APT Organization

APT Organization Comprises of APT Professionals(Asia)Pte Ltd & APT Planning Services Pte Ltd In doing so, we will also make life better for the less privileged.

Our Vision : We are a team of dedicated risks solutions professionals coming together to provide long term quality services to our clients be it an individual or a corporate; to help them mitigate their un-manageable risks efficiently and effectively.

Congratulations to Frances on attaining COT 👏👏🎉🎉🥂🍾👍👍
08/10/2020

Congratulations to Frances on attaining COT 👏👏🎉🎉🥂🍾👍👍

When we r in crisis there will always be opportunities. Thank you God for all the blessings 🙏🏻
08/10/2020

When we r in crisis there will always be opportunities. Thank you God for all the blessings 🙏🏻

Congratulations to Shaun & crew on opening of Stronghold at Turfcity 🍾🥂👏👏👍👍
01/06/2019

Congratulations to Shaun & crew on opening of Stronghold at Turfcity 🍾🥂👏👏👍👍

Our CNY luncheon
10/02/2019

Our CNY luncheon

a well deserved break for my core crew
01/05/2017

a well deserved break for my core crew

Gave a talk today on 'Staff Benefits' at law firm Bird & Bird ATMD
31/03/2017

Gave a talk today on 'Staff Benefits' at law firm Bird & Bird ATMD

Lunch at The Soup restaurant with Lena Tsia CEO of CIGNA, Dr Sonephet, Dy Director General of Laos PDR's insurance
19/03/2017

Lunch at The Soup restaurant with Lena Tsia CEO of CIGNA, Dr Sonephet, Dy Director General of Laos PDR's insurance

Dinner with Dr Sonephet Inthavong, Dy Director General of Laos Ministry of Finance's Insurance Dept. & his family. With ...
17/03/2017

Dinner with Dr Sonephet Inthavong, Dy Director General of Laos Ministry of Finance's Insurance Dept. & his family. With us also Dr Ganesh, wife Lisa, Pakri & Frances Ho

17/04/2014

China: Professional payout 'agents' are the bane of insurers
Source: AIR eDaily | 15 Apr 2014
Professional compensation agents are being blamed for increased insurance payouts made by insurance companies in China. Such agents persuade victims of traffic accidents that they can help them obtain higher compensation in return for a fee.

The agents find ways to extract higher compensation fees from insurance companies and car owners by faking or exaggerating injuries, and often presenting a permanent disability certificate for the victim from a local judicial appraisal centre, reported the Global Times.
According to the Shanghai Bureau of the Insurance Regulatory Commission, Shanghai's compensation payouts reached CNY30.1 billion (US$4.84 billion) in 2013, an increase of 18 percent from 2012. Among the payouts, property insurance compensation was the highest, reaching CNY16.2 billion which was an increase of 17 percent over the previous year.
"Auto insurance is the fastest growing and takes the largest percentage in property insurance. These agents are the key reason for the rapid growth," a local insurance company executive told the Global Times.
Shanghai's insurance companies have made payouts in around 90 percent of cases related to motor accidents in recent years, according to Li Weiqun, director of the Insurance Law Research Centre of the East China University of Political Science and Law.
"The agents have become a black hole devouring large compensation payouts, and causing losses to insurance companies and car owners,” he said.
According to the Global Times, there are several methods which professional compensation agents use to increase payouts. Generally, they bribe forensic doctors in appraisal centres, so that the latter would issue a disability certificate attesting to more serious injury or disability for the accident victim. In China, disability is rated according to 10 grades, and a rise by one grade could mean that the insurance company would have to pay CNY80,000 more. The agents also bribe judges so that the latter would not allow other disability assessments.
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30/04/2013

Indonesia: Insurers drop new scheme after complaint
Source: eDaily | 29 Apr 2013

Insurers have dropped their new premium rates for property cover against flood after the Business Competition Supervisory Commission (KPPU) complained the scheme breached the monopoly law, reports the Jakarta Post.

The scheme was introduced by the Association of Indonesian General Insurance Companies (AAUI) in response to the growing demand for property insurance — mainly against floods — following the Jakarta floods last January.

The rates were formulated and agreed upon by all AAUI members without any involvement of the Financial Services Authority (OJK), thus indicating price-fixing, says Mr Ahmad Junaidi, KPPU spokesman.

Under the scheme, properties were not divided into industrial, commercial or residential buildings but categorised on the scale of risk: low, moderate and high, with each category determining the size of premium.

The new rates were supposed to take effect from 14 March, but soon after the release of the scheme, AAUI was summoned by the Commission.

“We told the commission that the new scheme was needed because the old one could not cover all the claims caused by flooding and we cannot use money generated from other premiums,” says AAUI Chairman Kornelius Simanjuntak.

If the country were to suffer from massive floods before a new scheme is set, AAUI members might apply their own rates to cover the claims, he says. “The worst-case scenario is that they refuse to cover claims. As I have stated, current rates are no longer adequate compared to the risks,” he adds.

30/04/2013

China: Insurers to pay US$23 mln for Ya'an quake
Source: eDaily | 29 Apr 2013

Domestic insurers are expected to pay CNY142 million (US$23 million) in claims to victims of the earthquake that devastated the Ya'an region in Sichuan province on 20 April, says CIRC.

Insurers have received a total of 895 claims, which comprise compensation for 47 fatalities and 121 injured cases, says the regulator.
Of the total figure, insurers have paid CNY13.73 million so far, reports the Securities Times.

04/01/2013

Early last year, regulators cried 'foul' for life insurance practice in Spore alleging that life insurance products 'expensive' and advisers were 'overpaid'. They pledged to 'right the wrong' and a committee was formed (they called it 'FAIR') to review the current system. Today, it had been found that the average adviser don't really earn a lot (below the ave median of $35K/yr). And many jobs will be lost if it enforces fee based structure, resulting in S'pore being under insured over time as many advisers will exit the industry. The facts of the matter are: life insurance is never expensive. In my 25 years experience, I'd made numerous claims, ranging from paying expensive medical bills costing (6 figures) to huge sums payout, the biggest was more than $3M in 08. The families who received the benefits were grateful for these financial relief. Premiums paid for these payout were miniscue in comparison with the size of payout. Clients who received maturity benefits get more return than bank deposits. How did the ideas that insurance products are 'expensive' & advisers overpaid came about? Of cos there r bad hats in every industry, including esteemed professions like banking, medical, legal, (politicians not spared). But these bad hats do not represent the majority of us who do, and continue to do, a responsible and professional job. In our society where gambling & pawnshops (who charge exorbitant rates) creating massive sufferings are not frowned upon, doing good by providing financial reliefs in times of need becomes very trying and less appreciated. Nevertheless I still have faith in the system, except that I hope people with great power do exercise great responsibility in carrying out their duties fairly (really) instead of prescribing 'solutions' before diagnosing the problem

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51 Scotts Road #03-03
Singapore
228241

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+6567353303

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