Changes to motor insurance claims put off to June

This story was printed from TODAYonline

Changes to motor insurance claims put off to June
Tuesday • April 29, 2008

THE General Insurance Association (GIA) has decided to postpone the implementation of changes to the motor insurance claims framework by nearly a month to June.

No other details were given, except that a news briefing will be held on May 27. Channel NewsAsia understands that the industry body held a briefing for insurance companies last Friday

Under the new system, motorists will have to report accidents to their insurers within 24 hours. They will enjoy a new one-stop service, with the insurer handling all paperwork, inspection and repairs, even for third-party claims. Today was told the delay was not due to a lack of consensus or support in the industry. On the contrary, a source said: “It’s been well received by the market.”

But the changes are “complex” and the GIA’s 31 members have much to discuss in relation to presenting the changes with a united face.

“This is taking a bit more time than originally thought,” the source added. “We want to get it right and get maximum buy-in.”

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