Of late I heard of a RM4.8 million fraudulent TPBI claims suffered by a Small-Medium non-life insurer in Kuala Lumpur….. wonder if it is so easy to make such fraudulent claims. I overheard…there was approximately 124 files involved or rather discovered todate. Nothing happened….. the culprit is paying back after having sold some of his/her gains or ill-gotten gains for a pay-back. BNM seems to be ………. not sure what it is – your guess is as good as mine.
Anyway, it is brilliant how TPBI claims can be fraud out so easily…..especially involving more than 120 cases. Kudos for …… I am sure some professionals are involved with insiders. The ENEMIES are always among us…..
No wonder and despite the Malaysian motor tariff being the highest in terms of rates and with more restriction in policy terms and conditions than other South East countries, the loss ratio is still the highest in South East Asia or perhaps Asia?? nothing better…. But then very hard to say lah…. as our Risk based Capital framework is different from the other countries…..and our claims peoples or their fraternity are typically different here lah!