HKFI said IA's release of motor claim data proves speculation that motor insurance is invalid during extreme rainstorms 'hold no basis.'
Data from Insurance Authority, sourced from 104 general insurers, shows US$243m in claims, dominated by property (86%) and motor damages (9%).
With fraudulent activities constituting approximately 20% of motor claims in Singapore, the General Insurance Association has urged motorists to employ defensive measures against elaborate scams that are putting upward pressure on premiums.
The review of insurers' response to the 2022 floods, commissioned by ICA and conducted by Deloitte, has yielded a report with recommendations to improve disaster readiness and handling across seven key areas.
The aircraft lessor secured a US$710m insurance settlement related to 16 aircraft stranded in Russia due to the war in Ukraine.
New Zealand insurers have settled 64% of claims volume, amounting to NZ$2.05bn (US$1.19bn) of the —newly revised — NZ$3.5bn (US$2.07bn) in claims.
AM Best estimates the flooding in Hong Kong and the Pearl River Delta, caused by 1-in-500 year downpours, will result in losses similar to those caused by Typhoon Mangkhut — which could be billions of Hong Kong dollars in claims.
Hong Kong's Insurance Authority has called on insurers for swift, transparent, and equitable settlement of claims following the unprecedented devastation caused by heavy rains which followed Super Typhoon Saola in Hong Kong.
Bigmotor and Sompo face imminent inspection by Japan's financial watchdog, as part of an investigation into fraudulent claims made by the user-car dealership.