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Showing posts from 2010

Finexis Sends Letter for AXA FutureProtector

I received a letter from Finexis that said someone from the company will contact me regarding my lapsed AXA FutureProtector.   The matter of fact is this: I was offered FutureProtector free of charge and that was the reason why I took it up. After the free offer from Finexis, AXA apparently lodged a complaint due to the high number of lapse cases and wanted to claim some money back from Finexis. I wonder how this will pan out as I have not intention to continue with the AXA FutureProtector. Maybe they will offer me another free one year trial? =)

Motor insurance losses down

Motor insurance losses down It seems like Motor insurance underwriting losses are down for 2009. The underwriting loss for 2009 was $44.5 million compared to the $214 million in 2008. With a lower underwriting loss, consumers can expect a less drastic rise in motor insurance premiums for their cars. Insurance premiums will most probably stabilise and even if they do increase, will be by a lesser quantum compared to the previous year. This news will definitely be welcomed by motorists. A lot however still needs to be done to make sure that the motor insurance claims regulatory framework is closely monitored to ensure that nobody abuses the system.

Prudential Buys AIA

I finally received a letter from AIA regarding the recent news about Prudential's potential takeover. Dear XXXX, As you have probably seen in the news, AIG has entered into a definitive agreement to sell AIA to Prudential for approximately US$35.5 billion, subject to Prudential's shareholder approval, regulatory approvals and customary closing conditions. AIA is a strong and successful organisation today because of our focus on meeting your needs, supported by a dedicated agency force, distributors and professional employees. We understand Prudential and AIG are devoted to preserving the AIA brand and its commitments. We would like to assure you it is business-as-usual for us and our focus will continue to remain on you, our customer. We will continue to provide you with products and services that meet your needs now and into the future. There are no changes to the policies you have with us and all policyholder obligations will be honoured. If you have questions, please do no

Prudential takesover AIA

AIG bids farewell to its Asian arm AIA as a takeover by Prudential takes place. British insureer, Prudential, will offer up to US$35 million dollars for AIA. The deal will be settled through cash, paid through a rights issue by Prudential and also through AIG taking a minority stake in the British insurer. Prudential stepped in after AIG announced that it was intending to IPO its Asian arm. Analysts had previously forecasted that the IPO would raise 10 billion dollars. AIG had earlier intended to auction off 49 percent of its Asian arm after the financial crisis but that failed as it did not receive any suitable offers. Prudential will double its size by this deal.

Medisave Can Now Be Used in 12 Malaysian Hospitals

Good news to all Medisave Account holders. Patients can now use Medisave to pay for private care abroad from next month onwards. This is limited to 12 hospitals and medical centres in Malaysia. However, patients will still have to be referred by two Singapore group centres first before they can seek treatment. The treatment has to be day surgery or in-hospital admissons. The two groups are Health Management International and Prakway Holdings. The referral centres for both are situated at Balestier Clinic and Health Screening Centre and East Shore Hospital respectively. This move would give Singaporeans more choice when it comes to seeking medical treatment overseas. The only question now is whether Medishield insurance coverage would also be extended to help pay for the bills overseas.

Medisave is for Rainy Days

After certain groups were asking that Medisave be allowed for the detection of breast cancer, Health Minister has responded. I agree with his response and feel that medisave should be indeed kept for a rainy day instead. HEALTH Minister Khaw Boon Wan said on Sunday that he was 'sympathetic' towards the need for women to have mammograms, but said he was concerned about people depleting their Medisave accounts too quickly. Speaking after house visits where he helped distribute food hampers to 260 households in a rental block in Marsiling, he said: 'Don't forget, Medisave was for hospitalisation. It is for sick people - in fact, very sick people, who have bills of around $2,000.' He was responding to an appeal from Minister in the Prime Minister's Office Lim Hwee Hua to let women use Medi-save to pay for breast cancer screenings. Mrs Lim said on Saturday that helping women aged 50 to 69 form a habit of screening for breast cancer every two years is a current priori

Prudential Buys UOB Life

Just managed to browse through the news to see this article pasted below: UNITED Overseas Bank (UOB) has sold its life insurance unit for $428 million to UK's biggest insurer Prudential, in a move that will free up some capital to strengthen its core banking business. The so-called 'alliance' will see UOB distribute Prudential's life, accident and health insurance products in Singapore, Indonesia and Thailand for at least 12 years. UOB Life Assurance, which was incorporated in Singapore in 1990, has over $2 billion in assets as at September last year. It also has 50,000 policyholders who hold a total of 70,000 policies. It has no agents. UOB Life's products are distributed mainly through channels like bancassurance - or the sale of insurance and other similar products through a bank - and through independent financial advisers. At a briefing on Wednesday, UOB Group's deputy chairman and chief executive Wee Ee Cheong said that UOB Life is a 'relatively small