Tigershark1976 Turbocharged March 17, 2011 Share March 17, 2011 Singaporeans may have to pay higher insurance premiums as a result of the recent devastating 9-magnitude earthquake in Japan. Officials of the General Insurance Association of Singapore (GIA) said Thursday that the cost of buying insurance from major global reinsurers would increase, and local insurers could pass the cost on to consumers. "What has happened in Japan is unprecedented. I think this will seriously impact many of the global insurers, and the truth is the global insurers provide capacity and protection for all insurers. So what will happen is the cost of capacity will increase, the cost of protection will increase. How much is a big question mark," said Terence Tan, who heads GIA's committee for work injury, personal accident and health insurance. While many big reinsurers set their premium rates at the end of the year, some set their rates at the beginning of April or July. Thus, there could be an impact on insurance premiums in Singapore as early as this year, industry officials said. Segments expected to be affected include motor insurance, and property and casualty insurance. Higher motor insurance Other factors are expected to contribute to a rise in insurance premiums. In the motor insurance segment, young drivers may have to pay more for premiums as the risk to insure them has gone up. Young drivers, those below 25 years old, accounted for 21.9 percent of total personal injuries accidents reported in 2010, up slightly from 21.8 percent the previous year and substantially higher than the 18 percent recorded in 2008. "This is a very alarming trend. You are talking about young drivers, probably fast cars, high speed and serious accidents ↡ Advertisement Link to post Share on other sites More sharing options...
JaydenSTI 1st Gear March 17, 2011 Share March 17, 2011 read the first 2 paragraphs then lost interest in reading the rest liao..... think they might as well include bahrain unrest issues to raise further......... Link to post Share on other sites More sharing options...
Mockngbrd Supersonic March 17, 2011 Share March 17, 2011 really WTF man Singaporeans may have to pay higher insurance premiums as a result of the recent devastating 9-magnitude earthquake in Japan. Link to post Share on other sites More sharing options...
Sleepy-T 1st Gear March 17, 2011 Share March 17, 2011 the provider will sure find way and mean to increase the premiem.... when will they be control Link to post Share on other sites More sharing options...
Boyboy 1st Gear March 17, 2011 Share March 17, 2011 rising insurance is never news. NEXT! Link to post Share on other sites More sharing options...
Sdf5725 1st Gear March 17, 2011 Share March 17, 2011 what is the earthquake in JAPAN got to do with SINGAPORE? Link to post Share on other sites More sharing options...
Kac 4th Gear March 17, 2011 Share March 17, 2011 what is the earthquake in JAPAN got to do with SINGAPORE? Precisely. Link to post Share on other sites More sharing options...
Mugen85 1st Gear March 17, 2011 Share March 17, 2011 Totally no link... Link to post Share on other sites More sharing options...
Cybertech 4th Gear March 17, 2011 Share March 17, 2011 Want to rise the ins premium also no need to let us know cos we all know they are mainly excuses. WTF is the japan earthquake and the flooding incidents claimed to do with those who never involved in claim at all. But lucky that we can always look for other ins c/o quotes before deciding which one to take up. Link to post Share on other sites More sharing options...
Koko 4th Gear March 17, 2011 Share March 17, 2011 might as well say.... the premium will raise due to prata man increase salary, GE coming... really talking C*** Link to post Share on other sites More sharing options...
Flykite Clutched March 17, 2011 Share March 17, 2011 the concept of insurance is to make money out of investments from the pool of money collected for premiums, not profits out of premiums itself. motor insurance is one of the smelliest insurances in singapore Link to post Share on other sites More sharing options...
Darryn Turbocharged March 17, 2011 Share March 17, 2011 . Higher motor insurance Other factors are expected to contribute to a rise in insurance premiums. In the motor insurance segment, young drivers may have to pay more for premiums as the risk to insure them has gone up. Young drivers, those below 25 years old, accounted for 21.9 percent of total personal injuries accidents reported in 2010, up slightly from 21.8 percent the previous year and substantially higher than the 18 percent recorded in 2008. "This is a very alarming trend. You are talking about young drivers, probably fast cars, high speed and serious accidents Link to post Share on other sites More sharing options...
Darthrevan Supercharged March 17, 2011 Share March 17, 2011 162k of accidents is a big matter..not to mention some claims easily $10k above..no wonder we are made to pay more..just having a normal drive today to town already got cut in dangerously by 4 bimmers on a 50km/h road..they cut it and cause others to brake..so many near accidents Link to post Share on other sites More sharing options...
inlinesix Supersonic March 17, 2011 Share March 17, 2011 what is the earthquake in JAPAN got to do with SINGAPORE? Got. The effect of insurance claims will be felt globally in reinsurance market resulted in shrunk in global capacity (i.e. sum insured) and rates will go up. Once global reinsurance rates go up, it means cost of reinsurance outward will increase. In the end, these increase will pass on to end consumer (whether retail or corporate). The same situation happens in 2002 & 2003 after 911. Link to post Share on other sites More sharing options...
inlinesix Supersonic March 17, 2011 Share March 17, 2011 Holy Crap Batman.....162,000 accidents from around 1,000,000 vehicle population. That's one ACCIDENT per 10 cars. I wonder how many cars got into acccidents, (i.e some accidents are five or six cars), and how many more accidents went unreported. This just proves that SINGAPOREANS CAN'T DRIVE. Roads are so good and yet still so many accidents. Because there are a lot of tailgaters on the road. Link to post Share on other sites More sharing options...
SimonTan 2nd Gear March 17, 2011 Share March 17, 2011 High ins could kill off popular cars too. Perhaps some cars are low in sale due to high ins, perhaps WRX? What a kok full of reasons. Why not say the ins co take the paid premiums to invest in properties and commodities, and they hedge correctly, and made a lot of profit in 2010. Anticipating higher profits as well in 2011, ins co will reduce the premiums for 2012, as a gratitude gesture!! Link to post Share on other sites More sharing options...
Ichibawa 5th Gear March 17, 2011 Share March 17, 2011 Hm.. Its like an ever rosy industry... if they profits are not enough, just increase its premium. Link to post Share on other sites More sharing options...
Porche 5th Gear March 17, 2011 Share March 17, 2011 Want to rise the ins premium also no need to let us know cos we all know they are mainly excuses. WTF is the japan earthquake and the flooding incidents claimed to do with those who never involved in claim at all. But lucky that we can always look for other ins c/o quotes before deciding which one to take up. you r right...what the fish? japan earthquake got to do with singapore insurance..Nabei they operate like peanuts party liao, anyhow link ↡ Advertisement Link to post Share on other sites More sharing options...
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