In Singapore, if there is no claim made during a period of Insurance immediately before the renewal of a policy, a NCD will be granted on the renewal premium.
The discount increases as the years increase.
NCD is transferable from one Insurer to another
The term “Excess” in Motor Insurance relates to the 1st part of any claim that the Insurer will not pay. This amount has to be paid by the Insured.
“Excess” may be removed/reduced if the Insured proposes to pay a higher premium.
Reasons for “Excess”:
- Making the Insured liable for the excess payment, instills a greater sense of care on the part of the Insured
- Rather than terminating the policies of Insureds with bad claim experience, higher excess may be offered
In Singapore, private motor insurance applies only to the following areas:
- The Republic of Singapore
- West Malaysia
- Part of Thailand within 50 miles of the border between Thailand & West Malaysia
There are 4 general types of Motor Insurance:
1] Act Liability Only
- This is the only compulsory cover in Singapore
- Covers only death or bodily injury to third-parties (including passengers)
- This cover is usually not sold on its own
2] Third-Party Only
- Covers death or bodily injuries to third-parties and/or passengers, and also covers damage to property belonging to third-parties
3] Third-Party, Fire & Theft
- Covers death or bodily injuries to third-parties and/or passengers, and also covers damage to property belonging to third-parties
- Plus covers loss or damage resulting directly from Fire and Theft Only
4] Comprehensive
- This cover has the widest protection, it covers the Insured’s liability for causing death/bodily injury or property damage to third-parties (including injury/death to passengers)
- Also covers damage to vehicle the Insured owns
- It can provide for reasonable medical expenses incurred arising from his own bodily injury and also Personal accident benefits
An examples of a Comprehensive plan is AIG Auto Plus..
AIG Auto Plus Brochure download:
http://www.aiggeneral.com.sg/Images/AutoPlus%20Brochure%200409_tcm440-66918.pdf
For more information, please drop me an email: mark.lim@aia.com.sg
“Over 100 people were evacuated from a block of flats in Marine Parade on Monday after a fire broke out in an apartment.
A MediaCorp viewer captured the fire on film as it burnt a 5th floor unit at Block 53, Marine Terrace.
The fire broke out shortly before 3:30pm.
SCDF officers broke into the burning unit and quickly put out the fire which had started in a bedroom.
A Chinese man, who is believed to be in his 40s, was found in the living room with burn injuries. He was rushed to the Singapore General Hospital.
His neighbour - a Chinese woman in her 60s - was sent to the Changi Hospital after complaining of breathing difficulties.
The cause of the fire is being investigated.“
SOURCE: http://www.channelnewsasia.com
E-xcellence –> To be the best one can be
T-rustworthiness –> An Insurance Agent possesses specialized knowledge that an average person will not usually know, thus they are reliant on the Agent to provide professional service & expertise
H-onesty –> Telling the whole truth and being fair
I-ntegrity –> Incorruptible
C-aring –> Having a caring attitude is the motivation behind the work of an Insurance Agent, no amount of money or recognition is reward enough for the challenges Insurance Agents face everyday
S-elflessness –> To identify the risks and to help clients get adequate cover for the risks they are facing, by serving others’ best interests, Insurance Agents indirectly serve their own interests
Co-Insurance is a method where several Insurers share direct responsibility for a risk, it increases the capacity of a market to underwrite risks.
Reinsurance is where an Insurer transfer part of a risk to another Insurance company (Reinsurer).
The Reinsurer can also transfer part of their risk to other Reinsurers, this is called Retrocession.
Reasons for Reinsuring:
1] Stability – It stabilizes the insurers losses by smoothening the fluctuations of the losses from each year
2] Capacity – The direct Insurer might not have the underwriting capacity to accept certain risks
3] Catastrophe Protection – Catastrophes can lead to massive claims, Reinsurance can cushion the effects of such events
Methods of Reinsuring:
1] Facultative – Customizable, time-consuming and costly
2] Treaty – Not customizable, Reinsurers are bound to accept risks without prior knowledge, less cumbersome and less costly
Types of Reinsurance:
1] Proportional – The amount of risks & premiums retained are shared in the same proportion by the Insurer & Reinsurer
2] Non-proportional – Reinsurer automatically accepts liability for all losses in excess of an agreed amount
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