Henk Langeweg Posted November 15, 2023 Share Posted November 15, 2023 Hi, It's that time of the year again to renew my WrLife insurance with another year. The broker has send me already the details along with policies from other insurers. I have the Serenity $US 200,000 coverage. The broker keeps contacting me about considering another Insurance. When I asked them directly or there is something going on with WrLife, I didn't received an answer. Do I have to worry about WrLife? 1 Link to comment Share on other sites More sharing options...
KannikaP Posted November 15, 2023 Share Posted November 15, 2023 Have you made a claim yet? Link to comment Share on other sites More sharing options...
Henk Langeweg Posted November 15, 2023 Author Share Posted November 15, 2023 10 minutes ago, KannikaP said: Have you made a claim yet? No. Guess I'm lucky. Link to comment Share on other sites More sharing options...
bkk6060 Posted November 15, 2023 Share Posted November 15, 2023 (edited) There have been several threads over the past few years. Seems there have been very few claims reported on here. It would be nice to know if in fact someone had a significant event that was riembursed by this compnay. But, maybe they are afraid to talk about it. Bottom line: who knows. PS: Maybe WR Life does not give a commision to brokers so they want people to go with another company. Edited November 15, 2023 by bkk6060 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 15, 2023 Share Posted November 15, 2023 (edited) 1 hour ago, Henk Langeweg said: The broker keeps contacting me about considering another Insurance. When I asked them directly or there is something going on with WrLife, I didn't received an answer. Only one reason, the other companies offer your broker higher commission rates. If the other insurers' policies were better for you, he'd have told you. Edited November 15, 2023 by Liverpool Lou 2 Link to comment Share on other sites More sharing options...
scubascuba3 Posted November 15, 2023 Share Posted November 15, 2023 (edited) i would look at the non 5* reviews, as the 5* ones suspect to me, bare in mind anyone can leave a review https://www.trustpilot.com/review/www.wrlife.net Edited November 15, 2023 by scubascuba3 1 Link to comment Share on other sites More sharing options...
jerrymahoney Posted November 15, 2023 Share Posted November 15, 2023 (edited) 8 hours ago, bkk6060 said: It would be nice to know if in fact someone had a significant event that was riembursed by this compnay. But, maybe they are afraid to talk about it. Bottom line: who knows. https://aseannow.com/topic/1286793-wrlife-claim-filed-take-2/?do=findComment&comment=17906063 And regarding the post above, anybody can write that the company's reviews and the company itself are suspect to me. (even with their clothes on) Edited November 15, 2023 by jerrymahoney 1 Link to comment Share on other sites More sharing options...
HauptmannUK Posted November 15, 2023 Share Posted November 15, 2023 This company seems to have undergone major change around the end of July 2023. Until end of July 2023 it was known as WRLife LLP (limited liability partnership). In late July all the Thai partners resigned and the company was renamed 'WRLife Claims and Operations Management' from 1st August. The company now has just two partners - French and Indian nationality. I have no idea of the significance of these events - just flagging it up. 2 Link to comment Share on other sites More sharing options...
jerrymahoney Posted November 15, 2023 Share Posted November 15, 2023 18 minutes ago, HauptmannUK said: I have no idea of the significance of these events - just flagging it up. Me as well however AIS is still listed as the claims processor which is where all the resigned Thai director were employed. https://www.wrlife.net/documents/WRLIFE CLAIM SETTLEMENT PROCESS.pdf And note that the German version of the above still listing AIS is dated 09 NOVEMBER 2023 WRLIFE CLAIM SETTLEMENT PROCESS GERMAN 1 Link to comment Share on other sites More sharing options...
Popular Post jwest10 Posted November 23, 2023 Popular Post Share Posted November 23, 2023 On 11/15/2023 at 7:23 PM, Henk Langeweg said: Hi, It's that time of the year again to renew my WrLife insurance with another year. The broker has send me already the details along with policies from other insurers. I have the Serenity $US 200,000 coverage. The broker keeps contacting me about considering another Insurance. When I asked them directly or there is something going on with WrLife, I didn't received an answer. Do I have to worry about WrLife? On 11/15/2023 at 7:23 PM, Henk Langeweg said: Hi, It's that time of the year again to renew my WrLife insurance with another year. The broker has send me already the details along with policies from other insurers. I have the Serenity $US 200,000 coverage. The broker keeps contacting me about considering another Insurance. When I asked them directly or there is something going on with WrLife, I didn't received an answer. Do I have to worry about WrLife? Frankly beware of all of them 3 1 Link to comment Share on other sites More sharing options...
brewsterbudgen Posted November 23, 2023 Share Posted November 23, 2023 On 11/15/2023 at 7:23 PM, Henk Langeweg said: Hi, It's that time of the year again to renew my WrLife insurance with another year. The broker has send me already the details along with policies from other insurers. I have the Serenity $US 200,000 coverage. The broker keeps contacting me about considering another Insurance. When I asked them directly or there is something going on with WrLife, I didn't received an answer. Do I have to worry about WrLife? My broker was fine with renewing WRLife for another year; he's normally quick to suggest alternatives if they benefit him! 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 23, 2023 Share Posted November 23, 2023 7 hours ago, jwest10 said: Frankly beware of all of them Why? Link to comment Share on other sites More sharing options...
JBChiangRai Posted November 23, 2023 Share Posted November 23, 2023 WR Life is a limited liability partnership registered in the UK with 2 non-resident partners in France and India. They would be prohibited from carrying on business in Thailand if they were registered here. What are you going to do if they don't pay? who will you sue? which non-existent regulator or ombudsman will you appeal to? 1 1 Link to comment Share on other sites More sharing options...
Etaoin Shrdlu Posted November 23, 2023 Share Posted November 23, 2023 15 minutes ago, JBChiangRai said: WR Life is a limited liability partnership registered in the UK with 2 non-resident partners in France and India. They would be prohibited from carrying on business in Thailand if they were registered here. What are you going to do if they don't pay? who will you sue? which non-existent regulator or ombudsman will you appeal to? I think one might have to engage the insurance regulator on the island of Nevis in the Caribbean. https://www.nevisfsrc.com/regulated-entities/#general-insurance-companies 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted November 23, 2023 Share Posted November 23, 2023 What's there to worry about 🤪 1 Link to comment Share on other sites More sharing options...
jerrymahoney Posted November 23, 2023 Share Posted November 23, 2023 4 minutes ago, scubascuba3 said: What's there to worry about 🤪 At least based upon my 2 for 2 claims paid, nothing as yet. 1 Link to comment Share on other sites More sharing options...
JBChiangRai Posted November 23, 2023 Share Posted November 23, 2023 10 hours ago, Etaoin Shrdlu said: I think one might have to engage the insurance regulator on the island of Nevis in the Caribbean. https://www.nevisfsrc.com/regulated-entities/#general-insurance-companies Just 2 problems with that, 1st their jurisdiction is St. Kitts & Nevis and 2nd, that’s not the same WR Life Company that you sign up with. IMHO it’s a long game scam, they will pay out small claims but not big ones and will trade until someone stops them. 1 Link to comment Share on other sites More sharing options...
Etaoin Shrdlu Posted November 24, 2023 Share Posted November 24, 2023 3 minutes ago, JBChiangRai said: Just 2 problems with that, 1st their jurisdiction is St. Kitts & Nevis and 2nd, that’s not the same WR Life Company that you sign up with. IMHO it’s a long game scam, they will pay out small claims but not big ones and will trade until someone stops them. Yes, it does raise the issue of how much enforcement power the regulator on Nevis has over a company incorporated in the UK. For me, it also begs the question as to how consumer-friendly the regulator would be and how well-developed the regulations are in Nevis. I think Nevis only requires $100,000 in capital for a non-Nevis company to register as a foreign insurance company. I do not know how the regulator on Nevis supervises capital adequacy ratios or loss reserves of insurers, but if only $100,000 is required to be come a licensed foreign insurer, the regulations might not be that stringent. I've come across another company that uses a similar setup. I think the company is incorporated in a state in the US as an LLC and then submits to an insurance regulator in the Caribbean. They have a distribution arm in a free zone in the Middle East which is outside the ambit of the local insurance regulator. Seems there are ways to become a licensed insurance company with minimal capital and subject to possibly light regulatory oversight. My preference would be to insure with a long-established insurance company with a known track record for paying claims. I would also want to be able to find financial ratings from AM Best or Standard and Poors and the insurer would need to be incorporated in a well-regulated and accessible jurisdiction. I would want to have this information before I entered into a contract of insurance. 1 Link to comment Share on other sites More sharing options...
brewsterbudgen Posted November 24, 2023 Share Posted November 24, 2023 12 hours ago, JBChiangRai said: WR Life is a limited liability partnership registered in the UK with 2 non-resident partners in France and India. They would be prohibited from carrying on business in Thailand if they were registered here. What are you going to do if they don't pay? who will you sue? which non-existent regulator or ombudsman will you appeal to? I have no idea. Who do you suggest? If they're as dodgy as you suggest, surely there would be publicity as they're doing tremendous business in the expat market. Link to comment Share on other sites More sharing options...
JBChiangRai Posted November 24, 2023 Share Posted November 24, 2023 6 minutes ago, brewsterbudgen said: I have no idea. Who do you suggest? If they're as dodgy as you suggest, surely there would be publicity as they're doing tremendous business in the expat market. The point is you have no recourse, you can't sue anyone (except maybe your agent if you can prove he was complicit), they are outside the jurisdiction of the regulator here (who would shut them down in a heartbeat if they opened a legal entity here). Link to comment Share on other sites More sharing options...
jerrymahoney Posted November 24, 2023 Share Posted November 24, 2023 1 hour ago, Etaoin Shrdlu said: My preference would be to insure with a long-established insurance company with a known track record for paying claims. I would also want to be able to find financial ratings from AM Best or Standard and Poors and the insurer would need to be incorporated in a well-regulated and accessible jurisdiction. I would want to have this information before I entered into a contract of insurance. I was with BUPA/Thailand pre-Aetna and then CIGNA Global (CIGNA Belgium underwriter). I then I moved to an area where CIGNA Global had no direct-pay hospitals and their procedures to deal with no direct-pay were burdensome. So I started looking primarily to get a direct-pay set-up. Sometimes what may prove best for someone may not be only what A.M. Best has to say. Link to comment Share on other sites More sharing options...
Etaoin Shrdlu Posted November 24, 2023 Share Posted November 24, 2023 39 minutes ago, jerrymahoney said: I was with BUPA/Thailand pre-Aetna and then CIGNA Global (CIGNA Belgium underwriter). I then I moved to an area where CIGNA Global had no direct-pay hospitals and their procedures to deal with no direct-pay were burdensome. So I started looking primarily to get a direct-pay set-up. Sometimes what may prove best for someone may not be only what A.M. Best has to say. Yes, everyone needs to assess their own individual needs and risk tolerance and make their decision based upon what they believe is best. Link to comment Share on other sites More sharing options...
brewsterbudgen Posted November 24, 2023 Share Posted November 24, 2023 4 minutes ago, Etaoin Shrdlu said: Yes, everyone needs to assess their own individual needs and risk tolerance and make their decision based upon what they believe is best. Indeed. Having a broker you can trust helps too. Link to comment Share on other sites More sharing options...
jerrymahoney Posted November 24, 2023 Share Posted November 24, 2023 21 minutes ago, Etaoin Shrdlu said: Yes, everyone needs to assess their own individual needs and risk tolerance and make their decision based upon what they believe is best. Thank you. Nice to occasionally read something other than -- 1 Link to comment Share on other sites More sharing options...
topt Posted November 24, 2023 Share Posted November 24, 2023 On 11/15/2023 at 7:23 PM, Henk Langeweg said: When I asked them directly or there is something going on with WrLife, I didn't received an answer. I am presuming your broker is based in Thailand? If so are they just ignoring the regulations which suggest they should not be offering up International based insurers - I am basing this on several comments in other threads by @Etaoin Shrdlu and my own experience (and others) with AA Insurance brokers? It may just be that AA were bought out by a larger company who did not want to take any risk and smaller independent brokers will just carry on. 6 hours ago, brewsterbudgen said: Indeed. Having a broker you can trust helps too. Agreed - presumably local to you in Thailand? 1 Link to comment Share on other sites More sharing options...
Etaoin Shrdlu Posted November 24, 2023 Share Posted November 24, 2023 6 minutes ago, topt said: I am presuming your broker is based in Thailand? If so are they just ignoring the regulations which suggest they should not be offering up International based insurers - I am basing this on several comments in other threads by @Etaoin Shrdlu and my own experience (and others) with AA Insurance brokers? It may just be that AA were bought out by a larger company who did not want to take any risk and smaller independent brokers will just carry on. Agreed - presumably local to you in Thailand? It is possible that the insurance broker is trying to stop referring their clients to offshore insurers due to concerns about OIC regulations. If this is indeed the motivation, I can see how this could be a difficult situation for the broker to manage with their client at this point. Link to comment Share on other sites More sharing options...
racyrick Posted November 24, 2023 Share Posted November 24, 2023 8 hours ago, brewsterbudgen said: I have no idea. Who do you suggest? If they're as dodgy as you suggest, surely there would be publicity as they're doing tremendous business in the expat market. They are doing great business because of the price. How can they pay big claims at those prices and with no increase in premiums? Also, have you seen or heard of any big claims being paid? The nail in the coffin for me is that all the Thai officers resigned here in Thailand, shouldn't that be a warning to everybody?? Good luck but remember the old saying, if it's too good to be true, it probably is. 2 Link to comment Share on other sites More sharing options...
brewsterbudgen Posted November 24, 2023 Share Posted November 24, 2023 3 hours ago, topt said: Agreed - presumably local to you in Thailand? Absolutely. Based in Bangkok/Pattaya. I've been using him for over 10 years now. Link to comment Share on other sites More sharing options...
brewsterbudgen Posted November 24, 2023 Share Posted November 24, 2023 1 hour ago, racyrick said: They are doing great business because of the price. How can they pay big claims at those prices and with no increase in premiums? Also, have you seen or heard of any big claims being paid? The nail in the coffin for me is that all the Thai officers resigned here in Thailand, shouldn't that be a warning to everybody?? Good luck but remember the old saying, if it's too good to be true, it probably is. There have been some posts on this Forum about some fairly big claims being made. But, it's usually the problem claims that get the publicity! Link to comment Share on other sites More sharing options...
jerrymahoney Posted November 24, 2023 Share Posted November 24, 2023 10 hours ago, racyrick said: Good luck but remember the old saying, if it's too good to be true, it probably is. Good to also remember the old saying: He who laughs last, laughs best. (John Heywood's book of proverbs, 1546) Link to comment Share on other sites More sharing options...
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