MR PAUL Chan's Forum Online letter on Wednesday ('More accountability needed from motor insurers')
raises two less known points about the motor insurance industry.
The first.. There is no mandatory insurance required for property damage, including damage to motor vehicles... So it may be timely for the Government to step in and provide the necessary regulation.
It is unfair to consumers who are required to take up third-party injury insurance by law, and are taken advantage of by insurers who build and bundle an expensive insurance product because they know consumers have no choice but to buy it.
Second....motor insurers should factor in and disclose the investment income derived from premiums collected
when justifying premium increases for a better understanding among consumers.
Peter Lo
http://www.straitstimes.com/STForum/Story/STIStory_506672.html
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