ALLIANZ MALAYSIA BHD

KLSE (MYR): ALLIANZ (1163)

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Last Price

13.08

Today's Change

+0.12 (0.93%)

Day's Change

12.94 - 13.10

Trading Volume

21,500


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1,102 comment(s). Last comment by observatory 6 days ago

Posted by observatory > 6 days ago | Report Abuse

"A landmark ruling by the Federal Court has held that victims of road accidents should be automatically compensated by insurance companies without requiring legal action to do so.
...
According to the report, of the eight appeals, five involved Pacific & Orient Insurance, Amgeneral Insurance, Allianz General Insurance Company, and Malaysian Motor Insurance Pool. The three-person bench, comprised of Rahman as well as Hasnah Mohammed Hashim and Rhodzariah Bujang, awarded RM150,000 in costs to each of the successful parties in the appeal.

The appeals came about as the insurance companies had obtained a declaration in the High Court to nullify the policies of motorists due to allegations of misconduct on the part of the vehicle owners, the FMT report said. This action had denied accident victims monetary compensation that had been due to them, prompting the appeals.
The appeals included a sambung bayar case, where the dispute arose when the vehicle owner attempted to claim on his vehicle following an accident.

However, he had “sold” his vehicle to a third party through such an arrangement, with the insurance company being unaware of this. When it learnt about this, it then obtained a declaration from the High Court to nullify the policy of the motorist, citing misconduct on the part of the vehicle owner. Following this, the insurer refused to cover the vehicle owner’s loss.

In another case, while the Sessions Court had found the driver of the other vehicle negligent after a full trial, the insurance company took a court order alleging it had been defrauded, and declined to pay the vehicle owner who was claiming for damages.

The case victim was eventually found to merely hold a paper judgement, which the Federal Court said was “not even worth the paper it was written on,” continuing that it was unfair because the victim’s constitutional rights to be treated fairly had been infringed"

https://paultan.org/2022/08/09/federal-court-rules-that-road-accident-...

Posted by observatory > 6 days ago | Report Abuse

With this ruling, motor insurance companies will automatically pick up the bill. It's only right that innocent accident victims should not go through the legal nightmare just because the motorists are at fault and insurance companies refuse to pay. But could there be unintended consequences?

With the ongoing liberalization, insurance companies need to better differentiate pricing based on motorists' past records, such as traffic summons.

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