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Topik: The Star

Fraudsters force insurance firms to fold

Sumber: The Star, 14th January 2011

So serious is the problem that two motor insurance firms closed shop under the weight of fraudulent claims involving millions of ringgit.

Fraudsters are getting smarter and better informed on the inner workings of insurance companies, said National Association of Malaysia Life Insurance and Financial Advisors (Namlifa) board director Ban Hoan Keong.

“Most have contacts in the insurance business network, thus they are able to find ways to take advantage of the weaknesses and loopholes,” he said.

Ban, who has over 20 years’ experience in the insurance field, said there had been cases where the culprits even went to the extent of chopping their fingers as well as faking deaths and exaggerating illnesses.

He added fire and accident claims accounted for some of the common fraud cases.

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Source: The Star, 7th January 2011

Employees covered by the Foreign Workers Hospitalisation and Surgical Insurance Scheme need not pay a deposit or produce a guarantee letter to be admitted to a government hospital.

“These foreign workers only need to produce their passport at the registration counter,” Health Minister Datuk Seri Liow Tiong Lai said Friday.

This followed the implementation of the Foreign Workers Health Insurance Protection Scheme on Jan 1 which provides for cashless admission, he said in a statement.

The insurance scheme provides coverage of up to RM1,000 with premium payment of RM120 a year.

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Source: The Star, 20th December 2010

The insurance sector is expected to continue its growth momentum, albeit at a slower pace, with the life insurance business projected to grow by at least 12% next year.

Life Insurance Association of Malaysia (LIAM) president Md Adnan Md Zain said: “With the economic growth projected to be around 5% next year coupled with the recent Economic Transformation Programme initiatives such as the Employee Insurance Scheme, Private Pension Scheme and the Foreign Workers Health Insurance Scheme, we should see the industry topping at a pace of at least 12% in new business sales next year.”

New business sales rose by 19% on a weighted premium basis in the first three quarters of 2010 attributed by a strong performance in regular premium sales which went up by 21% compared with the same period last year. Single premium business, however, registered a small decline of 1%.

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