5 Immediate Steps to follow if you have had a Car accident

It is extremely stressful if you are involved in a car crash. Whether you have caused it or not, is not the question of the moment. If you are involved in a car accident, you should first follow a basic set of rules to ensure that you are in the all-clear, physically as well as mentally. Many people start worrying about insurance the moment they are involved in an accident. Whether you are looking for auto insurance in Garden Grove or Orange County, it doesn’t matter. What matter is that all the parties involved in the accident are fine.

Those who are in such high-stress situations are normally confused and do not know what to do. If you are unsure, always call 911 (in USA) to the scene and seek the assistance you need. Do not try to handle the situation on your own as you might be in shock and will not realize the dearth of the situation.

Here are the five steps you must absolutely follow in the case of a car accident:

1. Seek medical help

Whether it is for you, fellow passenger or the other driver, make sure that the first person you call is for medical help. You might seem fine, but you do not know the physical and mental implications that a car accident might take on your body. It is not easy to get yourself to the hospital at all times so ensure that you have an emergency number on speed dial.

Even if you do not have any outward physical injuries, there is always a chance of internal bleeding so you should never take it lightly.

2. Get the details of the other party

If you were not to blame for the car accident, make sure that you take down the details of the other car and the driver’s contact details for the insurance claim and damages claim. If you were the reason for the car accident, you need to give your details as well as get theirs to ensure that there is no miscommunication, and it does not seem like an intended offense. Having their details will make it easier to settle claims as well.

3. Report to the police

Never let an accident slide, whether it was minor or major. A major car accident will reach the cops anyway. If you do not report the accident within 28 days to the police, you can't make any car insurance claims without justification for the delay to report. Auto insurance in the Garden Grove or anywhere in the USA ensures that it covers all ground for false claims.

4. Seek legal help

If you are in need of help, ensure that you go to a lawyer who specializes in personal injuries and accidents. Since you are allowed to make only one accident claim, ensure that you have the legal help to make a substantial claim and nothing more.

5. File accident claim
Before you file this, make sure that you know what you are claiming for and the compensation that you need. If you are doing it in a hurry and realize that you needed to get more compensation, you will be sorry since you can’t have more than one claim.

There are many things to consider when you are involved in a car accident. However, never let your claims take the front seat. Keep your health in mind first and get the money you rightfully deserve once you are in the all-clear physically.

Philippine Crop Insurance Corp released Php54.7M insurance claims in CV

Insurance claims paid out by state-run Philippine Crop Insurance Corp. (PCIC) to insured farmers in Central Visayas affected by calamities reached Php54.7 million as of end-November this year. Also, the PCIC free insurance coverage for farmers affected by super typhoon Yolanda in 2013 is only until this year, as decided by its board.

Citing official data, PCIC Regional Manager Crescencio Deligero Jr. said the agency distributed indemnity checks to a total of 7,282 farmers in Region 7. Indemnity is the compensation for damages or losses.

As of November, Deligero said the agency has insured a total of 207,806 farmers, already exceeding its target to insure 153,000 this year. The claims paid out by PCIC include all its insurance lines: rice, corn, high-value crops, livestock, non-crop agricultural assets and term insurance package.

Bulk of the claims were paid for rice and corn at Php24.6 million and Php21.5, respectively.wherein most of the reported losses were due to the typhoons that previously hit the region and the effects of the ongoing El Niño phenomenon.

The state-run agricultural insurer has allocated Php60 million this year for 47,278 farmers in northern Cebu which was heavily hit by Yolanda. As of last month, claims by 1,908 farmers who were covered by the free insurance reached Php13.7 million.

The insurer also offers farmers free coverage in its Registry System for Basic Sectors in Agriculture and the Agri-Fishery Insurance Program of the Cebu provincial government.

Disaster-prone PH sees rise of microinsurance

Wider range of affordable products helped further expand microinsurance coverage in the country to 31.1 million in 2014, a report published by the German International Cooperation (GIZ) showed.
GIZ’s Regulatory Impact Assessment of Microinsurance in the Philippines published last month noted of a growing number of insurance companies that had ventured into microinsurance.

“Out of the 138 insurers in 2014, 63 are engaged in some form of microinsurance, from 52 of 138 in 2012. Microinsurance has become an important addition to the insurer’s markets and in 2014 it represented 62 percent of all insurance coverage with 1.9-percent share of total premiums, up from 47 percent of industry insurance coverage and 2-percent share of total premiums in 2012,” the report cited.

Alongside the increase in firms engaged in microinsurance was a rise in the number of agents selling these cheaper alternatives. “The number of microinsurance agents licensed and active has grown to 170 at the end of 2014. There are 122 individual agents and 48 rural bank agents (although an additional 13 rural banks are fully licensed to offer microinsurance as agents, though they are not yet actively selling microinsurance products).”

As a result of more microinsurance players, “the number and diversity of products has improved considerably,” the report said.

“As of end-2014, 162 products were registered out of which 81 are life products and 81 non-life. This is a sharp increase compared to 2009 when only 18 products … had been approved,” it said.
Hence, a larger number of Filipinos bought microinsurance coverage last year, bringing the 2014 microinsurance penetration to 31.1 million, up from 19.8 million in 2012 and 2.9 million in 2009.
It helped that many Filipinos also found how microinsurance works after being devastated by natural calamities and disasters, GIZ said in a statement.

“Insurance providers have responded effectively after Typhoon ‘Yolanda’ (international name: Haiyan) in November 2013, paying out more than one hundred thousand microinsurance claims within the first three months, amounting to approximately half a billion pesos. The average amount per claim paid was P4,777,” it noted.

“Clear policy direction and proportionate regulatory guidelines provide the driving force to insurance market development. It provides certainty for the industry to invest in microinsurance activities. It gives public confidence to trust microinsurance products. The good numbers in microinsurance, as elaborated in the report, is a product of multi-stakeholders dialogue and cooperation.” Insurance Commissioner Emmanuel F. Dooc was quoted by GIZ as saying.

“The Philippines is a leader in inclusive insurance measures among countries in Asia. The country has proven that microinsurance works and could be sustainable using full market-based approach. The role of government in providing clear policy directions has enabled the private sector and other stakeholders to contribute to the advocacy of microinsurance market development,” said Finance Undersecretary Gil S. Beltran.

Last October, the Insurance Commission came out with the Enhanced Microinsurance Regulatory Framework, which was aimed to “enhance the regulatory environment for microinsurance in order to broaden the scope and deepen the outreach of microinsurance providers without sacrificing their viability and sustainability, and protect the consuming the public.”

-- Inquirer.net

Insurance firm bares first infra investment in Philippines

Sun Life Philippines is entering its first infrastructure investment as the life insurer continually seeks for long-term assets, an official said. “As an insurance company we’ve always been in search for long-term assets,” Sun Life Chief Investments Officer Michael Gerard Enriquez said in a press conference Wednesday.

The company has announced its first foray into power generation in Mindanao. “What better way to invest our excess cash and help in nation building by looking at some of infrastructure projects,” Enriquez said.

Enriquez revealed the company is in the process of closing its first financing deal for a 600-megawatt coal-fired power plant in Mindanao, which is expected to be operational by the third quarter in 2018.

Enriquez declined to give further details yet.

On another matter, Sun Life President and CEO Rizalina Mantaring said the life insurer has set a target to insure five million individuals over the next five years from the current 1.2 million.

The target is part of its goal to boost the financial literacy among Filipinos as insurance penetration in the country currently stands at less than 5%. When micro-insurance is included, the penetration rate is at 20-30%.

“We want to reach to all segments of the population especially those who need it more,” Mantaring said in an interview.

The Canadian company announced that it achieved its five-year plan ending 2015 which includes reaching 5,000 financial advisors, Php5 billion in annualized first year premiums, Php5 billion in net income and Php50 billion in assets under management.

Sun Life ended the first half of 2015 with total premium income of Php16.3 billion, ranking first in the Philippines life insurance sector.

-- Philstar

EastWest approved for insurance brokerage

EastWest Insurance Brokerage Inc. (EWIB), the newly formed, wholly owned insurance brokerage subsidiary of EastWest Bank (EastWest), recently received from the Insurance Commission its insurance broker’s license for life and nonlife insurance products.

This completes the regulatory approvals needed for EastWest to start its insurance brokerage undertaking.

The creation of its wholly owned insurance brokerage unit was approved by the bank during its annual stockholders’ meeting held in April. Subsequently, the bank secured Bangko Sentral ng Pilipinas’s nod for its P500-million initial equity investment in EWIB in June, followed by Security and Exchange Commission’s issuance of EWIB’s incorporation certificate in July.

EWIB President Peter Roy R. Locsin, a seasoned insurance executive with over three decades of experience in the industry, was tasked to set up and make EWIB a strategic business unit of the bank.

Locsin said EWIB would make insurance protection readily accessible and claims processing less complicated for both the bank’s corporate and retail clients.

“Unlike third-party insurance brokers, EWIB can assure its customers of dedicated service that will translate to affordable premiums, better coverage and convenience for them. 

In turn, the insurance brokerage undertaking will create more synergies with the bank’s clients and suppliers and enhance the bank’s fee based income,” he said.

Philippines, Indonesia deposit insurers forge cross-border agreement

State-run deposit insurers of the Philippines and Indonesia have inked a cross-border cooperation agreement for information and expertise sharing. Philippine Deposit Insurance Corp. president Cristina Que Orbeta and Indonesia Deposit Insurance Corp. chairman Halim Alamsyah signed the memorandum of understanding (MOU) during the 14th International Association of Deposit Insurers (IADI) annual general meeting and conference in Kuala Lumpur, Malaysia last Oct. 29.

Citing globalization and the interconnectedness of the global financial system, Orbeta stressed the importance and significance of cross-border cooperation in protecting the depositing public and promoting financial stability.

She said the partnership with Indonesia alongside other Asian countries is a testimony to PDIC’s commitment to share technical expertise with its neighbors and enhance regional cooperation.

Under the MOU, the PDIC and IDIC would foster enhanced cooperation through exchange of information, prompt response to technical inquiries, effective support for exchange of experts and staff, conduct of bilateral meetings between the two organizations, and other activities that promote collaboration in addressing relevant cross-border issues.

The agreement is valid for a period of five years and may be extended upon joint consent of the parties.

The partnership also aims to further enhance the compliance of both the PDIC and IDIC with the Core Principles for Effective Deposit Insurance Systems formulated by the IADI, particularly on cross-border issues.

Both the PDIC and IDIC are IADI members. Aside from Indonesia, the PDIC has existing cross-border agreements with its counterparts in Japan, South Korea, Malaysia, Thailand, United Kingdom and the US.

PDIC was established through Republic Act 3591 in June of 1963 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance.

-- Philstar Business

AXA Life Insurance buys Charter Ping An Insurance Corporation

AXA Philippines is acquiring Charter Ping An for Php2.3 billion, marking the consolidation of the Ty family’s life and non-life insurance businesses under one operation. The transaction, which will allow AXA Philippines a joint venture between GT Capital Holdings Inc.,  leading global insurance group  AXA and Metropolitan Bank & Trust Co. to own 100 percent of Charter Ping An, is subject to customary closing conditions, including the receipt of regulatory approvals.

“By consolidating its life and non-life insurance businesses, GT Capital further strengthens its presence in the country’s underpenetrated yet fast growing insurance industry. We will clearly benefit from the global insurance expertise of AXA, the local market knowledge and network of Charter Ping An, and the cross- selling opportunities among our component companies,” said GT Capital chairman Francisco C. Sebastian.

The deal is expected to be completed in the first quarter of 2016, GT Capital said in a disclosure to the Philippine Stock Exchange.

“Until then, all operations of Charter Ping An and AXA Philippines will be business as usual and shall remain separate, as they currently are,” GT Capital said.

The move will allow AXA Philippines, the second life insurance company in the country, to expand into property and casualty insurance.

Charter Ping An is currently the fourth largest non-life insurance company in terms of net premiums written and premiums earned.

AXA Philippines has been operating in the country since 1999, focused on the life insurance business and providing solutions for savings and investments, health, education, income protection, and retirement. It pioneered bancassurance operations in the Philippines, which is the distribution of insurance products through banks.

“We are very excited about this development, as now we can offer our customers a complete suite of protection products. From protecting themselves, their loved ones, their financial hopes and dreams, and now even their hard-earned assets and properties, we at AXA can be more present in their lives, “said AXA Philippines president and CEO Rien Hermans.

“With the entry into non-life insurance, we see AXA Philippines building on the top five position of Charter Ping An and definitely become a major player and be a top three company in a few years,” Hermans added.

AXA is ranked as the number one global insurance brand for seven consecutive years, from 2009-2015. According to the 2015 Fortune Global 500 list, AXA is the 20th largest corporation and 29th in the 2015 Forbes Global 2000 rankings.

For his part, AXA Asia regional CEO Jean-Louis Laurent Josi said the AXA group’s  “close partnership with GT Capital and Metrobank has enabled us to build a strong presence in this high-growth market and this milestone will create new opportunities for further growth, as well as to help enhance the local insurance sector with a wider range of offerings.”

At present, AXA Philippines has more than 630,000 insured. AXA Philippines has more than 2,100 financial advisers in 32 branches and 500 financial executives in over 750 Metrobank and PSBank branches nationwide.

GT Capital is a listed major Philippine conglomerate with interests in banking, property development, power generation, automotive assembly, importation, wholesaling, dealership, and financing, and life and non-life insurance. It is the primary vehicle for the holding and management of the diversified business interests of the Ty family in the Philippines.

Two groups qualify for accreditation for vehicle insurance

Two insurance consortia are poised to bag deals for the country‘s public utility vehicles (PUVs), sealing their foothold over a market that will likely exceed 400,000 units in three years due to online ride-hailing applications.

“Four consortia filed for accreditation yesterday and two of them submitted complete documents based on our approved instructions: those led by Passenger Accident Management and Insurance Agency, Inc. (PAMI) and SCCI Management and Insurance Agency Corp.,“Land Transportation Franchising & Regulatory Board (LTFRB) Chairman Winston M. Ginez told the House Committee on Metro Manila Development yesterday at the House of Representatives.

PAMI‘s lead insurance company is UCPB General Insurance Company, Inc. while SCCI is with Allied Banker‘s Insurance Corp.

“Two other groups wanted to participate, but their boxes weren‘t opened because of incomplete documents. These are managed by Paramount General Insurance Corp.; and High Definition Technologies, Inc.,“he added.

Mr. Ginez added that they can file a motion for reconsideration within five days.

PUVs and online-based transport providers should have insurance but it can only be provided by firms that are accredited under the 2015-2018 Passenger Personal Accident Insurance Program (PPAIP).

“The number of units is around 400,000. It might also exceed [that level] because the number of TNVS (Transportation Network Vehicle Service) is increasing,“Mr. Ginez said in an interview in the same venue.

“It depends on the consortia‘s marketing skills and how they will operate [to attract clients]. It‘s a free market,“he added.

The LTFRB board increased the death benefit of a passenger, driver or conductor to Php200,000 from Php150,000, “as well other benefits for bodily injury.“It also hiked each consortium‘s claim fund to Php40 million from Php30 million.

“This is to ensure that all claims for death benefits and other injuries will be paid by LTFRB‘s accredited insurance providers even if the latter‘s operations will not be able to honor such claims,“the agency said in a statement yesterday.

It said there will be no increase in premiums for all PUVs, except buses. The accreditation process is to ensure that all passengers are covered by reputable insurance companies ready to meet whatever claims arise, Mr. Ginez said.

The enhanced 2015-2018 LTFRB PPAIP will take effect on Nov. 17.

-- Business World

Philippine-American Life & General Insurance Co. (Philam Life) expects boom in health portfolio

Philippine-American Life & General Insurance Co. (Philam Life) expects its health portfolio to continue expanding on increased demand seen over the last two years since it was introduced, a top official of the insurer said yesterday.

Philam Life Chief Marketing Officer Jaime Jose M. Javier Jr., said its health products currently account for “more than a third” of all its new sales. “Our health products have gathered a lot of momentum in the last two years. In 2013, when it was launched, it was among the bottom but now, it is one of the bestsellers,” Mr. Javier said in a briefing on Tuesday.

“One-third of our new business is coming from health and the trend will continue despite the growing base. As of last count, it’s around 30%, even,” he added.

Mr. Javier noted that being healthy is among the top concerns of Filipinos, boosting demand for health-related products. “The relevance of health insurance makes it easier for consumers to relate to it,” he said.

In a bid to further expand its health-related offerings and help address growing health concerns, Philam Life launched Philam Vitality, a wellness program meant to promote a healthy lifestyle.

“We want to offer total wellness package and make insurance more than just a risk cover. It’s a one-of-a-kind product where members are rewarded for being healthy... ,” Kats P. Cajucom, Philam Life Deputy Head of Vitality said in the same briefing.

Mr. Javier said Philam Life is seeking “a few thousand” members for the first year of Philam Vitality, targeted for current policyholders.

BETTER YEAR
Moving forward, he said Philam Life may end the year with better premium income compared to 2014.

“This year can really be a good year given good investment environment and good channels. I hope [we could match last year’s] but if the stock market improves, we’ll even do better,” Mr. Javier said.

Last July, he said Philam Life is on track to surpassing its premium income last year on the back of better performance of both its agency sales and its bancassurance business.

Philam Life reported an Php18.312 billion in premium income in 2014, the third largest in the industry, although down from the previous year’s Php19.966 billion, based on its submitted annual statements to the Insurance Commission.

Philam Life’s total assets stood at P226.8 billion, net income was at Php5 billion and net worth of Php85.2 billion. It has close to 6,000 policyholders and more than 1.7 million insured group members.

-- Business World

Insurer introduces new fund product for small investors

Insurance firm Sun Life Grepa Financial Inc. (SLGFI) has launched another fund product for small Filipino investors who want to participate in the world of the stock market and “let them enjoy the benefits of Asia’s fastest-growing economy.”

The SLGFI said its new product, SLG Growth Plus, “is a peso-denominated equity fund that gives investors the chance to enjoy the potential gains of investing in the stock market.”

“Not only does this fund allow clients to access upside opportunities, it has a unique feature that can also limit downside risks relative to typical equity funds,” the company said.

It said the reliability of the fund would be anchored on the selection of a diverse portfolio of high dividend-paying equity instruments issued by top-tier and financially stable companies listed in the Philippine Stock Exchange (PSE).

“These companies were selected based on factors such as operational performance, valuation and market sentiment. The dividend earnings are then automatically reinvested to contribute to the price appreciation of the fund and to soften the impact of a drop in stock prices during a market downturn. The fund also adopts an active portfolio management strategy which allows the fund to swiftly reallocate equity assets as needed, within its investment,” it added.

The SLGFI said the introduction of another investment product was due to the continuing splendid performance of the Philippine economy, which was described as “one of the brightest spots for investments today.”

“But how does this translate to tangible benefits for the common Filipino? This new investment product would allow Filipinos to benefit from the country’s positive outlook and provide them the opportunity to participate in the growth of the Philippine market,” it said.

“The Philippines is still one of the fastest-growing markets in Asia despite recent weakness in the equity market performance. Our country’s economic fundamentals remain intact and our fund managers believe that the long-term growth story of the Philippines is still solid,” the company said.

Richard Lim, SLGFI president, said: “These market lows actually present a golden opportunity for clients to enter the market at cheaper levels.”

He said the fund would be best suited for “clients with longer investment horizons and greater tolerance for risk.”

-- Business Mirror

5th Values Advocacy Program of Fortune Life Insurance Co.

Values Advocacy Program of Fortune Life Insurance Co. is now on its fifth year of promoting the values of hard work and discipline among Filipino teachers and students. An ongoing project with the Department of Education (DepEd) and Marylindbert International, the company launches the program’s fifth year today, October 21, at the Bulwagan ng Karunungan, DepEd Central Office in Pasig City.

Created with the goal of supporting the country’s educational system, the program features books on financial literacy and talks targeted on teachers’ welfare—all being consistently distributed and conducted in different parts of the Philippines. The books contain the life story of Fortune Life Chairman Emeritus and Founder Ambassador Antonio L. Cabangon Chua, whose success deeply inspires students and teachers alike. Meanwhile, teaching orientation and demonstrations and school visit interventions in the form of life coaching seminars motivate teachers to excel in their chosen vocation.

For 2015, along with the launch of a new year of the program, the Fourth Ambassador Antonio L. Cabangon Chua Gintong Parangal Para sa Edukasyon will be awarded to teachers who have worked diligently in campaigning the program’s advocacies. Five winners and three honorable mention awardees from various parts of the country will be recognized and awarded with trophies and special prizes. The five winners are Jose O. Barcelo from Camp Tinio Elementary School, Cabanatuan City, Nueva Ecija; Lolita G. Baylosis from Andres Bonifacio Elementary School, Bacolod City; Dr. Enerio E. Ebisa from Doña Juana Actub Lluch Memorial Central School, Pala-o, Iligan City; Dr. Maria Teresita R. Gapate from San Sebastian Elementary School, San Vicente, Ilocos Sur; and Clariza G.  Terones from DepEd Division of Calamba City, Laguna.

The three honorable mentions are Edwin Haniel Engana from Benigno S. Aquino High School, Makati City; Dr. Roselyn Q. Golfo from Lucena North I Elementary School, Lucena City, Quezon; and Librado F. Torres from DepEd Division of Pasay City.

Dignitaries from the DepEd and the ALC Group of Companies, whose flagship company is Fortune Life Insurance, are expected to join the teacher-awardees and the rest of the Values Advocacy Program’s supporters in an afternoon of pride and recognition.

-- Business Mirror

Insurance Commission adopt framework for micro pre-need plans

The Insurance Commission (IC) and the preneed industry have adopted the implementing rules on micro preneed products to be sold by preneed companies to lower income families.

The implementing rules agreed upon by IC and the pre need industry will push for the general policy to provide a dedicated savings mechanism for the poor, particularly for needs like education, memorial services and pension.

Insurance Commissioner Emmanuel F. Dooc issued Insurance Memorandum Circular 2015-51 adopting the implementing rules agreed upon between the IC and the preneed industry after consultations last month.

“The micro preneed framework aims to [1] provide an opportunity to the low income sector to have access to preneed products and services that will cater to their needs; [2] encourage the participation of the preneed industry in offering micro preneed products and services to promote the financial well-being of the low-income sector; and [3] provide the mechanism to ensure the protection of planholders’ rights and privileges,” Dooc said in the memorandum circular.

Under the rules agreed upon, all micro preneed plans issued by preneed companies would have to abide by the three paramount considerations that the micro preneed plans be accessible, affordable, and the wordings of the contract must be clear and simple.

The micro preneed plans must also be fixed value plans, or those that the benefits and cost are fixed and predetermined at the time of the purchase of the plan.

Dooc said the offering of micro preneed plans will provide preneed companies with an additional market, while helping the country achieve inclusive growth for lower income families by providing them with a savings instrument that they can tap when emergencies happen.

The new implementing rules provide that premium payments computed on a daily basis for micro preneed plans should not exceed 7.5 percent of the current daily minimum-wage rate for nonagricultural workers in Metro Manila.

The maximum sum of guaranteed benefits or services should also be not more than 1,000 times the daily minimum-wage rate for nonagricultural workers in Metro Manila.

To further protect the interest of planholders of micro preneed plans, the IC also requires that the premium payments made to preneed companies be placed in a separate micro preneed trust fund that will be established for each of the preneed plan category such as education, memorial services and pension.

-- Business Mirror

EastWest gets okay for insurance brokerage

Last July, EastWest gets SEC okay for insurance brokerage, and has secured another requisite approval to set up its planned wholly owned non-life insurance brokerage subsidiary. East West Insurance, a wholly owned subsidiary of East West Banking Corporation, will primarily engage in the business of non-life insurance brokerage.

EastWest Bank said this subsidiary will be separate from its planned joint venture life insurance firm. Also, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has approved the initial equity investment of East West Banking Corporation (PSE:EW) in the proposed joint venture with Ageas Insurance International.

Last May, the listed lender announced that it has entered into a joint venture agreement with Belgium-based insurer Ageas Insurance International N.V. (Ageas) to up a new life insurance company in the Philippines which is seen starting operations by the end of the year.

The aim is to build the premier Bancassurance business in the Philippines offering tailor-made insurance solutions to the customers of EW Bank supported by high quality service and state-of-art technology.

The insurance business will benefit from EW Bank’s fast growing customer base. With more than 400 branch stores, the bank has the 7th largest distribution network amongst banks in the Philippines, the bank said in a statement.

Ageas will contribute its proven Bancassurance skills and best practices from its successful businesses in Asia and Europe.
“We have always viewed Bancassurance as an integral part of our business model. We see it as a necessary ingredient to have complete product offerings for the financial services needs of our target market segments. Specifically, the consumer and middle market corporate segments. We are pleased to partner with Ageas, one of the major insurance providers in the world,” said Tony C. Moncupa Jr., President and CEO of EW Bank, during the signing of the agreement earlier.

“The potential is huge given that the current Life insurance penetration rate of around 1.5% is one of the lowest in Asia. We are very pleased to be a partner to EW Bank which has a strong management and clear ambition to grow. We are convinced that together we can deliver another successful partnership in Asia,” Gary Crist, CEO of Ageas Asia was quoted as saying.

The new insurance company to be named EastWest Ageas Life, subject to the requisite regulatory approvals, will enable EastWest Bank to offer life insurance products to its customers and increase its revenue base and market share, the listed lender said in an earlier disclosure to the Philippine Stock Exchange.

The initial paid-in capital of the joint venture will be Php2 billion and EastWest will hold 50% minus one share, while Ageas will hold 50% plus one share. EastWest Bank said it will get approximately 50% income share from the life insurance company, it said.

The partnership will be for a 20-year exclusive distribution agreement, EastWest Bank said.

EastWest Bank posted a net income of Php2.073 billion in 2014, which is almost flat compared to the Php2.056 billion it posted in 2013 as lower trading gains dragged on its profit.

Top Tips for Saving on Home Insurance this Winter

via gettyimages

With winter fast approaching, home owners are flocking to secure insurance for their properties. It’s no hidden fact that catastrophes can cause unexpected damage to all areas of your home – and insurance is one of the only ways to cover yourself against unexpected damage.

Sure, there are lots of things you can do to reduce the chance of the weather getting the better of your home, but sometimes, as unfortunate as it is, Mother Nature can’t be helped nor stopped. However, as long as you do your best, you can reduce the likelihood of having to claim, thus keeping your premium low for years to come.

It’s a known fact that winter can inflict damage on your house in more ways than one – whether it be burglaries due to the lower light levels, or cold weather wreaking havoc with your heating system or piping. This often results in unpredictability across the board, which in turn results in changes to the overall price of Home Insurance. This is mainly due to different companies having to pay out varying amounts for an array of different claims. Insurance companies will often base premiums on their experience of previous policies resulting in claims around the winter months. Subsequently, the pricing will increase or decrease to make sure that company involved would lose as little money as possible if they end up paying out, whilst remaining competitive.

Why Home Insurance Prices Rise in Winter

One of the main reasons for Home Insurance prices rising around this time of year, is burglaries, which have been known to increase by 20% in winter months. This can mainly be attributed to the fact that an earlier sunset, which brings longer nights for all of us, means that burglars have the added cover of darkness on their side. Known tactics of a burglar’s mind-set include such methods as forcing a window frame open, rather than smashing the window itself, to make as little noise as possible, and leave little physical damage, while still gaining entry. Despite a usual lack of evidence or excessive damage, the average burglary around winter-time is reported to cost £1,746, which is more than enough of a hole in anybody’s budget, especially with Christmas and New Year in close proximity.

However, October the 1st marks the start of National Home Security Month, which is a nation-wide campaign looking at the numerous characteristics of home security and how you can apply these to your own home. When looking at keeping the price of your home insurance down, it’s definitely not any recognised or certified method that you can announce to your insurer, however it can provide the peace of mind that we could all do with.

The other contributing factor to the rise in Home Insurance prices is the winter weather itself. Dropping temperatures, increased wind speeds, and higher chance of rainfall all mix together for some treacherous conditions – even from your home’s standpoint. Some of the most common issues that occur include blockage of drains and gutters by leaves and twigs that then freeze over, or burst pipes due to the changing temperatures caused by the hot water flowing through.

Check Your Roof to Prepare For the Future

Something interesting to take a closer look at is your roof. Checking any flashing and tiles for any cracks or holes, or even missing tiles altogether is essential. If any water damage is caused due to these damaged or missing tiles and flashes, it could hurt you in the long run, as in many cases, it has been known for insurance companies to decline a claim made for water damage, based on the neglect of the house’s roof by the owner. It’s not a huge job to check, so it’s definitely on the list of things worth doing, just to be sure.

Flooding is one of those unstoppable occurrences in life that you just have to accept is happening. Not a great deal can stop a flood – unless you have some form of purpose-built defence in effect – and the damage they can cause is nothing short of catastrophic. If you end up in a situation where you have no home insurance, and a flood hits, there isn’t a lot that can be done for your home or your possessions. As you can appreciate, floods don’t just invade your home, they damage anything on the ground, whether it be furniture, carpets, electrical appliances, plug sockets, ornaments, toys, you name it. With the option to cover specific items and contents on your home insurance, regardless how sentimental, it makes no sense not to have everything covered for your own sake.

Don’t Forget – Protect Your Garden Too

With the usual list of “ways to make your home winter-proof” comes some weird and wonderful methods of protecting even your garden from the winter’s wrath. Using cat litter as grit to clear your paths and drive of ice has become a popular approach, as salt can kill your plants and foliage over time, whereas cat litter does not. Even if you have a fish pond, you can easily protect it when the pond freezes over. All you have to do is simply place a tennis ball in it, and whenever the pond freezes over, simply pull the tennis ball out, and it will create a hole for oxygen to circulate back in to the pond, thus ensuring the survival of your fish.

All of the aforementioned aspects should help prevent any need for you to make a claim on your home insurance, and in the long run, that should keep your price down, as any company you’re with shall see that you are doing your best to not let winter get the better of you and your home. However, it is not a definite guarantee, as all insurance companies are different in the way that they rate certain areas of a policy.


Charlie Draycott is a devoted gamer who has a passion for finance and economics, especially the insurance sector. When he isn’t working for One Sure Insurance, you can find him playing video games.

Why we buy insurance products

The first financial product that I bought (around two decades back) was an Aviva ULIP policy. The amount of time I spent in choosing the policy was 10 minutes (to get rid of that agent). The premium amount I was convinced to choose was exhausting my Sec 80 limit (1.2 lakhs per annum) for income tax purpose. The worst part, I was single with no financial responsibilities and barely starting my career. 

This is the classic case of mis-buying (I don't call it mis-selling) simply because I was 

• Not sure what does investment means
• Did not understand meaning of "insurance"  
• Wanted to cover my a**, by saving income tax

Thankfully, I learned, understood and got richer in the personal finance world. I closed my ULIP after two premiums, thus spending 2 lakhs to learn a valuable lesson. Don't "invest" in "insurance".

The key points to understand is, don't buy insurance because 

1. You want to save tax
2. You want to grow your money by investing
3. As a diversification tool
4. To get rid of agent/relative selling the product
5. You are a conservative investor and dont know where to park your money

The only valid reason to buy any product containing the name "insurance" is to ensure that if you die during your working life, your family does not face financial burden. 

Let's keep aside emotions for now and think purely in practical terms. 

Do the following cases cause any financial implications to family if following person dies :

1) If your 2 or 5 years or college going child?

2) Unmarried person with parents still earning?

3) Housewife with no earnings or loans?

4) 65 years old widower with children settled and earning?

If the answer to above question is "No" for all cases, then I still don't understand why people take life insurance policies in the name of their kids or parents, on which there are no dependants. 

The only type of insurance policy you ever need is a TERM policy. It provides the cheapest risk cover. Since any other type of insurance policy whether it is endowment policy, whole-life policy, money-back policy or ULIP, they are combination of (term policy + saving scheme). 

The term-plan component provides the risk-cover and the saving scheme provides the cash value. As a matter of fact the term component is costlier than a stand-alone term policy and the saving scheme gives marginal returns compared to other investment avenues. 

I have heard many a times the argument "If I survive, term plan will return nothing, but other policies will give me back some money!!" This is the most stupid argument you can find. Why it is so difficult to understand that they are giving back your own money with marginal returns and charging you for that? If you have invested that surplus money in an MF over same period, you would have got much more. 

The simple fact is that insurance companies are into a profitable business and hence any premium calculation they do for any policy is going to be more profitable to them rather than the customer. I am yet to see an insurance product that beats the (TERM + MF) combination over the policy period.

Laser Blast and Rampaging Robot Damage Not Covered: Insuring the Cars of the Future

Edward Oberg, currently on hiatus from the insurance game, now spends his time reading pulp genre novels, shaking his head in dismay at the state of movies these days, haunting yard sales and hunting for the monster brook trout that delights in mocking him. He has vowed to defy the accepted wisdom regarding boring insurance reps by being extremely interesting.

The 1989 classic (it’s classic to me at least) action/sci-fi/comedy Back to the Future II introduced its audience to a wild, sci-fi, semi-dystopic cyberpunk-y future in which businessmen wear many ties at once, the Japanese pretty much run the United States, holographic sharks leap at you from movie marquees, bio-enhancing implants are available to the local bully, hovering skateboards abound and, most importantly, hovering cars are the most common form of transportation. (And they run on garbage-fueled cold-fusion reactors.) So when will all of this come to pass, according to the movie’s creators? In the year… *dramatic pause* …2015.

I remember watching that when it was released and deciding that while most of it was probably not going to happen, we’d probably at least have a few flying cars zipping around by then. Well, there are only a couple of years left until 2015 and we have yet to see them. Disappointing as that is, there’s a fairly good reason for it- all the flying cars even prototyped up have been extremely expensive and profoundly impractical, plus our infrastructure couldn’t really support them. However, that infrastructure is more than capable of supporting smarter and more efficient cars- it already is supporting them actually.

So the good news is: while Back to the Future II’s flying cars won’t be hitting your local showroom in the near future, your vehicular sci-fi fantasy need not be totally abandoned. The viability of self-driven, super-smart automated smart cars like those from say… Minority Report are looking like a certainty. And as our cars evolve, so must our strategies for insuring them.

Car Brains: Getting Better All the Time

It’s hard to know exactly how exactly increasing automation in automobiles will influence rates. Based on the current trends of computer and technology enhancement in cars it’s tempting to suggest that buyers could just rely on an insurance rate-lowering metric that says: the more computerized features a vehicle comes equipped with, the less your insurance will cost. Safety innovations (in rough order of increasing technological advancement) like seatbelts, crumple-zone improvement and reinforcement, anti-lock brakes, traction control, airbags and so on were all controversial (and some still are) to varying degrees. Now they’re all pretty much must-have standards that come as an insurance-rate reducing safety package.

Newer automotive automation features like Electronic Stability Control (ESC) seem to bear that trend out. And more so than the other features mentioned, ESC is also one step closer to the eventual goal of actually automated driving. Using a computer program to detect and predict loss of control, slides and skids, ESC automatically engages brakes optimally and individually; some versions also reduce engine power. Importantly, it does so while still allowing the driver some control.

They’ve proved to be very effective- according to data compiled by The Hartford, ESC systems lower the risk of a single car fatal accident by half and slash the risk of rollover by as much as 80%. It’s no surprise that this is the case. Considering that the vast majority of all vehicle accidents are directly attributable to human error, it would seem like the higher an auto’s CPU-to-you ratio is, the lower the risk. Computers don’t get distracted, sleepy, or intoxicated, they never feel compelled to text, eat or answer the phone while driving, they don’t get road rage, etc. They can also compute, analyze and react to certain types of data way faster than people can.

So Automation is the Answer and All of Our Super-Safe Robot Cars Have Super-Low Insurance Rates, Right?

Well… yes and no. Here’s the problem: as mentioned, your car’s brain can blow you out of the water when it comes to reaction time or the analysis and the incorporation of data like speed, the tiny details of braking in relation to road conditions, the precise distance between you and the vehicles around you and so on. But, there’s one area in which your super-smart robot car is a totally stupid idiot compared to you: interpreting and reacting to human beings.

There’s a fair chance that every time you’re behind the wheel you unconsciously and casually observe, analyze, interpret and react to human interaction stuff that would elude even the most advanced computer. For example- if you pull up to a four way stop slightly after the driver to your left and you see that driver looking at you and tentatively pulling forward slightly, chances are you would ease off the gas and let them go. They’re cautiously signaling to you that they are indeed planning to go first. However, if you glance over and that driver’s stopped completely and staring off into space, chances are you’ll go.

Beyond the subtle, nearly infinite inter-personal communication cues we give each other, all other humans on the road are still wild cards. Even the best automated vehicle probably isn’t going to notice the erratic, intoxicated, unstable or aggressive behavior of another driver some distance away or follow that intuition gained from years of human interaction which tells you to back off, avoid, slow down, speed up or make whatever other choice because a computer’s working with logic and data, not mess humanity.

What it boils down to is this- the safest roads will be those traveled entirely by automated vehicles that are all following the same rules and all make the best, most-logical driving decisions based on the data at hand. While technological advancement is going to make the roads safer, until all vehicles are automated giving a human being some measure of control is probably going to be a necessity and you don’t necessarily want to be the only person being driven by a computer on a person-filled highway. However, any technology that improves a human driving/avoidance/reaction function rather than replacing it is going to be a hit with the insurance companies and your rates will reflect that.

How Exactly to Determine Just How Much Life-insurance you want

Some folks believe that life-insurance is merely for the affluent. But it's the operating person of small means that truly must consider what a sudden death along with a lack of profit can mean to those left out. This composition can allow you to really see the advantages of insurance, in an entirely new light.  If you're between the ages of 20 to 50, term life-insurance could be the easiest & most powerful kind of insurance. Cash value insurance actually is logical for individuals’ people that are affluent and on age 50. A cash-value strategy may be tempting; however it will not be just as powerful.

Attempt to lead a wholesome lifestyle. The fitter you are the cheaper your life-insurance will be just as insurers assume you will live more. Remember, you'll be anticipated to pay a higher premium on a life-insurance policy for whatever shortens your life-expectancy, for instance being overweight, smoking, taking specific drug, etc.

When you're choosing your life-insurance policy, it's important to discover just how much coverage you truly want. The quantity of money which will probably be required after your passing will probably be unique to your own family's scenario, which means you're the sole one who is able to compute the required coverage. Do not let a salesperson shove you into more protection than you truly want.

Read all the fine-print of the plan before you sign in the line. Understand what reductions, exclusions, inclusions, and some other fine print is contained to the arrangement. You might find that there's a no payment clause for pre-existing disorders. Careful reading can help you become certain your partner will receive the money that they will want.  Inform your representative when you are in possession of a speculative occupation or take part in extreme hobbies. Even though you'll need to pay higher rates should you participate in speculative activities, it is best to be honest with your insurance carrier. If the business finds out that you are participating in such actions from a person besides you, you might lose your qualification for protection. Additionally, not revealing this info could be thought to be fraud, which carries big penalties.

When considering life-insurance consider whether or not you want your coverage to make you cash, or only be there in the occurrence of the departure. There is actually life insurance which also doubles as annuities. That makes it possible to possess a good deal of insurance as soon as your children are minors and a good deal of retirement savings for you, as you age.
 
Annuities
        
An annuity is a type of insurance product that can make it easier for you to meet your long-range retirement goals. This insurance product pays out income and is often used as part of a larger retirement strategy. Annuities in Wilmington are a popular choice for those investors who want to enjoy a steady stream of income during their retirement years.

Types of Annuities in Wilmington NC

One of the safest ways to meet your retirement goals is through low-risk investment strategies, such as annuities. In Wilmington, fixed annuities are low-risk investments that can help you reach your savings goals.

Here is how annuities in Wilmington work: you make an investment in the annuity, which will then make payments to you in the future. Annuity income you receive from an annuity can be allocated monthly, quarterly, or annually. You can also receive annuity income in one lump sum, if you choose. The amount of money that you receive will depend on what type of payment option that you select.

Regardless of your age or income, annuity investments in Wilmington may be a smart investment tool for your needs. You won't lose the money you put into an annuity, as could happen with other riskier investment strategies. As an added benefit, any interest from annuities that you receive is earned on a tax-deferred basis. Annuities can also offer a wide variety of other benefits for investors, such as guaranteed interest rates. Annuities in Wilmington allow you to put aside cash and defer paying taxes. Since you are able to keep every dollar that you've put aside without having to worry about a tax bill, annuities can be a big advantage over taxable investments.

The Most Common Reasons for Mobile Phone Insurance Claims

There are a lot of reasons why you might need to submit an insurance claim for your mobile phone or device. These can range from the relatively normal to the absolutely absurd and bizarre. Still, whatever your reason for making your mobile device claim it is important that you have a reliable provider like Protect Your Bubble phone insurance that can work with you to quickly and reliably replace your lost or damaged mobile devices. We all make mistakes from time to time and have a need to deal with the results as fast as possible. Are you curious what some of the most common claims made for mobile devices today are? Well here is a list of several common claims that you should be aware of as they might happen to you.

1. Cracked Screens
Phones are fragile but this doesn’t stop almost all of us dropping them from time to time. Oops! But don't worry, this is a fairly common claim and one that shouldn’t take too long to resolve.

2. Stolen While Texting

Yep, this does happen. It's best not to take out your phone in crowded public spaces where it can be snatched, but sometimes this is unavoidable because we just have that crucially important call or message to respond to.

3. Leaving the Phone on the Roof of a Car

And then it's launched. Embarrassing to be sure, but it does happen. Quite a lot apparently! People seem to think their phones can fly like superman.

4. Can't Hear the Other Person When Making a Call

Can you hear me now? How about now?

5. Pet Knocks Phone onto Floor

Fluffy! No! Bad kitty!

6. Stolen From Purse

The message! Don't leave bags unattended.

7. Internet Connection Not Working

But I've been waiting all week to watch the new episode!

8. Phone Won't Charge

This could be the cable as much as the phone here, but it never hurts to get it checked out.

9. Dropped in the Bathtub or Toilet

You know what? I'm not going to ask. Your new phone is in the mail ma'am.

10. Screen Freezes

Try a hard reset of your phone before making a claim, but if that doesn't do it, then we're here for you! We know how frustrating this one can be.

There are lots of reasons why you might need to make a mobile device insurance claim. Not all of them are pretty or glamorous, but in this day and age, when many people only have a mobile phone or device as their primary means of communication, losing your device for long periods of time can be crippling. If you can't stay in touch with your networks then you run into some potentially problematic situations. That's why you've hopefully got coverage from a mobile insurance provider that you know you can rely on to replace your device quickly, efficiently, and get you back on the road again with your repaired or replaced device.


About the author: Laura Ginn is a professional blogger and avid tech enthusiast. She writes extensively on technology topics, such as mobile phones, computers, software and social media. She also reads extensively and if she's not staring at the screen, she's staring at a page.

When PPI Sellers Break the Rule of Selling, You Can Claim Your Premium Payments and Interest Back

Over the past several years, banks, moneylenders, and insurance providers have been caught to be mis-selling Payment Protection Insurance to their customer, which eventually caused them a lot of trouble. Complaints and reclaim cases have started flooding their offices because consumers were extremely unhappy with how they were treated.



If you happen to have had any form of credit agreement recently with any known financial institution, you were most likely sold this product, too. PPI was meant to cover your monthly repayments in cases where you are unable to pay due to sickness, accident, or redundancy. However, you may not be aware that you have it alongside your debt, or you were tricked into paying for it without knowing what it entails. Visit www.ppiclaimsadvice.co for more information.

Before claiming your money back, you may need to check first whether you really have PPI on your account. Have a look for any Payment Protection Insurance reference on your loan or credit related paperwork, including your statements and payment receipts. A policy certificate should also have been sent out to you, containing the terms and conditions, as soon as it was sold.
If you have lost your documents, request for a copy from your lender. The credit bureau can also check your credit rating record to see the financial institutions you have dealt with if you forgot who your lender was. However, you are more likely to get a hold of this information if your account is not any older than six years since it began. These offices are mandated by the law to keep these records for as long as that, or within six years following the credit’s payment in full. So whatever paperwork you have gathered should be sufficient to back up your PPI claim.

As soon as you have gathered your documents, you can get the ball rolling. Write a letter of intent to your lender and tell them that you wish to claim your PPI payments back and possibly be compensated for the trouble it brought you, interests incurred included. When stating your reasons, you can refer to any of the situations below to establish why you were mis-sold the policy:

• You did not realise until later you have PPI because it was automatically added to your account and opt-out was not made clear.
• You were led to believe that it gives you better chances of a higher loan amount or credit limit if you took out PPI alongside the finance agreement.
• The lender strongly urged you to take out PPI even without clearly stating demands and needs provision.
• You were not informed of limitations and exclusions on the terms such as age limit, residency requirement, pre-existing medical conditions, employment status, and the likes.
• The lender did not talk to you about the cooling-off period which entitles you to cancel at no cost.
• They did not properly inform you of the total cost of PPI or what you will be charged off in the future.
   
As soon as your lender acknowledges receipt of your letter, they will run a thorough review of the case. Within the next six to eight weeks, they’ll come up with a decision and let you know of it. You may follow up with them if you feel the need to. If by any chance you have not heard from them after such time, or you become unhappy with their decision, you can file a complaint against your lender to the Ombudsman.

The Financial Ombudsman Services will independently make further enquiries and review your case. They may also ask you to send in copies of correspondence between you and your lender, and other related paperwork. The FOS will then decide whether to uphold your PPI claim or not. If they decide to rule in your favour, your premium payments will be reimbursed and the bank may also be required to pay all the interest that came with it over time.

When An Accident Happens, Who Should You Call?

Car accidents happen every day, and when they happen to you, you should know who to call. Of course you should first call for an ambulance or medical attention if someone is hurt. The next two calls should be to report the accident to the police and your auto insurance company.

After all of those calls are made, you can call a family member or friend to let them know what happened. In all accident cases, whether they are just a minor fender bender or they are much more serious, you absolutely should get the police and your car insurance company involved.



Even if the accident was not your fault, it is the best practice to be proactive and report the accident to both the police and your auto insurance carrier.

Call the police and get an accident report

When an officer comes out to the scene of an accident, he or she will prepare an official report that details the circumstances of the accident. It will include basic information such as the time, location and cause of the accident. Both parties will be given a chance to tell their side of the story and the officer will decide if one party or the other violated a traffic law.

Having documentation that comes from an official and impartial third party, can support a claim that you file with your car insurance company. It can also stop the other party from claiming that you were at fault when the officer does an assessment of the accident scene.

Call your auto insurance agent and report the accident

Once you make the call and report an accident to your car insurance company, a claim can be filed. You may need to get your car towed to a body shop and you may need to rent a car.

Once made aware of the accident, your car insurance carrier can get involved in the case. They can send someone out to look at your car and write an estimate so you will have money to repair your vehicle.

Informing your auto insurance company gives you a chance to give your version of how the accident occurred. If you check your auto policy, you will see that when you signed for coverage, you were also agreeing to report all accidents. It will not look good if you do not report an accident and your insurance company finds out about the accident from the police or the other party's insurance carrier.

You can be nice, but don't be stupid

It happens all of the time. Someone runs into you and either has no insurance or does not want to go through insurance because it will raise their rates. Despite your good nature, you should tell them you are sorry and must report the accident to your car insurance company.

If they say "please don't report this and that they will pay for your repairs," politely decline the offer. You do not know that person and you do not know if their word is good.

Insurance is there to protect you. A small scratch or a little dent can cost hundreds, or even thousands of dollars to fix. Don't bear the risk of having to go into your own pocket to have your car fixed.

Do the right thing, be responsible and report any accident to both the police and your insurance company. Whether or not it is your fault does not matter. When you get the proper people involved, your case almost always goes better.

This article was written by Steve Whiley, a writer for American Auto Insurance.