Latest Posts By pharoah88
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| 09-Apr-2010 11:45 |
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isn't this a NATIONAL FRAUD ???? which is NATIONALLY KNOWN ???? dOn't tEll mE it is WORLD's 1st ???? nOt AGAiN ???? nOt this ah men ????
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| 09-Apr-2010 11:38 |
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WHY is there nO DEATH PENALTY on FRAUD ???? the ECONOMIC DAMAGES CAUSED BY SUCH FRAUD is WORSE and FAR MORE WIDE RANGING THAN THAT OF 20 GRAMS OF DRUGS ???? While making FRAUD a more severe offence and reducing the incentive for higher repair costs won’t necessarily bring premiums down 21 per cent right away, if the changes make even a 10 per cent dent in premiums they could quickly save consumers over $100 million per year and put part of that $190 back in drivers’ pockets. WHY there is nO response from CID and POLICE on such OPENLY KNOWN FRAUD ???? WHY there is nO Ministerial FARUD Committee ???? to undertake iMMediate INVESTIGATIONS ???? S I M P L Y cannOt underSTAND ????
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| 09-Apr-2010 11:30 |
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this is the AREA that SINGAPORE nEEds FOREIGN TALENT (nOt tOlent, fOr gOd's sake) LIKE FBI and CSI What is this LYING OPENLY TOLERATED ???? WHO are AFRAID of WHO ???? WHO FEAR WHO ???? should be there a MINISTERIAL LYING COMMITTEE ???? to underTAKE the INVESTIGATIONS ???? |
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| 09-Apr-2010 11:21 |
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What are the CID and the POLICE doing about the LYING ? ? ? ? Lying about accidents has been blamed for everything from higher costs to unnecessary court cases, and touting could easily result in unnecessarily costly repairs or litigation. It’s easy to see how these actions, too, could result in higher premiums. PS: Are they ALL LIARS in this process ? ? ? ?
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| 09-Apr-2010 11:15 |
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V The nine recommendations by the Motor Insurance Taskforce to tackle “critical issues” to address premium increases averaging 21 per cent last year are a positive step towards that financial relief for drivers, yet the need for two further moves stand out. First, fast yet considered action on the more straightforward recommendations could save drivers money. It seems surprising that some of the recommended actions were not in place already. For example, surveyors are paid a percentage of the amount they estimate a repair bill cost. The higher the estimate, the more they make. While practices may vary, it’s easy to see how paying surveyors more if they recommend more costly repairs could result in higher costs. The Taskforce recommended that surveyors should be paid a flat rate. The Taskforce also recommended that making false accident reports and touting be made criminal offences. Here, too, it seems that penalties for both actions should be severe. Lying about accidents has been blamed for everything from higher costs to unnecessary court cases, and touting could easily result in unnecessarily costly repairs or litigation. It’s easy to see how these actions, too, could result in higher premiums. PS: Are they ALL LIARS in this process ? ? ? ? It took about six months for the Taskforce to come up with its recommendations. While discussions about more complex recommendations like consumer education or a no-fault claims system could take longer, making the more straightforward changes faster could benefit consumers tremendously. The Taskforce pointed out, though, that the next step is for “all stakeholders to play their part to deal with the issues”. Already, the wrangling over the recommendations has begun. The chairman of the Singapore Automobile Appraisers Association has come out opposing flat rates, as one might expect. Lawyers or auto repair centre staff who rush to the scene of an accident minutes after it happens might raise objections too. Proposals for changes in regulations have not been publicised yet. Meantime, though, consumers are still paying the higher rates. While making FRAUD a more severe offence and reducing the incentive for higher repair costs won’t necessarily bring premiums down 21 per cent right away, if the changes make even a 10 per cent dent in premiums they could quickly save consumers over $100 million per year and put part of that $190 back in drivers’ pockets. Second, if seemingly reasonable practices like these weren’t already in place for motor vehicle insurance, could proactive reviews of other types of insurance to root out similar issues stave off higher costs too? The General Insurance Association said that claims for Work Injury Compensation Insurance increased by 18.5 per cent last year, for example, while premium income dropped 3 per cent. The sector slipped from a slight profit in 2008 to a $12.2 million loss last year. The increase in claims and decrease in premiums occurred even as workplace safety education programmes continued to proliferate. Even though there may not be glaring gaps that caused the increase in claims, the size of the rise could indicate that insurance premium increases may lie ahead. The Motor Insurance Taskforce could serve as a model for setting up similar forums to tackle issues proactively rather than waiting for costs and claims to rise abruptly. “General insurance” includes personal accident, health, travel, property and business insurance too. While rates for these types of insurance have not spiked like motor insurance, working proactively to avoid false claims or inflated assessments could also avert higher costs. Setting up the Taskforce to tackle rising motor insurance claims after massive increases was indeed a good move. The task ahead now is to make rapid yet considered changes quickly. Any results achieved could greatly benefit consumers and companies in other areas of insurance. ehicle owners in Singapore could save an average of about $190 a year each if motor insurance premiums simply dropped from the $1.08 billion they cost in 2009 to their level the year before.The writer is a consultant who has lived in Singapore since 1992.
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| 09-Apr-2010 11:05 |
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would Mr RICHARD HARTUNG be a BETTER MINISTER OF TRANSPORT ?
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| 09-Apr-2010 10:59 |
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comment &analysistoday Friday April 9, 2010 page 26Drivers could save $100m in premiums ... if motor insurance taskforce ideas are implemented quickly Richard Hartung The writer is a consultant who has lived in Singapore since 1992. |
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| 09-Apr-2010 10:48 |
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is INFLATION "REDEFINED" as NEW ECONOMIC GROWTH ? upon which PERFORMANCE INCENTIVES are based ? |
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| 09-Apr-2010 10:45 |
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Indeed the perceptions for most Singaporeans is that the cost of living is much higher and has increased faster than salaries have. This is especially the case when the economy is just coming out of the worst recession in decades and many companies are exercising wage restraint.
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| 09-Apr-2010 10:42 |
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COE SHARKS IN SINGAPORE WORLD's 1ST ? ? ? ? nOt AGAiN ? ? ? ? is this ETHICAL ? is this JUST ?? is this FAIR ???
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| 09-Apr-2010 10:38 |
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COE MONOPOLY As it stands now, the COE bidding system is an unfair one. It is largely monopolised by car dealers and speculators, leaving no room for the car owner to bid for his own COE.
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| 09-Apr-2010 10:37 |
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Mr ALFRED LIM will make a BETTER MINISTER OF TRANSPORT ! Mr ALFRED will be an EXCELLENT MINISTER OF LIVING STANDARD
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| 09-Apr-2010 10:33 |
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I REFER to “COEs the next lightning rod?” (April 8). It is heartening to know that Government Parliamentary Committee chairman (Transport) Lim Wee Kiak realises the increased Certificate of Entitlement (COE) premiums could be seen as a “cost of living issue” for current and future car owners and that any price increase, be it COE or HDB prices, will have a “political implication”. Indeed the perceptions for most Singaporeans is that the cost of living is much higher and has increased faster than salaries have. This is especially the case when the economy is just coming out of the worst recession in decades and many companies are exercising wage restraint. However, Dr Lim goes on to add that the Government “has done its part” to tackle people’s concerns and to explain the rising car prices. In this regard, more can be done to ensure the cost of living is moderated and that sudden increases are tempered by a properly regulated system. As it stands now, the COE bidding system is an unfair one. It is largely monopolised by car dealers and speculators, leaving no room for the car owner to bid for his own COE. A simple solution is to have car owners bid for their own COE before buying a car. The desires of a car dealer to make a fat profit by closing his car bookings should be taken out of the COE equation. It is inequitable that the consumer is made to pay for the greed of car dealers and speculators, who often spread rumours and create fear in the car buyers that if they do not act “now”, they will pay higher prices later. COE bidding now is as simple as going to the ATM to punch out the amount you wish to bid. The amount which the car buyer is prepared to pay should be the only determining factor of the COE prices. The current COE system is lacking in this respect.
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| 09-Apr-2010 10:24 |
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VOICES today Friday April 9, 2010 page 18 Wheeler dealers? Cut car dealers out of the COE bidding process Letter from Alfred Lim |
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| 09-Apr-2010 10:21 |
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CAR DEALER SCAM ? AGAiN & AGAiN ?? S$150,000 COE ? ? ?
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| 09-Apr-2010 09:39 |
Ying Li Intl
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Ying Li
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CHONG QING has 323 Very Important City Projects in 2010. Check the Chinese CHONG QING webpage.
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| 09-Apr-2010 09:35 |
Ying Li Intl
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I watched the CNA news on TV this morning. I did not get it from the internet.
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| 09-Apr-2010 09:30 |
UniFiber System
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UniFiber
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BUY lOw SELL HiGH bUy mOre when lOw |
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| 09-Apr-2010 09:14 |
PacShipTr US$
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Pacific Shipping Trust has posted a new presentation to its Investor Relations website. Presentation: 2009 Annual General Meeting Presentation Date: 8/4/2010 To access this item, please click here |
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| 09-Apr-2010 09:12 |
Chemoil Ene USD
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CHEMOIL
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COUNT DOWN 6 days CASH OFFER LAPSES 16 APRIL 2010 Friday 5:30pm
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