China: Online insurance mart to exceed US$58 bln by 2019

The online insurance market in China is forecast to grow to at least CNY364.5 billion (US$58.76 billion) by 2019, as the Internet transforms the way insurance is sold.

A recent report by Ping An Securities said: “If, in the next five years, property and casualty insurance premiums grow at 15% per year, the annual insurance premiums in 2019 are expected to reach CNY1.215 trillion. If online insurance covers 30% of the market, the online market space would be CNY364.5 billion."

According to statistics released by the China Insurance Regulatory Commission, China's insurers recorded total premium income of over CNY2 trillion in 2014, with growth of 17.5% over 2013. Premiums from life insurance policies sold online surged 548.51% to CNY35.32 billion, while those from non-life insurance rose by 113.65% to CNY50.6 billion.

Mr John Cai, CEO of AIA China, told the Nanfang Daily newspaper: “In recent years, the development of Internet finance has accelerated, and this will have a huge impact on the insurance customer. If the insurance sales process is complicated for the customer, or if he experiences poor service, this will be known very quickly (through the Internet) and force the insurance company to make big changes.”

Mr Cai expects the Internet to have a disruptive impact on the entire insurance industry. “Any complex or difficult-to-understand laws or regulations governing traditional insurance products will become increasingly simplified.”

There are four types of Internet distribution modes in the Chinese insurance sector:

• the self-owned platform of a traditional insurer, such as China Life's e-Home and Ping An's Online Mall;
• a wholly online insurer, namely, Zhong An Insurance;
• a professional third-party insurance intermediary platform that is set up by insurance brokers or agencies, such as Ubao and Zhongmin; and
• a general e-business platform, such as Taobao and Suning.

The Chinese government is keen on promoting online finance to push financial institutions to accelerate reforms and boost economic growth.

Article source:

http://www.asiainsurancereview.com/

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Do You Need Travel Insurance?

Travel is all about freedom, and topics like travel insurance can take the fun out of things, but it’s an important decision that will affect your journey. Travel insurance can minimize the considerable financial risk of travelling and being insured gives you more freedom.

For some travelers, insurance is a good deal for them but for others it’s not. How much is peace of mind worth to you? How willing are you to take a risks? take these considerations into account, understand your options, and make an informed decision for your trip. Buying travel insurance is an even better way to know that an accident won’t ruin the rest of your life.

Travel insurance is a great gift for a traveller. This insurance caters to the needs of the traveller. The policy is usually very versatile. It can provide in one package for death, disablement, accident, medical expenses, mortal remains repatriation, personal liability, baggage lost, trip cancellation, loss of travel documents, flight and luggage delay.

That’s why it is wise to be prepared for anything including having someone to count on when the going gets tough. That’s why travel insurance is absolutely necessary. We can give you a comprehensive protection, so that you are well taken care of even when you are miles away from home.

As the travel insurance package could contain various combinations of these types of protection but it is wise to study the policy to find out what is covered and for how much. 

Article sources:

http://www.priceoftravel.com/2392/reasons-you-should-or-should-not-get-travel-insurance/

http://www.piam.org.my/index.php/consumer-education-information/travel-insurance

https://www.ricksteves.com/travel-tips/trip-planning/travel-insurance

Photo source:

http://theclassytraveler.com/travel-insurance-a-protection-for-yourself-and-your-loved-ones/should-i-get-travel-insurance/

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Do's and Don'ts : When Applying For a Personal Accident (PA) Takaful Plan

Personal accident (PA) takaful is an annual plan that provides you or your beneficiaries with compensation in the event of death, disablement or injuries arising from an accident.

Do's and Don'ts:

• Do disclose all material facts on the risks to be covered.

• Do read the 'Important Notice' on the Proposal Form.

• Do answer all questions fully and accurately.

• Do complete and sign the Proposal Form yourself.

Personal Accident Takaful: What To Not Do

• Don't leave any question in the Proposal Form unanswered.

• Don't use ticks & dashes to answer the questions requiring full answers.

• Don't withhold or misrepresent any material fact. Otherwise, the plan issued will be void, meaning that the claim can be repudiated.

• Don't sign any blank forms.

Article source:

http://www.islamicfinanceinfo.com.my/discover-takaful/know-your-takaful-products/personal-accident-takaful

Image source:
http://cdn.totalfratmove.com/wp-content/uploads/2011/08/ff87558077e4714209830dceb31b57821086198521.jpg

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Personal Accident Takaful: Making a Claim?

Personal Accident Takaful

Personal accident (PA) takaful is an annual plan that provides you or your beneficiaries with compensation in the event of death, disablement or injuries arising from an accident.

You can either participate in a PA takaful for yourself or group plan for your family. The basic cover of a PA takaful includes death and disablement arising from accidents.

The takaful operator will pay you or your nominees, subject to the terms and conditions of your PA takaful.

The claim against your insurance company will be a frustrating process if you don’t prepare the necessary materials needed, or if you are not familiar with the procedures. It is advisable to know at least the basics for death claims and injury claims.

Death Claim

To proceed with a death claim, it is important to submit the police reports and all relevant documents to the insurance company. Also, the claim form should be filled up along with the required documents (such as the death certificate in this case). It is important that the person submitting these documents do a quick assessment to avoid the claim being rejected or delayed.

•  A police report must be made.
• The Takaful Operator must be notified as soon as possible.
• The claimant will be given a claim form which should be submitted together with:

> Supporting documents required by the Takaful Operator.

> Death certificate.

> Burial permit.

If there is no beneficiary nominated, the dependents of the deceased or the executor of the deceased’s estate should provide proof of dependency or letter of administration.

Injury Claim

In case of an injury that is covered under your policy, you will have to notify the insurance company and acquire the claim form. Fill in the details and attach with it the required medical reports, bills, along with other documents pertaining to your injury.

Note that time is crucial, and a lapse of time in getting your claim done may cause you hardship too. So be wary of the terms in the policy regarding the time frame and other conditions.

• You must notify the Takaful Operator of the injury in writing within the time frame stipulated in the personal accident Takaful certificate.
• You should submit the claim form with supporting documents:

> Medical reports.

> All certificates, information and evidence required by Takaful Operator must be supplied of the claimant in the form prescribed by the Takaful Operator.

Articles source:

http://www.islamicfinanceinfo.com.my/discover-takaful/know-your-takaful-products/personal-accident-takaful

http://www.imoney.my/articles/the-personal-accident-insurance-claim-process/

https://www.easicircle.com/my/product/product_details.aspx?PlanCode=MAASTPA

Photo source:

http://www.newham.gov.uk/PublishingImages/CommunityLiving/Council-risk-management-insurance-daims.jpg

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