Motorists to pay more in insurance premiums from 2012: Bank Negara

PETALING JAYA: Motorists will pay more for their insurance premiums from next year under the new motor framework but will reap the benefit of faster claims.

This is the first revision of the motor framework since 1978.

Bank Negara assistant governor Abu Hassan Alshari Yahaya, who announced this on Friday, said the premiums were not expected to have a material impact on the low-income group and the increases would be “gradual”, spread over four years.

After 2016, the premiums would be ‘liberalised’ and determined mostly by market forces.

“The new framework, which will encompass efficiency enhancement measures, is also expected to improve time taken to settle claims from the current average of 1 year to 5 years to 6 - 18 months,” he said.

Abu Hassan stressed that the adjustment would be gradual and “manageable”, refuting a news report published by a local daily Friday which stated that motorists may see premiums rise by about 250% and 450%.

“That is totally incorrect,” Abu Hassan said.

Citing preliminary figures for certain segments, he said for motorcycles 100 cc and below, the increase would be between an annual RM1-RM3.50 (for third party insurance) and RM1-RM2 (for comprehensive insurance) whereas for cars 1,500 cc and below, the increase would be between RM6 to RM34 (third party) and RM7 and RM19 (comprehensive).

The amount of premium paid would be dependable on factors such as the vehicle’s age and the motorist’s history of claims.

“The public can take some adjustment, the fact is that insurance premiums have not been adjusted for a very long time,” he said.

He said engagements had been held with key stake holders such as the police, hospitals and judiciary and a formation of a joint committee among these stake holders to oversee the effective implementation of the proposed framework’s efficiency enhancement measures would be established.

The current motor insurance rating framework has not been reviewed since 1978 and insurance companies have constantly raised the issue of third party motor insurance business being unprofitable given low premiums which did not commensurate with high claim costs.

According to Bank Negara’s presentations slides on Friday, the motor insurance business incurred an estimated annual loss of RM650mil as at 2009/2010.

RON95 petrol price to remain steady

KUALA LUMPUR: Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said here on Thursday that fuel prices would not be raised despite the escalating global oil price.

He stressed that the current situation could still be handled without increasing the price of RON95 and diesel in Malaysia, which is now at RM1.90 and RM1.80 per liter.

Meanwhile, the ministry would discuss with the Finance Ministry to work out alternative measures to cushion the increase including increasing government spending on oil subsidy, he said.

The Middle East unrest has triggered global worries about oil supply. In response, the crude oil price on the global market has already breached US$100 (RM310) per barrel.

Malaysian government has allocated a subsidy of RM10.3bil ringgit in its 2011 Budget for food and fuels.

The government started to reduce the subsidies on both fuels and food at the end of 2010 to ease its fiscal burden.

Therefore, the prices of RON 95 and diesel were each increased five sen to the current level.

Govt studying ways to avoid increasing RON95 petrol price

KUALA LUMPUR: The government is studying all options available to avoid increasing the price of RON95 petrol in the near future although oil prices are rising globally, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Ismail Sabri Yaakob.

He said his ministry was working closely with the Finance Ministry on the matter to ensure Malaysians were not adversely impacted following rising oil prices.

"We have to maintain a balance because we fear if fuel prices go up, prices of goods will go up in tandem and this will be a burden on the people.

"My ministry and the Finance Ministry are studying all options available to stabilise fuel prices to avoid any price hikes in the near future," he told a press conference here Tuesday.

Ismail Sabri was asked about rumours swirling around that the price of RON95 petrol would be increased soon. Also present were his deputy Datuk Tan Lian Hoe and the ministry's secretary general Datuk Mohd Zain Mohd Dom.

Earlier, Ismail Sabri had witnessed the signing of a memorandum of understanding on an automotive workshop modernisation project the Intellectual Property Training Centre here. - Bernama

KWSP Kredit RM21.61 Bilion Dividen (5.80%) Ke Dalam Akaun Ahli Untuk 2010

Kumpulan Wang Simpanan Pekerja (KWSP) dengan kelulusan Menteri Kewangan hari ini mengisytiharkan bayaran dividen tertinggi pernah dicapai sebanyak RM21.61 bilion kepada ahlinya, meningkat 11.55 peratus berbanding bayaran dividen 2009 sebanyak RM19.37 bilion. Amaun ini merupakan 5.80 peratus kadar dividen bagi tahun kewangan berakhir 31 Disember 2010.

Kadar dividen ini 15 mata asas melebihi kadar 5.65 peratus yang dibayar pada tahun 2009, menggambarkan tahun yang memberangsangkan di mana pendapatan pelaburan kasar mencecah rekod tertinggi dalam sejarah sebanyak RM24.06 bilion. Ini merupakan peningkatan 39.76 peratus berbanding RM17.22 bilion pendapatan pelaburan kasar yang dicatatkan pada 2009.

Dalam satu kenyataan yang dikeluarkan hari ini, Pengerusi KWSP, Tan Sri Samsudin Osman berkata, “Pendapatan pelaburan memberangsangkan yang dicapai pada 2010 ini dijana terutamanya daripada prestasi pelaburan ekuiti. Suasana kewangan dan ekonomi yang bertambah baik menyediakan pasaran dengan kecairan yang mencukupi lalu membenarkan aktiviti pengambilan untung sepanjang tahun.”

“Bayaran dividen ini diperoleh setelah ditolak elaun rugi terjejas bersih ke atas aset kewangan, perbelanjaan pelaburan, perbelanjaan operasi dan caj berkanun serta bayaran dividen pengeluaran.”

Disokong oleh tahun yang kukuh untuk pasaran ekuiti, Ekuiti merupakan penyumbang terbesar kepada pendapatan pelaburan kasar KWSP pada 2010, mewakili 45.45 peratus jumlah pendapatan pelaburan kasar KWSP. Untuk tahun tersebut, sejumlah RM10.94 bilion dijana daripada ekuiti, peningkatan ketara 125.69 peratus daripada RM4.85 bilion yang diperoleh pada 2009. (Rujuk Lampiran, Jadual 1).

Pinjaman dan Bon merupakan penyumbang kedua terbesar pendapatan pelaburan pada 2010, mencatatkan RM7.02 bilion pendapatan pelaburan kasar berbanding RM6.63 bilion dicatatkan pada tahun sebelumnya, manakala Sekuriti Kerajaan Malaysia menyumbang pendapatan ketiga terbesar sebanyak RM5.30 bilion berbanding RM5.22 bilion pada 2009.

Ini diikuti oleh Instrumen Pasaran Wang dengan pendapatan pelaburan kasar sebanyak RM703.52 juta, meningkat dengan ketara daripada RM435.57 juta pada tahun sebelumnya. Manakala sejumlah RM103.18 juta dijana daripada Hartanah dan Pendapatan-pendapatan lain.

Dalam tahun yang diulas, jumlah aset pelaburan KWSP terus mencatatkan pertumbuhan yang baik melepasi paras RM400 bilion kepada RM440.52 bilion setakat 31 Disember 2010.

Strategi pelaburan KWSP berpandukan model Alokasi Aset Strategik yang dirangka bagi menepati profil risiko dan pulangan KWSP serta untuk mengekalkan pulangan konsisten dalam jangka masa panjang. Pada 2010 kira-kira dua pertiga jumlah aset pelaburan KWSP kekal dalam instrumen berpendapatan tetap berisiko rendah yang memberikan pendapatan yang stabil.

“Sebagai dana persaraan, objektif utama KWSP adalah untuk melindungi modal (simpanan ahli) dan dalam masa yang sama memberikan nilai tambah kepada simpanan itu. Bagi mencapai objektif ini, KWSP akan terus melaksanakan pendekatan pelaburan berhemat yang didokong oleh penyelidikan yang menyeluruh dan teliti dan mengikut amalan terbaik pelaburan bagi memastikan simpanan ahli dilindungi untuk tempoh jangka masa panjang,” kata Tan Sri Samsudin.

Untuk bayaran dividen 2010, KWSP memerlukan RM3.73 bilion bagi membayar setiap satu peratus kadar dividen berikutan peningkatan dalam bilangan ahli. Jumlah ini meningkat 8.67 peratus berbanding RM3.43 bilion yang dibayar untuk satu peratus kadar dividen pada 2009. (Rujuk Lampiran, Carta 1)

Ahli boleh mendapatkan Penyata Kira-Kira KWSP mereka untuk menyemak pengkreditan dividen 2010 melalui Kios KWSP, kaunter atau i-Akaun mulai Isnin, 21 Februari 2011.

“Walaupun KWSP optimis bahawa momentum yang positif ini akan berterusan pada 2011, prospek untuk tahun ini akan terus bergantung kepada kekukuhan ekonomi domestik dan antarabangsa. Sebagai tabung persaraan, KWSP akan mengekalkan matlamat untuk melabur mengikut objektif strategiknya dan pada masa yang sama mengambil inisiatif pengurusan risiko yang ketat bagi menguruskan secara berkesan sebarang ketidak tentuan dan ancaman yang dihadapi,” kata Tan Sri Samsudin.

Mengenai Kumpulan Wang Simpanan Pekerja (KWSP)

Kumpulan Wang Simpanan Pekerja (KWSP) adalah dana pencen terulung di Malaysia yang menyediakan jaminan asas kewangan bagi persaraan. KWSP sentiasa komited dalam menjamin dan meningkatkan simpanan ahlinya melalui amalan terbaik pelaburan dan tadbir urus korporat. Langkah berhemah sentiasa menjadi panduan dalam setiap keputusan pelaburannya.

Sebagai sebuah organisasi yang berfokuskan pelanggan, KWSP memberikan perkhidmatan yang cekap dan berkesan untuk keselesaan ahli dan majikan berdaftar.

KWSP akan terus memainkan peranannya sebagai pemangkin kepada pembangunan ekonomi negara, selaras dengan kedudukannya sebagai institusi simpanan terkemuka di Malaysia.

Tarikh: 20 Februari 2011

Source from: http://www.kwsp.gov.my/index.php?ch=p2news&pg=bm_p2news_press&ac=3485