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ARCHIVE
NEWS |
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Tenet Insurance bucks trend, covers dengue |
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Personal accident policy may cover dengue fever: Lawyers |
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S&P Raises Ratings on Singapore's Tenet Insurance Co. |
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Tenet's
turnaround lift Hwa Hong gains |
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Rainbow
Kids Experienced A White Christmas |
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Medical
Insurance Product Launch |
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Introducing
IDAC |
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Hartford
Renamed Tenet Insurance |
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Tenet Insurance bucks trend, covers dengue
Business Times, 6 October 2005
By UMA SHANKARI
IN a move which goes against traditional industry views, Tenet Insurance last month extended its PAStar personal accident packages to cover medical expenses for the treatment of dengue.
The company's decision comes during a spate of dengue fever cases which have arisen here in recent weeks.
Most insurers don't regard dengue as a payable claim under their personal accident policies, said Koh Yen Yen, manager of Tenet's personal insurance division. And Tenet's personal accident plans previously took the same approach.
'With this extension, new and existing PAStar policyholders can claim for medical treatment up to $2,500,' she said. PAStar policyholders can now claim for hospitalisation and outpatient treatment.
This is in contrast to some of Singapore's largest insurance companies that BT spoke to on Tuesday. NTUC Income said dengue fever is covered under its infectious diseases plan but not its personal accident policies.
Aviva declined to comment, while Prudential said its policies do not cover dengue. AIA said one of its personal accident policies covers dengue, but only in the event of hospitalisation, upon which a hospital income benefit will be paid and hospital expenses reimbursed.
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Personal accident policy may cover dengue fever: Lawyers
They cite English case law - but most insurers disagree
Business Times, 5 October 2005
By DANIEL BUENAS
( SINGAPORE) Amidst the spate of dengue cases in recent weeks, a debate has arisen in insurance industry circles over whether people with personal accident policies are covered against the disease.
Lawyers and industry watchers that BT spoke with said that in a dispute between a policyholder and an insurer, the policyholder could possibly win. Their opinions were based on legal arguments and English case law.
A check with some of Singapore's largest insurers found that at least one, AIA, has a personal accident policy that does provide hospital income benefit for those hospitalised with dengue fever, but that most policies do not.
'Lawyers having looked at the question think, on balance, dengue would be covered,' said Singapore Insurance Institute (SII) president Stanley Jeremiah. 'But, of course, there is no test case yet in Singapore.' Mr Jeremiah, who is a lawyer, said that whether contracting dengue was covered under a personal accident policy depended on the policy's wording.
'The main issue revolves around the definition of an accident which is usually 'violent, external and visible means',' Mr Jeremiah said. 'But the legal argument is that 'violent' simply means the opposite of 'natural' - so the considered view, is that, yes, (contracting dengue from a mosquito bite) will be covered.'
He said there was English case law dating back to the 19th century which had showed that the definition of 'violent' need not include the use of force.
'There are quite clearly cases that support this view,' he said. 'Based on contracts and law, it would seem the insured would have a valid claim for dengue as falling under accident policies.'
Adeline Chong, a partner at Harry Elias Partnership specialising in insurance law, agreed that being bitten by a mosquito and contracting dengue could be construed as an accident under legal terms.
'I haven't seen a case like this yet, but it would be interesting to see how a local court rules,' she said. 'Off the top of my head, I think that these policies might cover dengue . . . but still, at the end of the day, we have to look at how the underwriters determine their scope of cover.'
A check with some of Singapore's largest insurers reveals that they believe that most personal accident policies do not cover dengue fever.
A spokeswoman for NTUC Income, the largest insurer in Singapore in terms of policyholders, said that dengue fever was covered under the company's infectious disease plan, but not its personal accident policies.
'The personal accident plan under NTUC Income covers a person against death and bodily injury caused by violent accidental external and visible means . . . (but) dengue fever is not covered under the plan,' she said. 'However, we will look at the circumstances leading to the person contracting the dengue fever. Where appropriate, we may make a payment to help a policyholder.'
The company did not indicate if it had ever made a payment on a claim like this, but did say that fewer than 10 claims were made a year.
Aviva declined to comment, while Prudential said that their policies did not cover the disease, although AIA said that one of its personal accident policies did.
'Our personal accident plan, AIA Personal Accident 24-Hour Plan, has a hospital income benefit which is payable when the insured is hospitalised due to an injury or illness, including dengue fever,' a spokeswoman of the company said, adding that the company had paid out for dengue claims recently.
According to the company, in the event that an accident or illness causes a policy holder to be confined in hospital, a daily hospital income benefit will be paid up to the maximum of 500 days, and hospital expenses reimbursed up to a maximum of five times the daily in-hospital income or $300, whichever is less, for the same illness or injury.
However, Mr Jeremiah said that a hospital income benefit was a 'given', as it would be payable to anyone who was hospitalised, regardless of why.
He added that if a person were to die from dengue fever, it would be covered by most life insurance policies, but it was unlikely to be covered under critical-illness policies.
'I think this issue is not something that insurers have thought about,' he said. 'But as far as the insured party is concerned, he clearly will view it as an accident, while the insurers are unlikely to do so.'
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S&P RAISES RATINGS ON SINGAPORE'S TENET INSURANCE CO.
Insurance Journal, 9 May 2005
Standard & Poor's Ratings Services announced that it has raised its long-term insurer financial strength and counterparty credit ratings on Singapore's Tenet Insurance Co. Ltd. to "BBB" from "BBB-". The outlook is stable.
"The ratings upgrade reflects the expected continuation of Tenet's profitable underwriting performance, due to the structural improvement in the insurer's business portfolio," stated S&P credit analyst Hwee Hoon Tan. "This was demonstrated through better business line diversity and a reduced reliance on the motor insurance business, which will assist in maintaining positive underwriting performance. Nevertheless, Tenet's relatively small business franchise and market position in Singapore amid a competitive operating environment remain key challenges for the company."
S&P indicated that Tenet's financial profile "remains sound with a robust solvency ratio, as denoted by shareholders' funds to net premiums written at 322 percent in 2004, a level that compares favorably with its larger domestic peers.
"Profitability also improved in recent years, with a 28 percent return on revenue in 2004, compared with a loss of 3 percent in 2002. The combined ratio improved to 88 percent in 2004 from 100 percent in 2003, as Tenet benefited from some reserve releases with a restructured business portfolio."
S&P said it expects this improvement in underwriting performance "to continue in the medium term, in view of the increased selectivity of risk exposures. As a result, Tenet is expected to maintain its positive operating results.
"Given the short-tail nature of its business, Tenet maintains a liquid and conservative investment portfolio. As more than half of the investments are in fixed income instruments, investment returns are stable, with an average investment yield of 4 percent over the past five years. Tenet is expected to resume business growth at a moderate pace, as management's earlier focus was on the rebalancing of its portfolio while maintaining underlying profitability, resulting in limited growth in recent years.
"Tenet is expected to achieve this growth through strengthening its relationship with selected intermediaries, developing alternative distribution networks, and expanding small and midsize enterprise and personal line business. This expansion will be based on selective underwriting with a focus on profitability. The growth is also expected to be well supported by Tenet's existing strong capital position."
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TENET's
TURNAROUND LIFTS HWA HONG GAINS
By Lorna Tan
The Straits Times, 29 May 2003
GENERAL insurer Tenet Insurance has managed a turnaround
by reducing its exposure to the shaky motor insurance
industry, which in turn has helped to prop up parent
company Hwa Hong Corp's results.
Thanks to its concerted efforts, Tenet succeeded in
capping its motor portfolio to 35 per cent of gross
premiums, down from a peak of 65 per cent three years
ago, and from 59 per cent last year.
Yesterday, Tenet reported a first-quarter net profit
of $502,000 - a significant contribution of 46 per cent
to parent construction group Hwa Hong Corp's net profit
- reversing a loss of $316,436 in the same period last
year.
This was despite a drop in gross premiums for the three
months ended March 31 to $7 million from $8.8 million.
Tenet president and chief executive Stella Tan reiterated
that the 'containment of our motor portfolio is an ongoing
process'.
She said the feat was difficult but necessary as the
motor insurance business had incurred annual underwriting
losses of more than $100 million in the past four years,
due to intense competition.
On the strategy of Tenet, which has 150 insurance agents,
she said: 'One salient measure is prudent agency management,
by which we mean a combination of actions including
a more stringent selection process for new motor businesses,
and firmer actions - including termination - on agents
with unprofitable motor business.'
As a result, motor insurance premiums dropped to $2.45
million in the first quarter from $6 million.
Tenet has no plans to reduce the proportion of motor
insurance work this year, as 35 per cent is 'a drastic
drop' from its peak and 'is a comfortable level', she
said.
Besides charging higher motor premiums, Tenet has also
made a push in its non-motor portfolios such as marine
insurance.
It is forecasting a net profit of $1.5 million to $2
million in this financial year (FY) and its gross written
premium projection for FY 2004 is $32 million, said
Ms Tan.
Yesterday, Hwa Hong said its first-quarter net profit
soared 48.2 per cent to $1.1 million on turnover of
$12.1 million.
Earnings per share rose to 0.16 cent from 0.11 cent,
while net asset value per share fell to 65.75 cents
from 67.60 cents as at the end of last year. |
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RAINBOW
KIDS EXPERIENCED A WHITE CHRISTMAS
About 200
of Club Rainbow’s kids, their families and Tenet
Insurance’s staff came together to witness the
culminating activity of “A Magical Christmas
with Tenet Insurance” at Snow City. The evening,
which ended the month-long fund-raising campaign Tenet
Insurance organized in aid of Club Rainbow (Singapore),
was filled with surprises for all.
The event
unfolded magically for the Rainbow kids who enjoyed
the experience of snow in its real climate, which
left everyone’s cheeks rosy. It brought the
true meaning of Christmas as staff of Tenet Insurance
made these kids feel important, loved, cared for and
most of all, leaving them with a cheerful smile. Every
Tenet staff was paired with a Rainbow child and the
program paved the way for them to be-friend, share
wonderful moments; laugh while having fun snow-tubing.
There was even a snowman building competition and
a lesson on snow-making. Even Santa came by with stories
and gifts.
The peak
of the event was when Tenet Insurance’s President,
CEO and Principal Officer, Ms Stella Tan, presented
a cheque of S$27,251.20 to Club Rainbow, to support
the club’s efforts in providing assistance to
these children; all of whom suffer from major chronic
illnesses.
Tenet Insurance’s
chief Ms Stella Tan, “In terms of our growth
as a company, we are definitely on track and that
is why we can proceed to put this event together.
We want to continue to have fresh perspectives in
our products development just like a child when he
or she grows”. |
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Medical
Insurance Product Launch
Tenet Insurance Company Ltd launched MediWell Plus
– a medical insurance cover for the individual,
family and business – on 2nd August 2002 at
the Pan Pacific Hotel. The introduction of this product
is in line with Tenet Insurance’s aim to provide
comprehensive insurance solutions to the individual
and small-to-medium enterprises.
MediWell Plus is an
enhancement to the existing medical plan, MediWell.
It is the latest addition to Tenet Insurance’s
comprehensive range of products, which covers a wide
spectrum of needs both for the individual and corporate
clients.
MediWell Plus - Business
Insurance, is designed for companies with a workforce
of 5 to 100 employees whilst MediWell Plus - Personal
Insurance, is targeted at individuals and their families.
A snapshot of the product
highlights:
- Worldwide Coverage
- Hassle-free Claim Process
- Additional Organ Transplant Limit
- 100% coverage for Surgical Fees
- Covers treatment charges from Acupuncturist and
Registered Bone-Setter
For more information,
please click MediWell
Plus Personal and MediWell
Plus Business. |
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INTRODUCTION
OF IDAC PROCESS
From August
1 2002, Tenet Insurance Company Ltd has joined
forces with 30 other insurance companies providing
motor insurance in Singapore to develop Idac,
a network of Independent Damage Assessment Centres.
With this development,
all new and renewal policies issued on/after
1st August 2002 will carry a new condition
stating that the accident vehicle will be sent to
Idac to have it inspected and assessed immediately
after a non-injury accident (excluding Windscreen
damage only) occurred in Singapore. If this is not
done, a reasonable and satisfactory explanation must
be provided to insurer for consideration of the motor
claim. Existing Motor policies which were incepted
prior to this date will only be included this new
condition at their next renewal. However, we encourage
all insureds to begin to use the Idac service immediately.
View Idac Clauses.
Why
Idac?
Idacs
are independent and provide professional reports of
accident damage that everyone can rely on –
you, your insurer and your repairer.
It is developed to tackle
some of the uncontrolled costs currently driving up
motor insurance premium rates. By increasing the transparency
throughout the repair process, Idac will be a fairer
system to ensure consumers get the most value for
their insurance premiums in the future.
What
to do after an accident ?
For
a motor accident which :
· Involve “bodily injury” to any
of the parties,
o Please contact
the Police and Medical Services immediately.
o Make a Police
Report of the accident.
o If the situation
permits, have the damaged vehicle inspected by Idac.
o Make a Claim/Accident
Report with Tenet or at the nearest Idac.
Does
not involve any “bodily injury”
o Please call
the existing Tenet Hotline (65) 6334 1389 or Idac
(1800 887 5151) immediately.
o Have the
damaged vehicle sent for inspection and assessed at
the nearest Idac location (not required if
damage is limited to Windscreen damage only).
o File a Claim/Non-injury
Accident Report with Tenet or at Idac. For claim involving
Windscreen repair only, please file
the Claim with Tenet or at its panel of ExcelDrive
workshops.
Other
Useful Information To Know?
A Police Report is required
to file a Claim/Accident Report if: any of the parties
in the accident are injured, the accident involves
government vehicles or property/ foreign vehicles/
pedestrians or cyclist or the accident is a hit and
run accident.
Please contact your
servicing agent or broker or our office if you need
any clarification with regards to Idac and its services.
Working with you to
make insurance premium more affordable in the future.
IDAC–
FLOW FOLLOWING A NON-INJURY ACCIDENT
While
we hope that there will not be a need to take advantage
of the Idac services, we hope the simplified diagram
below will help you better understand the total Non-injury
Accident/Claim Reporting process.
Click
here for Idac Centres....
Print
Introduction
of IDAC in PDF... |
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Hartford
Renamed Tenet Insurance
The Hartford Insurance Company (Singapore) Ltd was yesterday
renamed Tenet Insurance Company Ltd. Originally known
as The People's Insurance Company, the firm later became
a wholly owned subsidiary of Hwa Hong Corporation Ltd
in the mid-80s. In 1997, the Hartford International
Financial Services Group Inc bought a stake in the company
and renamed it The Hartford Insurance Company (Singapore)
Ltd in 2000. Hwa Hong Corporation re-acquired the company
in 2001.
Business Times, 19 March 2002 |
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