Digital Curator, Author at Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Room for growth in insurance

23 July 2015 By Digital Curator Leave a Comment

FOR now, the Philippines has the smallest insurance market among member-countries of the Asean 5, despite having the second largest population.

This was observed in a recent study of the United States Agency for International Development (USAID), which valued the Philippines’ life insurance market at $16.6 billion in assets and $3.8 billion in premium earnings.

For Sun Life Financial Philippines Chief Marketing Officer Mylene D. Lopa, the figures reflect the economic conditions of the Philippines compared to that of the four other countries studied: Indonesia, Malaysia, Singapore, and Thailand.

“The economy plays a part. As the disposable income of the population increases, that’s the only time people can afford insurance,” Lopa said in an interview last Saturday, at the sidelines of Sun Life’s Wealth and Health Forum at the Radisson Blu Hotel.

“Unfortunately, insurance, although it is a need, is not perceived that way,” Lopa said.

Less than three percent of over 100 million Filipinos have personal insurance. This only grows to 18 percent if the coverage of insurance is extended to those provided by the employers to their employees, Lopa said.

She added that culture may also be a factor in explaining why the country’s insurance market remains small.

“Maybe we’re not very long-term thinkers. There might be some cultures that are long-term planners,” Lopa said.

by Jeandie O. Galolo

See Full Story on sunstar.com.ph

Personal accident insurance and its utilities

21 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Eric Schmuttenmaer

By definition, accidents are unpredictable and can cause serious damage. Accidents can be caused due to many reasons. Apart from road mishaps, accidents can also be caused by electrical equipment, heavy object and fire or even by seemingly harmless objects like staircase, table or chair. Everyone — from small children to youngsters to middle-aged couples and retired elderly parents — is vulnerable to accidents and despite all possible precautions, they do occur.

While a majority of the accidents that occur are not major, some do have serious implication on an individual’s physical as well as financial health. Such mishaps take only seconds to turn life upside down.

Accidents can even drain an individual’s lifetime savings, leaving families in a difficult situation without resources or help. Hence, securing the family’s future is of utmost priority. A good way to protect yourself and your family is a personal accident insurance (PAI).

Personal accident insurance is a low-premium personal accident policy. They are also offered as add-ons with life and motor insurance policies. You also get a PAI with some credit cards. However, these PAIs come with a long list of terms and conditions that limit its scope and utility. But PAIs offered by non-life insurance companies provide better coverage at a reasonable cost.

A life insurance policy pays a lump-sum amount in the event of death of the policyholder while a health insurance policy offers to pay the hospitalisation cost in case the policyholder needs to be hospitalised for some medical reason. PAI comes handy if an accident results in the policyholder’s disability, temporary or permanent, thereby impacting the individual’s earning capacity.

While a PAI is quite similar to health insurance in terms of paybacks, it costs much less due to its focused coverage. A PAI is inexpensive, so one can afford it without any major drain on his pocket. The cost of a standard PAI with a cover of Rs 15 lakh is approximately Rs 3,000 per year. The premium does not depend on age. Hence, it is the same for a 25-year-old and a 50-year-old individual. The premium on personal accident insurance policy depends on one’s working conditions and nature of job. And yes, a personal accident insurance plan can also be extended to include the entire family under a single policy. It ensures the financial stability of an individual and his/her family in the event of an accident.

by Mukesh Kumar

See Full Story on mydigitalfc.com

BUSTED: Fraud police uncovers the most blatant insurance scams

16 July 2015 By Digital Curator Leave a Comment

Image via Flickr user 401(K) 2012

THE lengths insurance cheats go to in an effort to con money out of firms and raise the cost of premiums for the rest of us have been revealed by the City of London’s special fraud department.

From non-existent injuries to fake thefts, fraudsters use a variety of far-fetched stories to get underserved payouts, but firms have warned that they are cracking down on false claims.

Insurers uncovered an average 350 frauds worth £3.6million every day in 2014, according to the Association of British Insurers (ABI).

The trade body said that motor fraud was the most common scam, with detected cases up 12 per cent on 2013 and valued at £835 million.

However, the number of liability insurance frauds detected jumped by a huge 75 per cent with a value of £330 million.

James Dalton, ABI’s director of general insurance policy, said: “The vast majority of customers are honest, and should not have to pay for the fraudulent minority.

“Insurance cheats are now more likely to get caught than ever before, whether they are making a dishonest claim or lying when applying for cover to get a cheaper premium, and face long-lasting and serious consequences.

“As well as the possibility of serving a custodial sentence, they will find it difficult to obtain vital financial services such as mortgages and loans, future job prospects are likely to be adversely impacted and family relationships suffer.

Here are the most blatant scams that have been uncovered…

by Lana Clements

See Full Story on express.co.uk

Car Disasters: Cracked Windshield

14 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Infrogmation of New Orleans

Measure the crack or chip. If the crack is less than 12 inches long, or if the chip smaller than a quarter, the damage can typically be repaired without having to replace your windshield.
If you’re going to drive your car before you repair the windshield, make sure the crack or chip doesn’t interfere with your view.
Protect against dirt. Dirt that gets into a crack or chip can make it more difficult to repair. Placing a small piece of clear tape over the point of impact can help, but make sure that the tape doesn’t block your vision when you’re driving.
Stay away from the sun. Park inside a garage or in a shady area. Letting heat build up in your car can weaken the windshield even further and cause the crack to grow.
Contact an auto-glass provider for windshield repair or replacement. Look for a glass installer that is AGRSS-registered and has National Glass Association-trained technicians. Many glass installers offer mobile service and will come to you.

Don’t’s …

Don’t ignore the problem. Small cracks and rock-chip “bull’s-eyes” can spread if not repaired. Large cracks can affect your visibility and may even result in a traffic violation.
Don’t drive the car if a crack is longer than 12 inches or if a chip is larger than a quarter. The integrity of your windshield has likely been compromised.
Don’t blast your air conditioning or use your defroster on high. Extremes in temperature are never a good thing for a cracked or damaged windshield. If you must defrost your windows, warm the car up gradually by using the heater.
Don’t jolt your car or windows. Try to avoid slamming doors with the windows all the way up. Creating extra pressure inside the vehicle in this way can cause the crack to spread.
Don’t wash your vehicle. Water in the damaged area can cause your windshield to crack further.
Don’t repair cracks longer than 12 inches or chips larger than a quarter. Have your entire windshield replaced.
Don’t go to a general mechanic for windshield repair or replacement. Use an auto-glass-repair specialist.

by Shamit Choksey

See Full Story on cars.com

All you need to know about hiring a helper in Singapore

9 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Hans Splinter

One advantage that living in Singapore offers is affordable domestic help. Some expats – especially singles or couples without children – find that maid service once or twice per week is enough. But for others, especially those with families, a full-time maid to help with cooking, cleaning, shopping, ironing and childcare can be a blessing. Most helpers in Singapore are from the Philippines or Indonesia and are diligent, conscientious women who are working to support their families back home.

The Cost

Part-time maids are available for between $10 and $20 an hour, and can be hired independently or through a company. Full-time, live-in maids can be hired for as little as $450 per month, although expats often pay them $650 or more, depending on their level of experience. Employers must also pay a monthly levy (currently $265) to the Singaporean government, plus a security bond of $5,000. Employers are responsible for providing accommodation, insurance, food and medical care for their maids, in addition to hiring costs, airfares for bi-annual home leave, transfer costs, and an annual bonus.

Responsibility

First-time employers must complete an Employers’ Orientation Programme, which involves attending in person ($20), or taking a three-hour online course ($30). Visit www.mom.gov.sg for more details.

Holidays

Most expats give them every Sunday and public holidays off, plus a two-week holiday every two years to their home country. To counter the instance of maids working without rest, the Ministry of Manpower has mandated that from 1 January 2013, all employers give helpers one day off per week (or be compensated if they choose to, or are required to work).

Hiring

Fees vary, but from around $400, a maid agency will find you a maid, and will usually give you the chance to interview several. Alternatively, you can source a maid yourself (log on to the Ministry of Manpower website), but the process can be confusing. Some expats who are leaving Singapore help their maid to find work by advertising on notice boards or by word of mouth.

See Full Story on expatliving.sg

What You Need to Know About Personal Accident Insurance

7 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Jaume Escofet

Thom Yorke was right when he sang the verse “we are accidents waiting to happen.” Well… at least in my case because I can’t walk to the restroom without stubbing my toe every time. But accidents can and do happen. It doesn’t matter whether you’re operating heavy machinery, hiking in Tibet, riding the bus, or even taking a shower. And if you’re uninsured against injury or death from accidents, it could prove disastrous for your finances.

What Is Personal Accident (PA) Insurance?

PA Insurance provides you and your family with financial support in the event you suffer an injury, disability, or die from an accident. Although it sounds similar to a life insurance policy, PA Insurance differs from life insurance in two ways:

PA Insurance is meant to cover death directly resulting from accidents, not death from natural causes, while life insurance covers both.
Unlike other life insurance policies that provide savings/investment benefits in addition to any death benefits, PA Insurance offers no such benefits.

Some industries such as transportation, manufacturing, and construction have a greater chance of on-the-job accidents and deaths – that’s something to think about if you operate heavy machinery or drive daily. And if you don’t qualify for Workmen’s Compensation or are uninsured, a Personal Accident (PA) Insurance policy can protect you for $200 – $300 a year.

What Constitutes an “Accident?”

While the opinion over what “is” is may differ with some people, insurers all pretty much agree on what an “accident” is.

Understanding what the definition of “is” is doesn’t just apply to former US presidents and their ah, indiscretions. It also applies to PA Insurance in determining what constitutes an “accident.” Unfortunately, some policies are written in a confusing manner that makes Shakespeare easy to read by comparison.

Fortunately, insurers follow the same general principles when it comes to defining “accident” – it’s an unforeseeable event that causes injury at the moment of its occurrence. But if the “accident” was caused by a cumulative effect, it’s not considered an accident.

For example, if you routinely skip work to play golf (government job right?) and that “nagging” pain in your elbow and Achilles heel turns into a debilitating injury, it’s not considered “accidental” by insurers, but cumulative.

by Jeff Cuellar

See Full Story on blog.moneysmart.sg

ROAD ACCIDENTS

2 July 2015 By Digital Curator Leave a Comment

Image via Flickr user William Murphy

As of 1st June 2008, the Motor Claims Framework (‘MCF’), has been introduced by the General Insurance Association of Singapore (‘GIA’) and is intended to be a policy condition which motor insurers will enforce. The MCF sets out procedures for motorists to follow when their vehicles meet with an accident. Under the MCF, all accidents, regardless of how minor, and even if the damage is not visible, must be reported to your insurers within 24 hours or by the next working day. It does not matter if you intend to claim from the insurers or Third Parties; you must still lodge a report with your insurers. With this new policy, all insurers will operate a 24-hour hotline. Even if you enter into a private settlement with the driver of the other vehicle involved in the accident, you must still report the accident to your insurers. You may wish to visit the GIA’s website at www.gia.org.sg for more information.

What to Do at the Accident Site

You should take down the following particulars:
- registration numbers and name of insurance companies of all vehicles involved in the accident;
- names, NRIC Numbers, addresses and telephone numbers of the drivers, passengers, injured pedestrians and witnesses.
You should also give your particulars to the other parties involved in the accident.
Contact your insurers for a tow truck in the event you need one to move your vehicle after an accident, or if you need advice about the accident. You should not engage any unauthorized tow truck operators.
If it is a serious accident e.g. where someone is injured or has died, call the police. As the police need to draw a sketch plan, do not move the vehicles or dead bodies.
If possible,
- make a sketch plan or mental note of the accident site, position of vehicles, any landmarks; and
- take photographs of all damage caused by the accident and the scene of the accident, whether or not anyone has suffered injuries. You must keep the negatives of those photographs if you are using a film camera..
This is important. Many do not realize how essential and helpful sketch plans, photographs of the scene of the accident and photographs of damage sustained are to parties who are trying to resolve the accident claim, be it pre or post writ.
Note:Should you, as a vehicle owner, fail to report to your insurers within 24 hours of the accident, then you may find yourself prejudiced. That is, your insurers will have the right to reject your claim or to claim from you any sums paid by them for a third party claim made against you or your driver. This may result in a loss of your No Claim Discount when you review your policy next.

What to Do Immediately After

Police report

You should make a written police report as soon as possible at any police station or Neighbourhood Police Post. If you are hospitalized as a result of the accident, make your report as soon as you are discharged from hospital.

You have to give all the information mentioned in the paragraph ‘What to do at the accident site’.

The report must be made in English. If you have difficulty, ask someone to help you write a report or you can explain the accident to the police officer who will translate it into an English written report for you.

The police report is important because it is the official written record of the accident. Your insurance company, the police and lawyers will refer to it if you make any claim for compensation.

If you delay making a police report or General Insurance Association of Singapore (‘GIA’) report after an accident without good reason, there may be adverse inferences drawn against you. You must make a report of the accident to your insurers within 24 hours of the accident.

Damage to your vehicle

You should arrange for your damaged vehicle to be removed to the approved reporting centre for a survey to be conducted and for repairs, within 24 hours of the accident or by the next working day. Again you should avoid any unauthorized repair workshops. If, however, you wish to claim against the insurer of the other vehicle, you may wish to give the other vehicle’s insurer an opportunity to inspect your vehicle within a reasonable time (e.g. 48 hours).

See Full Story on lawsociety.org.sg

11 Reasons Why Hybrid Cars Are Better Than You Think

30 June 2015 By Digital Curator Leave a Comment

Image via Flickr user Kevin Dooley

When hybrid cars first came to our shores in 2001, they were an odd curiosity. In the intervening years, most Americans seem to have made up their mind regarding this new type of vehicle. Hybrid owners love their cars while drivers of traditional vehicles have reached their own conclusions, based largely on some erroneous assumptions.

Here are nine reasons why a hybrid car is better than you think it is.

1. Hybrids Are Not Slow

Many people conclude that the additional gas mileage offered by hybrids are not worth the cost of driving the slowest car on the road. In fact, hybrids are faster than you might think for an obvious reason – hybrid cars have multiple engines. In addition to the conventional gasoline engine, hybrids contain 1-3 electric motors that provide a little more horsepower and a lot more torque. Some models, like the Prius, use a smaller gasoline engine than similarly sized cars, but other hybrids simply add an electric motor to the standard engine which results in a faster combination than the non-hybrid version.

2. Hybrid Efficiency Is Not Just About The Car, It Is Also About The Driver

It is possible to drive a hybrid just like any other car, but your fuel economy will suffer. Hybrids want to be driven in a different manner in order to take advantage of all of the inherent efficiencies of their drive-trains. To help drivers get the most miles per gallon, most hybrids include some sort of feedback system that lets drivers know how the car is operating. For example, drivers learn when their car is in electric only mode, when the gas engine is running, and when they are generating energy from braking.

3. Hybrids Require Less Maintenance

When your engine is only running half of the time, your car will require fewer oil changes. Additionally, since a hybrid uses generators to decelerate while charging its battery, it will use its friction brakes far less often. The result is a car that will drive more miles before needing brake service.

4. Hybrid Batteries Will Outlast The Car

The most common concern that most drivers have with the concept of a hybrid is that they have an expensive battery that will need to be replaced. It is true that a hybrid’s batteries make up a substantial portion of the additional cost, but concerns that the battery will be unreliable are unfounded. In fact, Consumer Reports tested a 10 year old Prius and compared its performance to the same model when it was tested as new. They concluded that the 10 year old car with 200,000 miles performed identically to when it was tested as new. Furthermore, cities that have used hybrids as taxis found that their batteries were also working fine when the vehicles were retired as planned after 250,000 miles.

by Jason Steele

See Full Story on lifed.com

Insurance rise for ships and oil rigs

25 June 2015 By Digital Curator Leave a Comment

Image via Flickr user つだ

Ships and oil rigs that come to New Zealand will be forced to massively boost the amount of insurance they carry to guard against the environmental costs of an accident.

It is not known what the new level will be, but it could be five to ten times current levels, perhaps more.

The matter came up at a hearing in Wellington to consider a request by Shell Todd Oil Services to extend its gas pumping operations at the Maui gasfield off the coast of Taranaki, which has been operated since 1979 and could still be going in 2030.

The company needs a marine consent to continue operating under legislation governing New Zealand’s Exclusive Economic Zone.

While considering that application, the Environmental Protection Authority called managers from Maritime New Zealand to find out what protections are in place against an oil spill.

They learned that ships and oil rigs must carry a level of insurance equivalent to $27 million.

This does not refer to the level the Shell Todd rigs actually carry, but is the legal minimum for all vessels.

Maritime New Zealand general manager for safety and response Nigel Clifford told the hearing this was “not a very large amount on money at the present time”.

Outside the hearing, he said Government officials were working on requiring a much higher fee.

He did not say how much this would be, but said some wrecks overseas were incurring costs of hundreds of millions of dollars and this was being looked at by officials.

Clean up costs for the container ship Rena after it ran aground off the Bay of Plenty four years ago have reached $45 million but salvage costs have been estimated at $450 million.

Any new coverage level would be likely to have to go some way to meeting these sorts of sums.

Legal arguments are holding up the question of the Rena‘s final salvage.

by Eric Frykberg

See Full Story on radionz.co.nz

Diesel Cars: The Better Alternative You NOW Know About

23 June 2015 By Digital Curator Leave a Comment

Image via Flickr user Jose Luis Cernadas Iglesias

Surprise, surprise! You may remember how LTA re-categorized certain cars from CAT A to CAT B to reduce COE prices based on engine power. Sure, you won’t be seeing the Mazda RX8 or BMW 316i in CAT A anymore. But as Channel News Asia reported, there are still some luxury diesel-powered cars in CAT A that squeaked by the recent re-classification because of low engine power.

This means 2 things – 1) COE prices won’t be going down too much anytime soon because of these luxury diesel-powered cars still on Class A and 2) If you’re in the market for a new luxury car that’ll save you money on fuel, maintenance, and the cost COE, you better buy it now because I don’t think these cars will in CAT A for long.

Here’s a little more info on why diesel-powered cars are worth buying:

Interested in Switching Over to Diesel?

You already know that buying a new car is a horrible investment! By the time you’ve finished paying for COE, OMV, GST, and ARF, you’ve already forked over enough cash to buy a 3-Room BTO flat, or a platoon of T-72 tanks (I’m not kidding).

But if you’re dead set on either trading in your current car or have the capital to get yourself a new car this 2014, you need to consider buying a diesel car. True, they’re about as rare in Singapore as the slow loris and slightly more expensive than normal cars, but there’s a reason why they’re so popular in places like Europe – they’re fuel efficient, reliable, and attractive.

by Jeff Cuellar