RISKAFRICA Magazine - - • AVCA -

Aflac com­puter glitch af­fects R167 mil­lion in in­sur­ance deals

Sup­ple­men­tal in­sur­ance provider, Aflac In­cor­po­rated, re­ported a com­puter-sys­tem mal­func­tion that af­fected a to­tal of 5 000 in­sur­ance trans­ac­tions worth a com­bined ¥1.8 bil­lion (R167 mil­lion), in­clud­ing mone­tary pay­ments. Prob­lems started dur­ing data pro­cess­ing re­lat­ing to death in­sur­ance, in­di­vid­ual an­nu­ity and other fi­nan­cial prod­ucts. Af­fected ser­vices in­cluded in­sur­ance pay outs, re­funds, ac­cep­tance of new pol­icy ap­pli­ca­tions and changes to pol­i­cy­hold­ers’ ad­dresses. In­sur­ance mone­tary pay­ments were later made man­u­ally. The hike does not re­flect the lat­est mas­sive dam­age es­ti­mate for a pos­si­ble Nankai Trough earth­quake off cen­tral and western Ja­pan. If the es­ti­mate is taken into ac­count, pre­mi­ums may be in­creased fur­ther.

Quake in­sur­ance in­crease sought

A Ja­panese prop­erty and ca­su­alty in­dus­try body plans to raisee stan­dard earth­quake in­sur­ance pre­mi­umsmi­ums for hous­ing by a na­tion­wide aver­age ve­r­age of 15.5 per cent, fol­low­ingg the dev­as­tat­ing March 2011 earth­quake arthquake and tsunami which saw re­serves serves de­cline sharply.

The Non-Life In­sur­ance Rat­ing at­ing Or­gan­i­sa­tion of Ja­pan has re­ported the plan to the Fi­nan­cial Ser­vices er­vices Agency for screen­ing and iss ex­pected to im­ple­ment the in­crease in July 2014. It will be the first in­crease­crease since the dis­as­ters.

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