AMCM: Transport insurance claims on the rise

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Both the number and the amount of insurance claims for accidents involving taxis and buses are on the rise, noted the Monetary Authority of Macau (AMCM) in its reply to legislator Si Ka Lon’s written enquiry.
The monetary authority said the insurance industry recorded MOP197 million (US$24.6 million) in total claims in 2015, up 16 per cent from MOP170 million since 2011. ‘In particular, a significant increase was evident in the number and the amount of claims for accidents involving business vehicles such as taxis and buses,’ it notes.
The legislator queried in his interpellation whether the current regulations monitoring insurance activities are effective, as he perceives the law lacks details in the categorisation of insurance policies, resulting in the absence of new insurance products in the local market.
AMCM said it has been closely monitoring the operations of the industry in the wake of the adjustment to the mandatory minimum amount of transportation insurance introduced in 2011.
In Hong Kong, the mandatory minimum insured amount for compulsory automobile liability insurance is HK$100 million.
But the MSAR monetary regulator pointed out that Macau’s situation differs from its neighbouring city, adding it will conduct studies this year to review the insured amount and the premiums of mandatory insurance products, especially those for public transportation.