QBE Asia’s Post

With 54 per cent of motor vehicles without insurance papers, regulator IRDAI has proposed every general insurance company would be required to underwrite at least a 20 per cent increase in total number of goods-carrying and passenger-carrying vehicles on an annual basis or 10,000 vehicles in each category, whichever is higher. Moreover, every new insurer will underwrite a minimum of 10,000 goods-carrying and 10,000 passenger-carrying vehicles in the first financial year of its operations. The first financial year is the year in which the regulations become operational. This is part of the proposed Exposure Draft on IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024, on which stakeholder comments have been sought by February 27, 2024. Source and Credit: Telegraph and Respective Author.

When a weak subsidiary leaves a market, it benefits consumers by allowing stronger players to provide better services and more competitive options. This decision can enhance the overall market efficiency and customer experience. Insurance companies need to find efficiencies within their operations and adapt to the market. In Ontario, healthcare professionals have adapted for 15 years due to insurance companies lobbying to keep rehabilitation rates unchanged. Instead of insurance companies blaming the government, it's time for insurance companies to look inward and find operational efficiencies. In an environment where auto insurance is mandatory and rates in Canada are higher than the most litigious states south of the border, the operational inefficiency increases premiums. Let's not be fooled by a one-sided narrative that presents the failures of a subsidiary insurance company to run an efficient business in a captured market as the government’s fault.

Malaysia’s general insurance sector is projected to grow at a 7.8% CAGR, reaching $6.8b in 2028 from $5.0b in 2024. - Forecasts predict an 8.3% growth in 2024, driven by motor and property insurance, which will constitute 73% of the Direct Written Premium (DWP). - Motor insurance, comprising 46.9% of DWP in 2024, is expected to grow by 8.9%, driven by increased vehicle sales. - Traffic accidents and rising claims will lead to higher premium rates, supporting motor insurance growth. - Property insurance, holding 26.4% of DWP in 2024, will grow by 11.4%, driven by demand for natural catastrophe policies and rising premium prices. - Personal Accident and Health (PA&H) insurance will grow modestly by 0.3% in 2024, with a 3.1% CAGR from 2024 to 2028. - Liability, Miscellaneous, and Marine, Aviation, and Transit (MAT) insurance will account for the remaining 16.6% of the DWP in 2024. - Economic recovery, increased consumer awareness, and rising vehicle sales will boost the industry over the next five years. Source: https://lnkd.in/gUHijSyY

Do you wonder what affects your commercial auto premium? Today, Grenville Mutual Insurance outlines 10 factors that impact your commercial auto rates. #commercialautoinsurance #insurance #autoinsurance https://lnkd.in/eFgKZ76G

The key to success for auto insurance agencies lies in their ability to anticipate, identify, and mitigate risks effectively. Here's how.

E&S Insurance Market Growth Slows but Remains Strong

Recent findings from the SECP highlight that less than 3 percent of registered vehicles in Pakistan are insured, underscoring challenges in insurance processes. Our CEO Rehan Butt shares a couple of instances from last week to illustrate customer struggles with the current state of vehicle insurance: * His personal experience with premium renewal involved difficulties coordinating payment through a supposedly tech-driven insurer, emphasizing the need for streamlined processes. * A friend faced hurdles initiating a claim for his car's broken wing mirror, encountering inflexible surveyor scheduling. These stories, involving professionals in banking and insurance, underscore the common struggles faced by individuals, especially first-time insurance buyers. At Instaful Solutions, we're committed to addressing these challenges in the insurance industry. Follow us for updates on our journey toward a more inclusive and efficient insurance experience. Share your thoughts on challenges or improvements you'd like to see in the comments section. #Insurance #InsurTech #CustomerExperience #InclusiveInsurance #DigitalInsurance #MotorInsurance #Instaful

Will insurance companies in Malaysia follow suit?

Excited to share my latest research article co-authored with Professor Arnt Buvik and Professor Nazaré Rego, published in the International Journal of Procurement Management: "Antecedents of Hidden Action Problems in the Egyptian Automobile Insurance Market: Buyer-Supplier Relationship Perspective." In this study, we delve into how asymmetric information impacts hidden action problems between insurers and policyholders. Through analyzing 63 insurer-policyholder relationships, we uncover key insights on trust, pre-screening, and contract types. Notably, the findings emphasize the critical role of trust and thorough pre-screening in mitigating hidden actions. Additionally, the effectiveness of self-protection measures varies significantly depending on the type of insurance contract. Importantly, we also reveal the "dark side of buyer-supplier relationships" in the insurance sector, highlighting the necessity for transparency and disclosure of self-protecting actions by policyholders. A special thank you to my co-authors, Prof. Nazaré Rego and Prof. Arnt Buvik for their invaluable contributions. Dive into the details and explore how these dynamics shape the Egyptian automobile insurance market. Link to the article: https://lnkd.in/dru4VVxx

There are times that I worry we could be insured out of the business with insurance increases that we've experienced through Covid and today! https://lnkd.in/gPdMFkQV #businessinsurance #insurancerates #insurance #insuranceincrease #businesscosts #warehousing #freight #freightnews