or your authorised driver for having driven the car negligently, resulting in bodily injury, death or…

Managing the insurance cycle the Lloyd’s way

I thought the February / March 2010 CII’s The Journal write-up on the topic: Insurance Pricing was interesting and some eye-opener…. in particularly those relating to the Lloyd’s seven steps to managing the insurance cycle. With fluctuating premiums, varying levels…

Motor Insurance Pricing… Adopt Risk-based rating, maintain tariff or de-tariff?

Which is better…. Risk-based rating, existing tariff rating with permitted Bank Negara’s loading & excess or doing away with existing tariff?  I really do not know. If the industry was to advocate risk-based, our politicians and consumers alike would be…

Piracy update – Effect of US Executive Order on ransom payment

What impact will the new US Executive Order have on piracy in Somalia? (Adapted from an article written on May, 5 by Jai Sharma, director of Casualty & GA Department, Dolphin Maritime and Aviation Services Ltd) In spite of attempts…