Banking, insurance stocks help KSE gain 13 points

Despite selling of index mover Oil & Gas Development Company, across the board buying particularly in insurance sector helped the Karachi bourse successfully cross the immediate resistance level of 9,900 points on Friday.

The KSE 100-share Index slightly moved up by 13.32 points or 0.13 per cent and closed at 9,902.62 points. Its junior partner the 30-Index increased by 31.43 points or 0.31 per cent and concluded at 10,295.24 points.

Despite of the fact that the international oil prices further rose to $78 a barrel reportedly, the oil giant Oil & Gas Development Company fell in red, alone losing over 25 points on the key benchmark 100-Index. Two other exploration fellows, the Pak Petroleum and Pak Oilfields along with giant oil marketing company the Pakistan State Oil also declined into the red region. The telecom sector was also subject to profit booking and settled in negative column.

On the contrary, the banking and insurance sectors performed in green territory ahead of their expected good financial results.

Ahsan Mehanti at Shahzad Chamdia Securities said that positive activity witnessed on strong result announcement expectations in banks and insurance sector scrips ahead.

Investors remained bullish on continuing foreign investment in Pakistan capital market. While further increase in international oil prices to $78 a barrel, indications for last tranche release of funds under Kerry Lugar bill of US and expectation of early introduction of financing (leverage) product played a catalyst role in positive activity at KSE.

Furqan Punjani at Topline Securities said that weekend affect along with selling pressure in regional markets induced investors to close their position, allowing index to post a meager surge. Market during the session tried to test 10,000 points but failed to do so. Banks and insurance remained in limelight because of coming corporate results along with continued activity in tier two stocks.

The day turnover again surged to 171.97 million shares from 140.54 million shares changed hands yesterday. Turnover in futures market fell to 3.63 million shares as compared to 5.37 million shares yesterday. Market capitalisation was up five billion rupees at Rs2,847 billion.

Hasnain Asghar Ali at Aziz Fidahusiens said that excitement linked to stock dividend, public offer ahead of mergers and sale of strategic holdings kept the banking sector stocks moving up.

Insurance giant entered the band wagon with a bang after a prolonged silence, as the stocks are yet to announce their annual results. While short covering triggered due to cautious accumulation by corporate participants in the other stocks of the group allowed various trading opportunities to day traders, he added. Out of total 397 active stocks, 203 stocks advanced, 175 stocks declined, while the value of remaining 19 stocks closed unchanged.

Highest volumes were witnessed in AH Securities at 19.54 million closing at Rs51.17 with a gain of Rs1.60, followed by Mybank at 14.96 million closing at Rs5.79 with a gain of 19 paisa, National Bank at 7.94 million closing at Rs83.75 with a gain of Rs1.54, JS Company at 7.67 million closing at Rs28.25 with a gain of 10 paisa, and Bank of Punjab at 7.66 million closing at Rs20.13 with a gain of four paisa.

End.

Car Insurance- Avoid No Claims Discount Certificates Scams!

Car Insurance Blog has searched the net and cannot find any such sites so we have to assume that the IFB has dealt with them.

The Association of British Insurers and Insurance Fraud Bureau have warned consumers to avoid fraudulent websites claiming to sell no claims bonus certificates. One website claimed to offer a certificate valid with hundreds of insurers for 18 years according to the Insurance Times which broke the story.

A quick reminder about no claims discounts and bonuses….

NCD or NCBs as they are known in the industry are awarded by the insuring company for each complete year that you have bought a policy and either made no claims or had no claims brought against you. It doesn’t matter what the circumstances of the claim were or whether it was you fault or not…. a claim is a claim and if one is made against your policy you will lose a percentage of your no claims discount. This will vary from insurer to insurer, however the first claim you make on the policy will cost you the most as as a percentage loss when you come to renew or go elsewhere.

NCDS are car specific – if you own two cars you will need to build up NCDs on both policies.

If you renew elsewhere it is usually possible to transfer your existing claims record ie NCDs to the new car insurance companny. You will usually have an invite to renew document that states how many years bonus you have earned. If you change policies mid term to a new car insurance company you will likely lose your NCD for that period.

This will be car specific and will need to be passed to the new insurance company as proof.

If anyone is tempted to obtain fraudulent NCB documents, you will be caught. All Car Insurers have access to the Claims Underwriting Exchange, CUE, the centralised claims database which has been going for over 25 years and holds records of all car insurance claims!

New UK TRAVEL INSURANCE 2012

Welcome to International Isurance policy About UK travel insurance and holiday insurance covers Travel insurance is essential for anyone travelling abroad either on holiday or business and covers you for the following: Covers you and your family against the costs of emergency medical treatment abroad and the potentially very expensive bill if you are legally required to pay damages to someone whose property you have damaged or whom you have injured while on your travels (your ‘personal liability’). Travel insurance can also cover you against the costs of having to cancel or cut short your holiday due to circumstances beyond your control and against theft, loss or damage or delayed arrival of your baggage or belongings – including your passport, other travel documents and cash. Travel Insurance also covers costs resulting from a whole host of other travel-related mishaps such as any legal costs incurred in getting compensation from someone because you have become ill or have been seriously injured or killed, lump sum payments following such injury or death, and delayed or missed departure. Most standard travel policies include the following sections - when comparing policies from different suppliers it important to compare like for like regarding cover limits: • Medical expenses • Personal liability • Cancellation and curtailment • Money and personal belongings • Personal accident • Legal expenses • Delayed or missed departure. Note that standard policies do not cover you for certain activity holidays such as skiing, although plenty of skiing and winter sports policies are available from this site. Most policies will extend the cover for some elements of the policy at no extra cost if you cannot get home before the date the policy is due to expire because of the death, serious injury or illness of you or your travelling companions. You should also benefit from an extended period of cover if you cannot get home because public transport lets you down.

Payment Protection Insurance Claims cost Lloyds Bank £3.2 Billion by Insurance

On of the major players in the Credit Crunch which had to be bailed out by the UK taxpayer and contributed to the current deficit  – Lloyds Banking Group – has announced today that it has set aside a £3.2bn provision for claims from clients that they were mis-sold payment protection insurance (PPI), which accounts for the bulk of the £3.7 billion loss it has reported.

Lloyds Bank  has decided to settle all the PPI misselling claims after UK banks lost a High court judicial review called by Barclays and others over PPI  claims compensation last month.

Payment protection insurance also known as ASU, Income Protection Insuranceand Mortgage Protection Insurance,  was sold by the large banking corporations at inflated rates to cover in particular credit cards, personal loans and mortgage repayments  if income ceases or falls because of accident sickness or unemployment.

Since 2009 thousands of Uk complainants have received compensation because their policies were mis-sold. Missold, because they were sold policies that were either not explained to them, did not cover them because of certain exclusions or in the majority of cases was only taken out for fear of not obtaining the loan.

The Financial Services Authority (FSA) published guidelines last year which said banks should contact all PPI past policyholders to ask them to complain if they believed they had been mis-sold PPI.

Insurance Blog is pleased that the UK Government owned bank is leading the way on payment protection insurance compensation claims. The other banks will now have to follow suit.

It is only fitting that the big banks who were the main offenders in the misselling of PPI should be made to pay and not the hard pressed insurance industry, and particularly the Insurance Brokers, that has so far footed most of the bill with ridiculously high FSA fees, which in many cases has created barriers to entry for the UK Financial Services market.

On a footnote if the Bank of England keeps Interest Rates at the same level today, it will be a good day for the UK Public.

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