Come into effect next month against new owners claim the insurance company may refuse compensation structure

(2008-05-27)

● Zhao Wanyi

From next month 1 days, in the event of no casualty accident, whether the vehicle has no obvious damage, driving whether both sides want to claim, shall record the license plate number, each other's name, ID number, contact information and insurance company information, and report on the accident occurred within 24 hours or the next work to the individual insurance company.

The owners do not comply with the new regulations

The policy will lose part of NCD

Under the new regulation, drivers must go to the insurance company designated by the Towing Co and the garage for repair. If the violation of the regulations, the insurance company may refuse to compensate. In addition, does not comply with the new requirements of drivers will lose part of no claims discount in the update policy (NCD). The new rules will become the new policy conditions to join the insured automobile insurance.

President of the General Insurance Association of Singapore Zhao Qingbiao yesterday said in a press conference, in order to help drive traffic accident are properly handle the aftermath, the Insurance Institute for all members, launch vehicle claims architecture (Motor Claims Framework), a set of common program clear for drivers, to avoid confusion caused by opinion garage, drive and the insurance company disputes.

He cited two cases generated common claims disputes. In one case, some drivers will accept non designated Towing Co and repair business services, the results from "big number" bill; another is involved in a car accident, the party said at the scene of the accident no claims, but afterwards abruptly to the insurance company to put forward the huge claims.

The new architecture in addition to the 800000 drivers benefit, improve the efficiency of automobile insurance claims, but also contribute to the control of the motor insurance industry loss.

According to the newspaper earlier reported, the car insurance premiums last year increased by 8%, but claims growth disproportionately, loss of local automobile insurance industry last year from the previous year's 630000 yuan up to 1 million 3200000 yuan.

In recent years, automobile insurance loss ratio increasing. From the beginning of last year's first quarter, auto insurance loss ratio is high. The first season of the loss ratio is more than 75%, the third quarter soared to 96.2%. In other words, every 1 yuan of net premium income is net compensation of 96.2 points.

Zhao Qingbiao said, the new claims procedures if play a role, the ideal vehicle insurance loss ratio should be controlled below 70%.

The automobile association and the association welcome

Vehicle claim architecture for Singapore Automobile Association, the association of welcome.

Association director Xie Chengchun in the General Insurance Association of Singapore yesterday issued a press release said: "vehicle claims architecture will help to reduce and avoid between consumers and insurance claims and other disputes. The Association welcomes this provision, and hope that the drivers will follow the guidelines for."

Association will be through the media and various pipeline, launched a series of educational work, attention should be paid to teach the program reported drivers when the accident occurred.