Allsom

The 2nd edition of Insuring Cargoes-A practical guide to the law and practice (Witherbys UK) is out. See the link below:

https://shop.witherbys.com/insuring-cargoes-a-practical-guide-to-the-law-and-practice-2023-2nd-edition/

The author, K.S.Vishwanath (Vish) is no stranger to Singapore as he has conducted a number of workshops for our market for senior practitioners. The publisher's website provides a detailed Contents List which shows the wide array of topics covered. As this is a book written by a practitioner, the topics he has covered will be of practical relevance to anyone involved with marine cargo insurance.

Mike Roderick, Partner, Clyde & Co, London has written the Foreword to the book.

Insuring Cargoes - A Practical Guide to the Law and Practice 2023, 2nd Edition Insuring Cargoes

The scope of cover for General Liability Insurance is wide and can be complex. It can be challenging for brokers and underwriters to fully comprehend; assess & provide most appropriate coverage associated with the various types of liabilities via policy wordings, without having understood these products in depth. This applies to personal, commercial, and construction liability insurances.
For claims assessors and legal experts handling liability insurance, interpreting coverage applying applicable laws and regulations to meet compliance requirements can be onerous and gruelling.

This General Liability Insurance training aims to provide an understanding to the laws and principles applicable to Liability Insurance. It will also cover, in depth, the insuring clauses, exclusions (and their writebacks), conditions, and policy extensions of a General Liability Insurance policy.
Underwriting and pricing general liability risks is an essential topic which will be shared and discussed in this training. Fascinating practical liability claims cases will add to the intrigue of this training.

This training is beneficial to those who have some experience handling general liability insurance, although those who want a basic understanding of general liability insurance are welcome to attend.

The trainer of this course is Mr Suhird Kamra. He has robust experience in underwriting liability classes in US & Canada as well as in Asia. Mr Kamra is a leading international trainer & independent General Insurance Consultant. He has 35 years of experience in Risk Engineering & Underwriting of various classes of insurance covering Property, Casualty and Financial Lines. From having been a Branch Head at ING Canada responsible for Commercial Lines, to a corporate head at RSA in India and later Country Head for L&T’s Insurance Venture in Mumbai, he brings to the table a wealth of knowledge & experience.

2023 Reinsurance Treaty Renewal Challenges



I started in treaty reinsurance in 2001, it was the year when the Sept 11 event happened. According to clients and broking seniors in the industry, I was told it was the worst year of renewal they had ever come across. The requirement of renewal information was overwhelming for the cedants and brokers during 2002 treaty renewal.



2011 was the year of Japan Tsunami, New Zealand’s most severe earthquake in Christ Church and the major Thailand flood loss. It was another year of challenge for 2012 treaty renewal for these markets. Reinsurers retreated from pro-rata capacity, cedants had to cope with increased price of excess of loss treaties, terms and conditions renewed were harsh and rigid.



The escalating effect from covid 19 infections disrupted business operation norms and supply chain globally. Russia Ukraine war added detrimental effects to this disruption. The world is suffering from high inflation, a phenomenon in which too much money is chasing after too few goods. Climatic changes resulting in excessive losses arising from natural catastrophes have gradually become both high frequency and high severity events. Inevitably this effect and the extraordinary environmental conditions have impacted the 2023 treaty renewal.



“This is the toughest renewal I have ever experienced!” This was the feedback I received from a few reinsurers, clients, and reinsurance brokers. At the end of November 2022, I was told that small and medium size reinsurer players refused to quote, they preferred to wait for the few big boys to show their position. Some cedants had to wait till mid-December to see the final terms. According to some, negotiation of terms and conditions was tough, it was a hard market in which reinsurers and brokers were the winners of this renewal.



Below is a summary of the key challenges and changes that happened during the 2023 treaty renewal:

There were few quotations, especially for proportional capacity;

Reinsurers reduced their proportional capacity;

Capacity was cut off;

Reinsurance commissions were reduced drastically;

Event limits was much lower than previous year;

Excess of loss price had gone up by at least 15%;

Reinsurers wanted to have their own terms, not prepared to negotiate, or follow;

Reinsurers incurred high retro cost and had tighter retro terms. This affected their ability to renew expiring treaties.

Although Sirius Point, Tokio Marine Kiln and Axis Capital Re had ceased to write treaties in 2022 and onwards, some new reinsurers entered the market taking opportunity of hard market conditions.

Reinsurance is a unique and specialized subject by itself. It can be a daunting challenge to those who have been newly introduced to this subject. Even someone who is academically equipped with the knowledge of reinsurance principles can find it overwhelming when trying to integrate the principles into practices.

For those who are new to the reinsurance industry, this session is designed to give an overview of what reinsurance is all about and the various key aspects relating to this subject. This session is also beneficial to those who are not directly dealing with reinsurance because this is one of the key functions of every insurance company. Therefore, knowing the basics of reinsurance will enable employees in the insurance industry to understand and support their functional roles better.

This training session will be repeated on a bi-monthly basis to benefit a wider audience. The training team comprises reinsurance veterans who are practitioners. One of the trainers is Evangeline Boo, she has an insurance major from Nanyang Technological University and a Chartered Insurance Practitioner of The Chartered Insurance Institute of UK. She is a treaty reinsurance specialist, having advised firms in Asia using reinsurance solutions.

If this training session meets your need, please register soon!


Course Title: General Intro to Reinsurance
Course Code: RI101
Training Mode: Virtual (Online Session)
Date: 15 Feb 2023 (Wed) / Total Hours: 8
Time: 9.00AM – 5.00PM (Singapore Time)
Fee: USD 250 Nett
Contact Person: Evangeline| +65 8775 7650 | [email protected]



Please circulate this email to those who may benefit from this training. Thank you!




LEARNING OUTCOME
In this Course, participants will learn about:

Reinsurance principles
Types of reinsurance products
Features of reinsurance arrangements
Knowing the market players
Legal and contractual aspects
Reinsurance - dynamic mechanism with evolving solutions



Who should attend:

those who have just joined the reinsurance industry.
those who want to have an overview and the function of reinsurance in a company.


Interested in Corporate Packages or Group Discounts?
Please contact Evangeline at +65 8775 7650 or [email protected]


Interested in Customized or In-House Training Solutions?
Please contact us at +65 8775 7650 or [email protected]

We understand from underwriting and broking friends that renewals for 2023 are super challenging this year due to inflation and high cost of capacity. The insurance market is more competitive than previous years.

In view of the changing economic and business environment, we have designed a new technical property insurance training for 2023, inviting a veteran trainer of the insurance industry, Mr Suhird Kamra to conduct this training.

Mr Kamra is a leading international trainer & independent General Insurance Consultant. He has 35 years of experience in Risk Engineering & Underwriting of various classes of insurance covering Property, Casualty and Financial Lines. From having been a Branch Head at ING Canada responsible for Commercial Lines, to a corporate head at RSA in India and later Country Head for L&T’s Insurance Venture in Mumbai, he brings to the table a wealth of knowledge & experience.


Hope to receive your registration soon!

Course Title: Property Insurance – Insuring Property Risks in a Competitive Market
Course Code: GI1011
Training Mode: Virtual (Online Session)
Date: 20,21,22 Feb 2023 (Mon, Tues, Wed) / Total Hours: 10.5
Time: 1.30 PM – 5.00PM (Singapore Time)
Fee: USD 280 Nett
Contact Person: Evangeline| +65 8775 7650 | email: [email protected]


More course dates available:
Course Title: Property Insurance - Insuring Property Risks
in a Competitive Market
OnLine Learning: 20,21,22 Feb 2023 (2nd Intake)
13,14,15 March 2023 (3rd Intake)
17,18,19 April 2023 (4th Intake)
17,18,19 May 2023 (5th Intake)
Time Zone: Singapore
Time: 1.30 PM - 5.30 PM
Fee: USD280 nett per participant
Enquiries: Please contact Evangeline (65) 87757650
or email: [email protected]

Please share this email to those who may benefit from this training. Thank you!




LEARNING OUTCOME
In this Course, participants will learn about:

Differentiating of risk, peril & hazard
Perils: FLEXA; CAT; “Named” & “All Risks”
C.O.P.E. (Construction; Occupancy; Protection; Exposure) Concepts
Standard Fire & Property All Risks Policies: Exclusions; Warranties; Clauses; Conditions
Basis of Sum Insured: Market Value vs. RIV
Property Special Cases: in Warehouses, Under Construction; Basements or in Open
Rating of property risks
Handling property insurance claims



Who should attend:

Underwriting, Broking and Claims personnel who have some experience handling Property Insurance related work
Those who are handling property insurance related work who wish to understand about Fundamentals of Property Insurance, its Principles and/or to enhance technical knowledge.


Interested in Corporate Packages or Group Discounts?
Please contact Evangeline at +65 8775 7650 or [email protected]


Interested in Customized or In-House Training Solutions?
Please contact us at +65 8775 7650 or [email protected]

ARE YOU MEDICALLY COVERED AFTER YOU QUIT YOUR JOB?

For many years I have been enjoying a tip top hospitalisation and surgical protection plan. I was holding a senior position in an international firm. My spouse and children were covered with limited privilege extended from the plan for me.

Several years ago, I decided to quit my corporate job and venture into something which I have always been passionate about. It was a small new start up. Financially I had to be prudent and frugal, ensuring that I allocate capital for business set up only.

While working on the new start up, I made time for a regular routine medical check-up. To my surprise, I was told there was a growth, my doctor advised for an immediate operation to determine if the growth was cancerous. The estimated cost of operation was $10,000. It was during this time that I realised I was no longer covered under a H & S plan which I used to have while working in my ex-company. There was also a fear that what if it was cancerous growth and further treatment is required. Chemotherapy and radiotherapy can be very costly.

It was fortunate that my husband’s hospitalisation and surgical plan provided by his company covered his spouse. My operation expenses were fully paid for by my husband’s insurance plan. Post operation analysis also showed that the growth was non-cancerous.

From this incident, a good lesson learnt was we should have our own H & S cover even though we are employed and are insured by the company. Another reason to have your own insurance policy even while you are being covered by your employer is that if you develop some fundamental health conditions while you are in employment, then once you leave the employment when you seek your own health insurance, the insurer may exclude the pre-existing conditions, thus the cover you will obtain at that stage of your life will not be what you really need.

It is important to ask yourself if you have the basic H & S cover if a severe sickness strikes during the period after your resignation and before starting a new job. Some of us may take a sabbatical or quit a job to rest for a year, or to travel for leisure for a couple of months. During this period, do you have any medical protection while not working? If you do not have any protection, I strongly recommend that you speak to your financial adviser and put together a simple protection plan.





Author: Evangeline Boo (E.B), ACII/ Chartered Insurer, CII (UK)

E.B is neither a financial adviser nor engaged by any insurance company. Her article merely relayed her experience on the importance of having a Hospitalisation & Surgical protection while self-employed

Blog Blog

Cross Boarder Discovery after Easing of Covid 19 Measures

After the easing of covid 19 cross border measures, my husband and I started our first trip out of Singapore. We booked a 1-week stay in Cameron Highlands from 23 August 2022.

Firstly, I realized after much internet searching, there is no coach out of Singapore straight up to Cameron Highlands. In the past there was one coach agent, but there is none for the moment. We decided to make our first stop at Malacca for two nights and coached up from Malacca to Cameron Highlands.

Secondly, the purchase of coach tickets amazed us; it is now entirely online. In Malacca’s Bus Sentral, there is no coach tickets sold over the counter. We had to go to ticketing machine, punched in the date, destination, and time of departure, keyed in our passport numbers, name and made payment to the machine. The machine will then generate a boarding pass with a QR code for boarding via a gantry. Amazing!! It is all digitalized in Malacca Sentral.

We transited via KL’s TBS Terminal to coach up to Cameron Highlands. This terminal is surprising huge, well organized, and clean. All coach ticketing is centralized from self-help ticketing machines to over the counters. For those who purchased their tickets online, they will have to go to the e-boarding pass counter to collect their coach boarding pass. The entire process is like boarding an airplane.

Every purchase of coach ticket comes with an option to purchase a basic insurance cover with a nominal premium of a few Singapore dollars or Malaysian ringgits. Since my husband and I are travelling out of Singapore almost every month, we should go for an annual travel plan. I searched through websites such as the following to get an overview of the latest travel covers available in the market,



1) https://www.singsaver.com.sg/travel-insurance,

2) https://www.moneysmart.sg/travel-insurance

Some travel insurance covers trip cancellation due to contracting covid-19 and medical expenses incurred arising from contracting covid 19 etc. I questioned the relevance and importance of this coverage now as more countries are adopting the mindset of living with the covid, people vaccinated, and booster jabbed against this virus.

After a short deliberation on the need for covid protection cover including weighing the premium cost, I have decided to self-retain this risk. We decided on an annual policy with a standard coverage of typical scope of travel insurance. In my opinion, it is a perception of relevance of risk and the risk preference of an individual.

If you have any comments or information relating to the topic discussed above, please share with [email protected]

Best Covid-19 Travel Insurance Singapore 2023 | Up to 40% OFF! Get travel insurance and have an extensive coverage for Covid-19, cruises, travel delays, medical expenses & more for your trip.

Are You Appropriately Covered by Fire Insurance?

On 30 March 2022, 5 people were injured and their HDB block in Bukit Merah were damaged by fire. On 10 Nov 2021, a fire broke out on a HDB flat in Papit Road caused by a power-assisted bicycle. In both incidents, neighboring units and surrounding properties were affected by heat and smoke damage due to the fire.

There were fire incidents in past years like the two mentioned above. However, it appears that there is a gradual increase in frequency of such happening. Have you ever thought if the victims of these fires, for example, the affected households, neighbours and third parties, how do they cover their financial impact from these fires.

The financial impact from fire losses differs and is dependent on circumstances, in particular the type of housing occupied. For HDB dwellers, two examples for reference are as below:

Mr A is a new HDB owner and has taken 10-year HDB loan. His renovation cost was S$120,000 including flooring, kitchen cabinets, fridge, TV and other furniture. In this case, Mr A would be required by HDB to take up a mandatory fire policy to cover repair work for structural defects due to fire breakout. This policy does not cover Mr A’s personal household contents. Hence, since the household contents are new, it is recommended that Mr A takes up a fire policy on his household contents.

Mr B owns a HDB flat for more than 20 years. He has fully paid his HDB loan. His renovation was done 20 years ago and no house refurbishment has since been done. Although Mr B is not required to continue with his fire policy which was then mandatory when he was servicing his HDB loan, it is recommended that Mr B continues to protect against structural defects caused by fire. As for the household contents, the furniture and fittings were 20 years old, he can exercise his discretion to purchase a minimum sum for household contents.

For condominiums, apartments or landed housing under strata-titles and managed by Management Corporation (MCST), the MCST will purchase a master fire policy for the entire estate managed. The fire policy will basically cover property structures of the estate and common area properties caused by fire. Owners who have taken up loans from their banks are required by banks to purchase a fire policy to cover repair cost on the unit’s structural defects due to fire. Again, this fire policy does not cover owner’s house contents such as computers, furniture, TVs, fridge and the like. Owners are recommended to purchase a household contents policy of a suitable sum insured against fire.

For landed housing, owners who are on bank loans will be required by their bank to take up a fire policy. For owners who are free from loans, they are still exposed to fire risk on building structures, fixtures, fittings, and household contents. Therefore, it is recommended that owners opt for a fire policy that covers both structural defects and content damage.

A point to note here is that when there is a fire and the Policy is on an indemnity basis, a loss adjuster will normally be appointed to assess the extent of structural defects due to wear and tear (property aging) versus fire as an insured peril. For household contents, wear and tear or depreciation (content aging) will be considered when assessing the compensation.

It is advisable to understand your needs and research the various forms of fire policy and household contents policy offered by the insurance market. If you are still in doubt, call up an insurance agent or broker to assist you.

If you have any comments or information relating to the topic discussed above, please share with [email protected]

Authored by: Mrs Coco Silver

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