What better way to spend UK Bank Holiday that snacking on nuggets – no, not those additive-laden fast food types, but insurance news nuggets from around the world.
CHINA – HONG KONG MOTOR REGS
The local regulator in China has finally formalised the car insurance status for policyholders in southern China and Hong Kong. Basically, one policy now covers you in both zones. Here is the word;
“The Insurance Authority (IA) today (1 May 2023) welcomes the announcement of the governments of Guangdong and Hong Kong Special Administrative Region (SAR) on the launch of the Northbound Travel for Hong Kong Vehicles (the Scheme)1. To facilitate the introduction of the Scheme, the IA has been coordinating with Hong Kong insurers for the implementation of the Unilateral Recognition policy for cross-boundary motor insurance. From 1 July onwards, Hong Kong private car owners or drivers entering Guangdong under the Scheme can procure a Unilateral Recognition policy from Hong Kong insurers with coverage extended to include the statutory third-party liability motor insurance for the Mainland. In other words, car owners do not have to purchase separate policies for the two places, making travels between Guangdong and Hong Kong more convenient.”
FRAUDSTER LIVED THE HIGH LIFE
The Mirror reports on the case of Angela Boote, who was employed at Griffiths and Armour in Liverpool since the 1990s, but defrauded client monies of around £255,000 over a few years. She had senior level control over client refunds and transferred cash into her own, and her daughter’s bank accounts.
Although she was sentenced to 40 months in prison last year, Angela Boote recently appeared in court for a Proceeds of Crime hearing where her assets were listed as being just under 80K. She must pay this amount or face some months of extra prison time.
GLOBAL ATLANTIC FOUNDATION
Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced the launch of the Global Atlantic Re foundation in Bermuda, which has been seeded with $1 million dedicated to the promotion of economic development, education and environmental sustainability initiatives throughout the island.
Grants will be given out for environmental projects, educational initiatives, especially on maths, plus accelerator grants for local start-ups.
NIGERIA HAS A FAKE INSURANCE DOCUMENTS PROBLEM
Some news from Nigeria reveals that out of 12 million vehicles on the roads, only about one third have genuine insurance documents. The local website The Guardian reports that a recent conference of Nigerian insurance professionals looked at the problem of fakers selling docs at roadside locations, and how to stop it.
It seems like an opportunity to replace paper with digital proof of cover, for enterprising insurtechs.
More info here.
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