Taiga Insurance, a leading taxi insurance company, announced today (26th) that it was unable to renew its taxi insurance policy that expired in July this year.
Taiga said it will continue to issue written notices to insurance agents and policyholders who do not have insurance agents for the affected policies.
The Hong Kong Federation of Insurers stated that through the central triage mechanism of the Insurance Authority, the expired taxi insurance policies have been arranged to be underwritten by four insurance companies in an orderly manner.
In response to criticism from the taxi industry that other insurance companies charged more than 10,000 yuan in premiums more than Taiga when reinsuring, the China Insurance Association refuted the data from the Insurance Regulatory Bureau, saying that compared with the end of December last year, taxi premiums in the first quarter of this year increased by about 18%. .
The issue of taxi insurance premiums has been haunting the taxi industry. Since the beginning of this year, Taiga Insurance has refused to accept new taxi insurance policies and announced that it has not been able to renew the taxi insurance policies that expired from February to June this year.
On January 7 this year, the Insurance Authority appointed two managers to take over all the affairs and assets of Taiga. However, Taiga announced today that it has not been able to arrange renewal of the taxi insurance that expired in July this year, and pointed out that the Insurance Authority will assist Affected car owners transfer their insurance to another insurance company as soon as possible.
The Confederation of Insurance Industry stated that through the central diversion mechanism of the Insurance Authority, the insurance policy has been arranged to be underwritten by four insurance companies, and believes that "the taxi insurance market has gradually returned to order."
As for the remaining taxi insurance policies, the Alliance said that some car owners have already arranged for insurance on their own, or are still considering the insurance company's quotation, and some car owners are considering retiring the car.
The Insurance Authority stated that some insurance companies have agreed to provide affected insured car owners with a 30-day mortgage plan to ensure that taxis will not be cancelled due to the insurance policy.
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For some car owners, most of the new insurance policies have been increased by more than 10,000 yuan, or even doubled.
The Insurance Federation responded that, according to the data of the Insurance Authority, the average taxi premium in the first quarter of this year compared with the end of December last year increased by about 18%.
As for the average premium of third-party insurance, the first quarter of this year increased by 19.3% over the same period last year.
The Alliance also appeals to those affected taxi insurance agents or car owners who wish to apply for insurance through the central triage mechanism, they should submit information to the Insurance Authority as soon as possible so that they can arrange for re-insurance.
Deloitte: Taiga failed to arrange renewal for the taxi insurance that expired in June this year. The taxi premium continued to rise, and the minibus was not allowed to renew the insurance if there was an accident. Taiga Insurance filed a lawsuit against former executive director Wu Yuhe Several companies seek US$154 million for Taiga’s refusal to renew taxis due in May Car insurance industry: switching company premiums increased by nearly 20%, a heavy blow or only once
