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Benefits of travel insurance

18 April 2016 By Alex Tan Leave a Comment

Image via Flickr user Moyan Brenn

While many travellers spend a lot of time and effort in planning the perfect vacations, they tend to neglect the importance of getting a good travel insurance policy. Especially for travellers visiting certain places for their first time, they are more prone to fall ill and get into accidents despite the climate change in unfamiliarised places.

There will always be unfortunate incidents that might happen during their travels, anything could happen. Although travel insurance cannot help people from avoiding these misfortunes, it does offer support and comfort in terms of monetary compensation, which will be useful in certain situations like medical bills or trip cancellation.

For travel insurance policy, it offers financial recovery for medical expenses that are incurred because of accidents and illnesses. These medical treatment can be very costly in some countries especially for those who get involved in serious injuries. With travel medical insurance, travellers can be assured to get reimbursement for the total amount of money that they spend on medical treatment.

Besides this, they also covers medical evacuation, which travellers do not have to pay medical emergency transportation expenses with their own money.

By having a travel insurance, it provides protection against trip cancellation and interruption. When an emergency arises before or during a vacation, travellers may have to cancel or cut short their trips. Since they have already paid everything for their vacations, they will definitely have to lose certain amount of money if there is any last minutes changes. With this, travel insurance ensures that they will get compensation for their losses from trip cancellation or interruption.

In addition, those who have a travel policy will get coverage for any loss baggage or personal belongings. Other types of coverage include travel delay, tour operator default, personal liability, accidental death, legal expense etc.

Travel insurance policy does not only ensure that you will get coverage for unforeseen losses, it also provide you travel assistance and 24 hour emergency services to help their customers deal with tough situations during their vacation.

Your insurance company will offer you the best advice to solve your problems in the shortest time possible, which this kind of assistance is especially important when you are travelling to a country where locals do not speak your language.

By Damian Tysdal

See full story on USTIA

Research and Markets Releases Singapore Insurance Industry Governance, Risk and Compliance Report 2016

14 April 2016 By Digital Curator Leave a Comment

Image via Flickr user GotCredit

The ‘Governance, Risk and Compliance – The Singaporean Insurance Industry’ report is the result of extensive research into the insurance regulatory framework in Singapore.

Key Highlights:

– The Singaporean insurance industry is supervised and regulated by the Monetary Authority of Singapore.

– The favorable foreign direct investment (FDI) regime, which allows up to 100% foreign participation, will encourage international insurance companies to enter the Singaporean insurance industry.

– The direct placement of non-admitted insurance and reinsurance is prohibited in Singapore.

– Composite insurance licenses to carry on both life and general insurance business in Singapore are granted by MAS.

– Motor vehicle third-party liability insurance, workmen’s compensation insurance and government health insurance are compulsory in Singapore.

See Full Story at finance.yahoo.com

Singapore is still top re/insurance hub in Asia

12 April 2016 By Digital Curator Leave a Comment

Image via Flick user GotCredit

Singapore is likely to maintain its position as the pre-eminent re/insurance hub in Asia, despite the emergence of rival centres in the region, according to Axco Insurance Information Services.

There are two distinct forces driving the Singapore market, which are diametrically opposed to each other, according to Axco’s latest report. The Competition Commission is active in trying to ensure personal lines business remains as affordable as possible. At the same time, the regulator is under pressure from international financial institutions to ensure the enhanced solubility of the market by introducing stricter solvency rules and enterprise risk management regimes, said Axco.

Offshore business increased in volume from $1.5 billion to $6.1 billion in the seven years to 2013 and much of this has been driven by reinsurance in the region, according to the data. Whilst the larger reinsurers maintain offices in other parts of Asia – Hong Kong, Shanghai, Kuala Lumpur and Labuan – Singapore remains the location of choice for a single Far East regional operation.

“The implementation of freedom of services across the 10 Association of Southeast Asian Nation (ASEAN) member states which is predicted to apply to re/insurance in the next few years will further boost an already strong market.”

See Full Story at intelligentinsurer.com

Introducing Liberty Insurance

24 March 2016 By Alex Tan Leave a Comment

We would like to take this opportunity to announce that we have partnered Liberty Insurance Singapore as our third general insurer. It has been a while since we contemplated having a third insurer. However, in order to provide more competitive options for our clients, we have selected Liberty Insurance as our final partner.

Liberty Insurance Pte Ltd is a licensed general insurer regulated by MAS and a member of the General Insurance Association of Singapore. They are a 100% owned strategic business unit of Liberty Mutual Insurance Group. Headquartered in Boston, Liberty Mutual Insurance Group is a diversified global insurer and the 3^rdlargest property and casualty insurer in U.S. based on 2013 direct premiums

Liberty Insurance wrote a gross written premium of S$159 million in Year 2014 (based on Singapore Insurance Fund) and is ranked 7^th largest insurer in the general insurance industry. With a strong insurer as our partner, we are confident of providing more insurance coverage that suits your needs and risk exposure.

Liberty Insurance offers a wide range of personal and commercial insurance products including liability, motor, travel, home, personal accident, medical, property, work injury compensation, bonds, employee benefits and marine cargo.

We look forward to better serving you with your insurance needs. For any insurance enquiries, do contact us at enquiry@credence.agency or call our office at 68978226.

See more details at Liberty Insurance Singapore

Singaporeans’ travel plans and insurance, feared to be affected by the Zika virus

24 March 2016 By Digital Curator Leave a Comment

Image via Flickr user Matthew Hurst

Based on the number of inconsiderate neighbours breeding mosquitoes in the potted plants on their HDB balconies, Singaporeans aren’t that afraid of dengue fever.

But when it comes to the zika virus, people are a lot more wary. There may not have been any confirmed cases of zika virus infection in Singapore to date, but the horror stories of a purported link between zika virus infection and birth defects have made people sit up and take notice.

But based on the exclusions travel insurance companies typically insert, here are some things you should know.

The main risks of a zika virus infection

The problem with the zika virus is that you have it without exhibiting any symptoms. Heck, for all you know, all of us could be infected right know without even knowing it.

When you travel, your main concerns about the zika virus should be:

Coming down with symptoms and needing to seek medical treatment.

Now, where things get more serious is if you or your partner are pregnant, and the zika virus results in a birth defect.

You might choose to cancel or change the dates of your trip to avoid the zika virus.

What does your travel insurance cover?

Never assume your travel insurer will cover every possible mishap under the sun.

You are usually not allowed to make any pregnancy or childbirth-related claims.

You will not be covered when travelling overseas against medical or government advice.

Cancelling or changing your travel plans.

Medical expenses overseas.

Where are the affected countries?

In case you’re about to book your next big holiday and want to avoid locations experiencing zika virus outbreaks or transmissions, here’s the list from NEA as of 27 Jan 2016:

Countries experiencing outbreaks: Brazil, Cape Verde, Colombia, El Salvador, Honduras, Martinique, Panama, Suriname

Countries with local transmission or exported cases: Barbados, Bolivia, The Dominican Republic, Ecuador, French Guiana, Guadeloupe, Guayana, Haiti, Mexico, Paraguay, Puerto Rico, Saint Martin, Samoa, Thailand, US Virgin Islands, Venezuela

What are some airlines, cruiselines and hotels doing in response?

Some airlines, cruiselines, hotels and travel companies are allowing travellers to change their travel plans free of charge or offering refunds in light of the zika virus issue.

The list of companies that have done so include United Airlines, JetBlue, American Airlines, British Airways and Delta Airlines. If you’re scheduled to fly or are about to book your tickets, call up the airline and ask about their policies. Some will require a doctor’s letter before they’ll let you rebook or cancel.

Hotel chains may be willing to offer cancellation waivers as well, although these are rarely articulated officially. Hilton claims it will be doing so on a case-by-base basis. When in doubt, it’s best to check before making a booking.

In all honesty, if you’ve already booked a trip and are not a pregnant lady, it’s probably more worthwhile to safeguard against being bitten by mosquitoes than it is to go nuts over the news reports.

by Joanne Poh

See Full Story at news.asiaone.com

Singapore’s life insurance business grew 9% in Q4 2015

22 March 2016 By Digital Curator Leave a Comment

Image via Flickr user Brian Evans

SINGAPORE’S life insurance business grew 9 per cent year on year to S$832.2 million in the fourth quarter of 2015 in total weighted new business premiums – a way to measure the growth of the life insurance industry – lifted by sales of non-linked weighted single-premium plans.

Weighted annual premium sales for the quarter inched up marginally by one per cent to S$550.3 million.

Weighted single-premium sales rose 9 per cent to S$940.8 million in 2015, of which single premium-linked sales comprised 26 per cent, while CPF-funded policies made up 16 per cent.

In 2015, weighted annual premium sales rose 7 per cent to S$2.06 billion.

He added that the Integrated Shield Plan (IP) insurers have been working with the Ministry of Health on the standard class B1 plan, which will be announced soon.

by Claire Huang

See Full Story at businesstimes.com

HK and Singapore sales explored by Zurich Insurance

17 March 2016 By Digital Curator Leave a Comment

Image via Flickr user United Way California Capital Region

Zurich Insurance is exploring a sale of its Hong Kong and Singapore operations as it reviews its non-core businesses outside Europe, sources familiar with the matter said.

The Swiss insurer has discussed the plan with several investment banks but has yet to hire advisers, the sources said, cautioning that no deal was certain.

The Swiss insurer launched an in-depth review of its business in September after explosions at the Chinese port of Tianjin caused losses of around $275 million. It had also abandoned a 5.6 billion pound bid for Britain’s RSA Insurance after a “deterioration” in its general insurance business.

Asian franchise

A partial exit from Asia will need the blessing of Zurich’s incoming boss Greco.

The 56-year-old executive will take over the reins in March from Tom de Swaan, who has held the role on an interim basis since Martin Senn stepped down in December.

“It’s up to Greco to take the final decision on Asia,” one of the sources said.

If a sale goes ahead, Zurich will focus on China, Indonesia, Japan, Malaysia, Australia, New Zealand and Taiwan, the sources said.

by Michele Limina

See Full Story at cnbc.com

Motor insurance fraud lead mastermind to jail

15 March 2016 By Digital Curator Leave a Comment

Image via Flickr user Michael Coghlan

A man who was one of the brains behind a motor insurance fraud syndicate that submitted false claims of about $380,000 in relation to nine staged accidents was jailed yesterday for three years and four months.

Su Chia Ern, 45, who owned the now-defunct car workshop Concept Services Enterprise, pleaded guilty to six charges of cheating.

The two other masterminds were Teo Kok Hwee, a managing director of a recruitment services firm, and Pan Weida Pepin, a car dealer.

Su, Teo and Pan would recruit car owners and drivers to make false reports stating they had been in traffic accidents, when they had not.

The trio would stage the accidents, but got others to submit property damage and personal injury insurance claims in their names.

To support the claims, Su would take photos of the damaged vehicles. He would sometimes even remove parts of a vehicle to make it look like it had been involved in a genuine accident.

In 2009, Su got Godfrey Liew Kok Hon, 41, the husband of his girlfriend’s sister, to submit a false claim when he found out Liew was having financial difficulties.

The prosecution asked for 31/2 years’ jail for Su, noting that such cases involve multiple layers of deception, and cause premiums for all motor insurance policyholders to rise. In 2013, the General Insurance Association of Singapore said it conservatively estimated one-fifth of all claims to be inflated or fraudulent, and such claims cost about $140 million a year.

Su is out on $200,000 bail, pending an appeal against the sentence. He could have been jailed for 10 years and fined on each cheating charge.

In all, 15 people in the syndicate, including Su, have been convicted.

by Amir Hussain

See Full Story at straitstimes.com

Millions to Get Affected by New Hike In Insurance Costs

23 February 2016 By Digital Curator Leave a Comment

Image via Flickr user Fred Benenson

The tax paid every time a policy is taken out increases from today – making premiums for cars, homes and pets more expensive.

Families could end up paying £100 more for insurance policies per year, experts have warned – as a tax increase on premiums comes into force from today.

Young motorists are likely to be most affected, and AA Insurance analysis suggests the average quote for 17 to 22-year-old drivers will soar from £1,278 to an “eye-watering” £1,319.

It is feared the tax hike could tempt some people to drive without the correct insurance – even though routine police checks would quickly uncover a fraud attempt.

Not all types of insurance are affected by the new tax rates, however.

For example, life insurance and mortgage insurance are completely exempt from IPT.

Meanwhile, travel insurance is already subject to a higher tax rate of 20%, and this will remain unchanged.

See Full Story at news.sky.com

After the rise in insurance premium tax, drive down car costs

17 February 2016 By Digital Curator Leave a Comment

Image via Flickr user SuperCar-RoadTrip.fr

MILLIONS of drivers will have to pay more for their motor insurance as a new tax hike comes into force today after Chancellor George Osborne announced in his July Budget that he would increase insurance premium tax (IPT) from 6 per cent to 9.5 per cent from November 1.

IPT is added to the premiums you pay on everyday cover such as pet, household and private medical insurance, all of which are set to rise in price.

Motorists will be among the hardest hit, with more than 7.3million paying extra as a result. There is nothing you can do about IPT, but there are plenty of ways to cut the cost of motoring.

Taxing time For every £100 you spend on your car insurance, you will now pay £9.50 in IPT (£3 more than before).

If you are part-way through your policy and pay by monthly instalments, your payments will stay the same until renewal.

IPT is added to the premiums you pay on everyday cover such as pet, household and private medical insurance, all of which are set to rise in price.

Shopping around may also help to offset the recent surge in motor insurance premiums, up nearly 30 per cent in the past year, according to comparison site Tiger.co.uk.

Visit comparison sites such as MoneySupermarket, GoCompare and CompareTheMarket.com, but do not simply go for the cheapest policy, make sure it gives you all the cover you need, with an excess you can afford.

Young pay more The IPT hike will hit young motorists hardest, as it is charged as a percentage of their already sky-high premiums.

The average motorist under-25 will pay an extra £40 a year because of the change, according to CompareTheMarket.

McCulloch suggests younger motorists consider taking out a “telematics” insurance policy, which installs a black box in your car to monitor how safely you drive: “Our research shows that safer drivers can reduce their premiums by almost 50 per cent.”

Downsize to a smaller car Smaller cars guzzle less fuel than bigger motors and are also cheaper to tax and insure.

While it may be hard for families to downsize, new research shows that older drivers typically make the shift down.

More than half of retired motorists opt for more fuel-efficient cars, with the ideal retirement car an economical city hatchback such as a Citroën C3 or Vauxhall Corsa, according to new research from Age UK Enterprises.

He says you should also beware hidden administration fees for extras such as changing the vehicle on your policy.

There are plenty more ways to cut down the cost of motoring. You can search for the cheapest fuel in your area by visiting free website PetrolPrices.com and discover what you will pay at different forecourts.

To help reduce your premiums try to build up your no-claims discount, check your insurer has your correct annual mileage and notify them if you have installed an alarm or start to park off the road.

by Harvey Jones

See Full Story at express.co.uk

Insurance Agency Singapore | Commercial Insurance and Personal Insurance