Vehicle insurers post an underwriting profit of $50.4 mil...

[macrosszero]

but

 

"The Straits Time reports motor insurance premiums are expected to remain at current rates as the segment announced high profits yesterday."

 

After posting five years of losses, vehicle insurers posted an underwriting profit of $50.4 million in 2012 - a 135.1 percent increase from 2011. Average premium collections also saw a small 0.5 percent increase last year of $1,280 - announced the General Insurance Association (GIA) at its annual briefing.

 

The President of GIA, Derek Teo, told The Straits Times, average premiums should remain constant as long as there is underwriting profit. He also credited the Motor Claims Framework which combats deceitful and inflated claims for the continued profit. Mr Teo estimates 20 percent of the $700 million in motor claims incurred last year to be fraudulent or inflated.

 

The Motor Claims Framework was set up in 2008, and calls for all motorists to inform insurers of accidents within 24 hours. This makes it easier for insurers to investigate accidents and resolve disputes, cites Mr Teo.

 

Mr Teo also credited the Financial Industry Disputes Resolution Centre, which handles non-injury claims of up to $3,000 to help address inflated claims.

 

Several critical issues face motor insurers, one being the rising number of accidents involving foreign-registered vehicle, from 5,286 reports two years ago to 5,537 reports last year. The large influx of foreign registered vehicles is attributed to the opening of Marina Bay Sands and Resorts World Sentosa integrated resorts.

 

The increasing number of injury claims also remains a concern, with 19,310 motor injuries reported last year, a 19.4 percent increase from 2008.

 

-----------------------------------------------------------------------------------

 

When they earn money they don't raise your premiums.

 

When they don't make a profit, they raise your premiums.

 

So when would they actually lower your premiums???

 

[Beehive3783]

Same as petrol cartels lor.

 

Let's face it. The market here is so damn bloody small. They don't need to do a lot of begging or marketing to get your business. That's why almost every industry has increased their prices but never once reduced them.

[Suv8]

but

 

"The Straits Time reports motor insurance premiums are expected to remain at current rates as the segment announced high profits yesterday."

 

After posting five years of losses, vehicle insurers posted an underwriting profit of $50.4 million in 2012 - a 135.1 percent increase from 2011. Average premium collections also saw a small 0.5 percent increase last year of $1,280 - announced the General Insurance Association (GIA) at its annual briefing.

 

The President of GIA, Derek Teo, told The Straits Times, average premiums should remain constant as long as there is underwriting profit. He also credited the Motor Claims Framework which combats deceitful and inflated claims for the continued profit. Mr Teo estimates 20 percent of the $700 million in motor claims incurred last year to be fraudulent or inflated.

 

The Motor Claims Framework was set up in 2008, and calls for all motorists to inform insurers of accidents within 24 hours. This makes it easier for insurers to investigate accidents and resolve disputes, cites Mr Teo.

 

Mr Teo also credited the Financial Industry Disputes Resolution Centre, which handles non-injury claims of up to $3,000 to help address inflated claims.

 

Several critical issues face motor insurers, one being the rising number of accidents involving foreign-registered vehicle, from 5,286 reports two years ago to 5,537 reports last year. The large influx of foreign registered vehicles is attributed to the opening of Marina Bay Sands and Resorts World Sentosa integrated resorts.

 

The increasing number of injury claims also remains a concern, with 19,310 motor injuries reported last year, a 19.4 percent increase from 2008.

 

-----------------------------------------------------------------------------------

 

When they earn money they don't raise your premiums.

 

When they don't make a profit, they raise your premiums.

 

So when would they actually lower your premiums???

 

 

They said lost money for past 5 years, so gained 1 or 2 years not enough to wipe out 5 years of accumulated losses.

 

[Suv8]

but

 

"The Straits Time reports motor insurance premiums are expected to remain at current rates as the segment announced high profits yesterday."

 

After posting five years of losses, vehicle insurers posted an underwriting profit of $50.4 million in 2012 - a 135.1 percent increase from 2011. Average premium collections also saw a small 0.5 percent increase last year of $1,280 - announced the General Insurance Association (GIA) at its annual briefing.

 

The President of GIA, Derek Teo, told The Straits Times, average premiums should remain constant as long as there is underwriting profit. He also credited the Motor Claims Framework which combats deceitful and inflated claims for the continued profit. Mr Teo estimates 20 percent of the $700 million in motor claims incurred last year to be fraudulent or inflated.

 

The Motor Claims Framework was set up in 2008, and calls for all motorists to inform insurers of accidents within 24 hours. This makes it easier for insurers to investigate accidents and resolve disputes, cites Mr Teo.

 

Mr Teo also credited the Financial Industry Disputes Resolution Centre, which handles non-injury claims of up to $3,000 to help address inflated claims.

 

Several critical issues face motor insurers, one being the rising number of accidents involving foreign-registered vehicle, from 5,286 reports two years ago to 5,537 reports last year. The large influx of foreign registered vehicles is attributed to the opening of Marina Bay Sands and Resorts World Sentosa integrated resorts.

 

The increasing number of injury claims also remains a concern, with 19,310 motor injuries reported last year, a 19.4 percent increase from 2008.

 

-----------------------------------------------------------------------------------

 

When they earn money they don't raise your premiums.

 

When they don't make a profit, they raise your premiums.

 

So when would they actually lower your premiums???

 

 

 

They said lost money for past 5 years, so gained 1 or 2 years not enough to wipe out 5 years of accumulated losses.

 

[Altivo]

Actually, $50.4 million profit for the industry is not a lot. There are more than 10 insurers here offering car insurance.

 

Divide this 50.4 million among them and each company actually make less than $5 million. This is not a lot.

[Wt_know]

car insurance is a very small business unit in the insurance company ie: AXA, NTUC, MSIG, etc

$5M profit is peanut?

 

Actually, $50.4 million profit for the industry is not a lot. There are more than 10 insurers here offering car insurance.

 

Divide this 50.4 million among them and each company actually make less than $5 million. This is not a lot.

 

[macrosszero]

Actually, $50.4 million profit for the industry is not a lot. There are more than 10 insurers here offering car insurance.

 

Divide this 50.4 million among them and each company actually make less than $5 million. This is not a lot.

 

Insuring our vehicles cost between 10%-20% of annual costs of vehicle ownership. Government makes insurance compulsory but they're also given freedom to set their price for what is frankly not a lot of coverage, given the problems that so many people face when attempting to lodge a claim against their own or others' insurance. That, and the implication of loading, loss of NCD, etc...... year on year, I've stayed clean and incident-free, paying $1000+ a year for nothing, knowing full well that the moment I touch that coverage, they'll hammer me years after the fact.

 

I don't see why I have to be understanding or sympathetic to them when they hide behind exclusions, look for ways not to pay (see the modified vehicle or the Ferrari saga).

[Rayoflight]

actually it starts from the source.

 

The source = inflated claims

 

for repairs that can be done in 1-2k, its inflated to 5k.

 

Workshop owner huat ah..

 

No wonder accidents on the expressways so readily got people come out to help.

[Alpha78]

actually it starts from the source.

 

The source = inflated claims

 

for repairs that can be done in 1-2k, its inflated to 5k.

 

Workshop owner huat ah..

 

No wonder accidents on the expressways so readily got people come out to help.

 

Actually the bigger culprit is the insurance companies themselves. Simple repair, the payment to the workshop can take ages. Tell the workshop you are paying in cash for that bumper, they charge you $800. Paid by insurance, suddenly it becomes more than $5k.

[Hoppie24]

Insuring our vehicles cost between 10%-20% of annual costs of vehicle ownership. Government makes insurance compulsory but they're also given freedom to set their price for what is frankly not a lot of coverage, given the problems that so many people face when attempting to lodge a claim against their own or others' insurance. That, and the implication of loading, loss of NCD, etc...... year on year, I've stayed clean and incident-free, paying $1000+ a year for nothing, knowing full well that the moment I touch that coverage, they'll hammer me years after the fact.

 

I don't see why I have to be understanding or sympathetic to them when they hide behind exclusions, look for ways not to pay (see the modified vehicle or the Ferrari saga).

 

precisely the point, if i paid 10years of insurance, touch wood i kena accident on the 11th year, they charge an arm and a leg on the 12th. That is b-------t man.

 

[Myxilplix]

They can thank dashcams for playing a part in their profits.

 

I'm not sure what percentage of the risk is re-insured, but re-insurance costs have gone up as well. After taking away all the costs and expenses, i think reduced loss record is more impressive than just a 50 mill drop.

[Altivo]

Insuring our vehicles cost between 10%-20% of annual costs of vehicle ownership. Government makes insurance compulsory but they're also given freedom to set their price for what is frankly not a lot of coverage, given the problems that so many people face when attempting to lodge a claim against their own or others' insurance. That, and the implication of loading, loss of NCD, etc...... year on year, I've stayed clean and incident-free, paying $1000+ a year for nothing, knowing full well that the moment I touch that coverage, they'll hammer me years after the fact.

 

I don't see why I have to be understanding or sympathetic to them when they hide behind exclusions, look for ways not to pay (see the modified vehicle or the Ferrari saga).

 

 

Errr, my point is not to ask you guys to be sympathetic to these insurers.

 

Rather, I'm just pointing how the MSM will tend to exaggerate a piece of news thru creative reporting. Which one is a more eye-catching figure: $50.4 mio or $5 mio?

 

[Tjkbeluga]

Just renewed my insurance from China company. 600+ with 40%NCD comprehensive but authorized workshop only. I think the premium consider reasonable lah...

[Kiadaw]

actually it starts from the source.

 

The source = inflated claims

 

for repairs that can be done in 1-2k, its inflated to 5k.

 

Workshop owner huat ah..

 

No wonder accidents on the expressways so readily got people come out to help.

 

Workshop certain a big culprit, but the main ones are the drivers! SInagpore ahve a ridculous high accident rate! Most are avoidable of just keep safety distance!

[Darthrevan]

Several critical issues face motor insurers, one being the rising number of accidents involving foreign-registered vehicle, from 5,286 reports two years ago to 5,537 reports last year. The large influx of foreign registered vehicles is attributed to the opening of Marina Bay Sands and Resorts World Sentosa integrated resorts.

 

this is a big concern..as I believed most of these accidents involving foreign-registered vehicles are from truly asia..who came here just to gamble :angry:

[inlinesix]

Insuring our vehicles cost between 10%-20% of annual costs of vehicle ownership. Government makes insurance compulsory but they're also given freedom to set their price for what is frankly not a lot of coverage, given the problems that so many people face when attempting to lodge a claim against their own or others' insurance. That, and the implication of loading, loss of NCD, etc...... year on year, I've stayed clean and incident-free, paying $1000+ a year for nothing, knowing full well that the moment I touch that coverage, they'll hammer me years after the fact.

 

I don't see why I have to be understanding or sympathetic to them when they hide behind exclusions, look for ways not to pay (see the modified vehicle or the Ferrari saga).

That's underwriting or risk management. W/o that, they would close shop already hor. U have a choice of not driving. There are around 500k vehicles split btw 20 insurers. This is a small but competitive market.

[Wormvirus]

what insuer imply is all used up parf car need to release parking brake at the top of a hill

[Latio2005A]

but

 

"The Straits Time reports motor insurance premiums are expected to remain at current rates as the segment announced high profits yesterday."

 

After posting five years of losses, vehicle insurers posted an underwriting profit of $50.4 million in 2012 - a 135.1 percent increase from 2011. Average premium collections also saw a small 0.5 percent increase last year of $1,280 - announced the General Insurance Association (GIA) at its annual briefing.

 

The President of GIA, Derek Teo, told The Straits Times, average premiums should remain constant as long as there is underwriting profit. He also credited the Motor Claims Framework which combats deceitful and inflated claims for the continued profit. Mr Teo estimates 20 percent of the $700 million in motor claims incurred last year to be fraudulent or inflated.

 

The Motor Claims Framework was set up in 2008, and calls for all motorists to inform insurers of accidents within 24 hours. This makes it easier for insurers to investigate accidents and resolve disputes, cites Mr Teo.

 

Mr Teo also credited the Financial Industry Disputes Resolution Centre, which handles non-injury claims of up to $3,000 to help address inflated claims.

 

Several critical issues face motor insurers, one being the rising number of accidents involving foreign-registered vehicle, from 5,286 reports two years ago to 5,537 reports last year. The large influx of foreign registered vehicles is attributed to the opening of Marina Bay Sands and Resorts World Sentosa integrated resorts.

 

The increasing number of injury claims also remains a concern, with 19,310 motor injuries reported last year, a 19.4 percent increase from 2008.

 

-----------------------------------------------------------------------------------

 

When they earn money they don't raise your premiums.

 

When they don't make a profit, they raise your premiums.

 

So when would they actually lower your premiums???

 

 

GIA talk coxk.

 

My cars are older, and yet I have to pay more for insurance.

One, when brand new, was $600 with 50+5%

Now, 6.5 years later, I am paying $900 with 50 +5%. [furious]