The issue of taxi insurance premiums has been haunting the taxi industry. The Insurance Authority took over the leading taxi insurance company, Taiga Insurance, and recruited 4 insurance companies to accept taxi insurance policies that were discontinued or not renewed by Taiga.
However, yesterday, Deloitte, which was appointed by the Insurance Regulatory Bureau to take over the full control of Taiga Insurance, said that it could not arrange for the renewal of the taxi insurance that expired in May this year.
Some taxi industry said that the problem of high premiums has not improved after the Insurance Authority took over Taiga. Taijia has already increased the premium by 30%. If the contract is not renewed, it will be transferred to other insurance companies. One or two percent more expensive.
The taxi industry has tried to meet with representatives of insurance companies for talks with the members of the Insurance Authority and the Legislative Council to explain the plight of the industry, but they have not received positive responses.
The Insurance Authority replied that there were a total of 2,500 affected taxi insurance policies that expired in February, March and April, and most of them have been underwritten by other insurance companies or have been properly arranged.
The Insurance Authority pointed out that insurance companies will make underwriting decisions and determine premium levels based on commercial principles, and the main factors to be considered include accident rate, accident severity and claims history.
The bureau will continue to maintain close communication with the taxi and insurance industry, as well as relevant government departments.
Earlier this year, the Insurance Authority appointed Deloitte to take over all the affairs and assets of Taiga Insurance.
The taxi industry originally thought that the crisis of failing to renew the car insurance for about 7,000 taxis in Hong Kong could be lifted.
However, Deloitte announced yesterday that it was unable to arrange renewal of the 927 taxi insurance policies that expired in May this year. It has also announced earlier that the policies that expired in February, March and April will not be renewed.
Taxi industry wants to negotiate premiums with insurance companies but fails
Chow Kwok-keung, chairman of the Hong Kong Taxi and Minibus Business Association, pointed out that the premium of the taxi insurance policy originally in Taiga has been increased by 30%.
Zhou Guoqiang pointed out that after some of the policies that were terminated by Taijia were transferred to the remaining four insurance companies that were willing to underwrite taxi insurance, including Bank of China Group Insurance, China Taiping, Pacific Insurance and China Merchants Wing Lung, the other party paid Taijia's original policy price. Assessing the premiums and adding an additional 10% to 20%, the taxi industry will be hit even harder under the epidemic.
Zhou said that the taxi industry tried to contact the Insurance Authority and members of the Legislative Council, and met with representatives of four insurance companies to explain the tragic situation in the industry and discuss the adjustment of premiums, but none of the insurance companies responded positively.
He said that at present, about 800 taxis are not renewed by Taiga every month. He noticed that there are still many disputes in Taiga insurance to be resolved. , and can only pay higher premiums, "prepare to be held down".
Taxi shortage｜Yi Zhiming: Insurance temporarily solves the taxi shortage hoping to increase the price to attract newcomers for fleet management｜Taijia Insurance was taken over by the Insurance Regulatory Bureau to consider applying for review and urgently suspend the taxi shortage｜Taijia canceled on January 3 and The surrender notice issued on the 4th and the taxi insurance policy continued to take effect. Taxi shortage | Taiga said that 1.2 billion funds were deposited in NBL for foreign currency spot transactions only Deficiencies in corporate governance
▼About 30 drivers of anti-epidemic taxis contracted the virus on March 15▼
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Zhou Guoqiang continued to say that people are reducing travel due to the epidemic. At present, some taxis are not rented by drivers, and they are "hanging up" in many districts. Except for the high-speed rail West Kowloon Station parking lot, Kam Tin and Ocean Park have parking spaces for taxis. There are more than 100 taxis parked for a long time.
In addition, taxis have not increased their fares for 4 years, and the income is not competitive, which makes the taxi industry even worse.
Li Zhenqiang, a Liberal Party legislator who has followed up on the issue of taxi insurance premiums, expressed the hope that the government can approve the taxi fare increase as soon as possible, which will increase the income of the industry and attract more young drivers to enter.
He said that the taxi industry should also be patient, hoping that the accident rate of taxis will be reduced, and discussing with the insurance industry, so that drivers can gradually reduce their insurance premiums after providing a good driving certificate.
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A person familiar with the matter also pointed out that Taiga Insurance originally accounted for 70% of the taxi insurance market, and the original charges were lower, but because Taiga Insurance was taken over, taxi insurance had to flow out of the normal market, and each insurance company had its own risk considerations. , Even though the insurance and taxi industries have come to a conclusion on the measures to reduce premiums, after the implementation, insurance companies will have to collect data for a period of time, and will have the opportunity to reduce premiums depending on whether the problem of the loss ratio has improved.
IA: Still understanding the operation and financial situation of Taiga Insurance
The Insurance Authority replied that the appointed manager is still understanding the operation and financial status of Taiga Insurance, and has announced that it has not been able to renew the taxi insurance policy that expires from February to May this year, and that the taxi expires in June or later. Insurance renewal arrangements will be announced in due course.
According to the IA, as of March 31, there were about 700, 1,000 and 800 affected taxi policies due in February, March and April respectively, of which 95% of the policies due in February, 91 % of the policies due in March, and 70% of the policies due in April, have been underwritten by other insurance companies or have been properly arranged.
The Insurance Authority is pleased to see that the taxi insurance market in Hong Kong has gradually returned to order, pointing out that taxi insurance, like other auto insurance businesses, will make underwriting decisions and determine premium levels based on commercial principles. extent and claims records, etc.
In the long run, in order to reduce insurance premiums and attract more insurance companies to enter the market, we must start from the source, improve the road safety level of taxis, and encourage taxi owners or dealers to hire drivers with good driving records, thereby reducing traffic accidents and claims. , and assist insurers in adopting risk differentiation measures, enabling them to make more accurate underwriting decisions and determine premiums for individual policies.
The Insurance Authority stated that it will continue to maintain close communication with the taxi and insurance industry and relevant government departments to discuss the problems encountered by taxis and other transportation industries when purchasing insurance, and propose solutions.
Taxi shortage｜Taiga failed to renew the insurance for taxis that expired in May. The demand for anti-epidemic buses and taxis to pick up quarantined people was reduced. Transportation Department: 200 vehicles each at the end of this month. Taxi fare police detain two men and expose at least two other cases of anti-epidemic taxis | Some drivers said on the Internet that they are not paid Transport Department: weekly subsidy to operators for anti-epidemic taxis | More than 30 drivers were not deterred by the epidemic Industry: The fleet will increase by 500 vehicles
