Fivegear Clutched March 17, 2011 Share March 17, 2011 SINGAPORE : Motor insurance premiums will continue to go up this year as insurers look to recoup underwriting losses, said the president of the General Insurance Association of Singapore (GIA), Derek Teo. GIA said the industry's underwriting losses widened to S$48.9 million, some S$4 million higher than in 2009. Last year, the average motor insurance premium rose 6.5 per cent to S$1,100. In 2009, it had increased by a larger 20 per cent. GIA said the two major floods last year led to 428 motor insurance claims amounting to S$11.6 million. The number of reported accidents in Singapore also remained high at some 162,500 last year. Motor insurance accounts for the largest slice of the general insurance pie, making up roughly 40 per cent of the industry. - CNA/al ↡ Advertisement Link to post Share on other sites More sharing options...
Achtung 6th Gear March 17, 2011 Share March 17, 2011 WTF? They are opportunistic. Now, blame it on the flood SINGAPORE : Motor insurance premiums will continue to go up this year as insurers look to recoup underwriting losses, said the president of the General Insurance Association of Singapore (GIA), Derek Teo. GIA said the industry's underwriting losses widened to S$48.9 million, some S$4 million higher than in 2009. Last year, the average motor insurance premium rose 6.5 per cent to S$1,100. In 2009, it had increased by a larger 20 per cent. GIA said the two major floods last year led to 428 motor insurance claims amounting to S$11.6 million. The number of reported accidents in Singapore also remained high at some 162,500 last year. Motor insurance accounts for the largest slice of the general insurance pie, making up roughly 40 per cent of the industry. - CNA/al Link to post Share on other sites More sharing options...
Mllcg 3rd Gear March 17, 2011 Share March 17, 2011 WTF? They are opportunistic. Now, blame it on the flood yeah man really WTF. this kind of things also want to recoup. not as if its our fault that the cars got flooded. btw, how much your premium now? Link to post Share on other sites More sharing options...
EvenStar 1st Gear March 17, 2011 Share March 17, 2011 SINGAPORE : Motor insurance premiums will continue to go up this year as insurers look to recoup underwriting losses, said the president of the General Insurance Association of Singapore (GIA), Derek Teo. GIA said the industry's underwriting losses widened to S$48.9 million, some S$4 million higher than in 2009. Last year, the average motor insurance premium rose 6.5 per cent to S$1,100. In 2009, it had increased by a larger 20 per cent. GIA said the two major floods last year led to 428 motor insurance claims amounting to S$11.6 million. The number of reported accidents in Singapore also remained high at some 162,500 last year. Motor insurance accounts for the largest slice of the general insurance pie, making up roughly 40 per cent of the industry. - CNA/al If coming year no flood, the premium will come down? It really b-------t. Show us the total premium collected and the amount of payout and we will see how true it is Link to post Share on other sites More sharing options...
Kyrios Turbocharged March 17, 2011 Share March 17, 2011 wah bio eh..so the increase in NCD each year is only enough to meet the percentage increase in premiums...sianz Link to post Share on other sites More sharing options...
Achtung 6th Gear March 18, 2011 Share March 18, 2011 1.6K yeah man really WTF. this kind of things also want to recoup. not as if its our fault that the cars got flooded. btw, how much your premium now? Link to post Share on other sites More sharing options...
Kyrios Turbocharged March 18, 2011 Share March 18, 2011 If coming year no flood, the premium will come down? It really b-------t. Show us the total premium collected and the amount of payout and we will see how true it is Charge to Yakoob and PUB? Link to post Share on other sites More sharing options...
Rayleigh 6th Gear March 18, 2011 Share March 18, 2011 SINGAPORE : Motor insurance premiums will continue to go up this year as insurers look to recoup underwriting losses, said the president of the General Insurance Association of Singapore (GIA), Derek Teo. GIA said the industry's underwriting losses widened to S$48.9 million, some S$4 million higher than in 2009. Last year, the average motor insurance premium rose 6.5 per cent to S$1,100. In 2009, it had increased by a larger 20 per cent. GIA said the two major floods last year led to 428 motor insurance claims amounting to S$11.6 million. The number of reported accidents in Singapore also remained high at some 162,500 last year. Motor insurance accounts for the largest slice of the general insurance pie, making up roughly 40 per cent of the industry. - CNA/al This is absurd. I would like to ask GIA if I have the opportunity. For the past 30 years (quote from someone: Once in 30 years) there has been no flood of this scale, what happen to the premium paid over the last 30 years? Keeping quiet and sweep it under the carpet? Link to post Share on other sites More sharing options...
Reuters Clutched March 18, 2011 Share March 18, 2011 any business related to cars in singapore is big business.. we are indirectly letting them make big $$.. what to do? sell our cars away and take public transport? Link to post Share on other sites More sharing options...
Jj5599 1st Gear March 18, 2011 Share March 18, 2011 any business related to cars in singapore is big business.. we are indirectly letting them make big $$.. what to do? sell our cars away and take public transport? I think once ppl own car before, they won't ever trade the comforts of having a car for public transportation. Link to post Share on other sites More sharing options...
JaydenSTI 1st Gear March 18, 2011 Share March 18, 2011 wah bio eh..so the increase in NCD each year is only enough to meet the percentage increase in premiums...sianz exactly what im facing.... guess applicable to everyone........ in fact although i got extra 10% NCD each year, my premium went up about 10% each year......................... Link to post Share on other sites More sharing options...
Reuters Clutched March 18, 2011 Share March 18, 2011 exactly what im facing.... guess applicable to everyone........ in fact although i got extra 10% NCD each year, my premium went up about 10% each year......................... i think more than 10% increase usually.. Link to post Share on other sites More sharing options...
Reuters Clutched March 18, 2011 Share March 18, 2011 exactly what im facing.... guess applicable to everyone........ in fact although i got extra 10% NCD each year, my premium went up about 10% each year......................... that's why we are always the carrot head.. Link to post Share on other sites More sharing options...
Jasonjst 3rd Gear March 18, 2011 Share March 18, 2011 Can we appoint one of us to setup a MCF co-opt insurance and appoint our members to run it ? I think the premium we collect should be enough to run the show ! Moreover , we are are good drivers , accident free for my last 20 years ! Any one can start this project ? Link to post Share on other sites More sharing options...
Mllcg 3rd Gear March 18, 2011 Share March 18, 2011 Can we appoint one of us to setup a MCF co-opt insurance and appoint our members to run it ? I think the premium we collect should be enough to run the show ! Moreover , we are are good drivers , accident free for my last 20 years ! Any one can start this project ? U got capital Ma? Mcf insurance pte ltd Link to post Share on other sites More sharing options...
I-LOVE-CARS 1st Gear March 18, 2011 Share March 18, 2011 Hate insurance rise :angry: Link to post Share on other sites More sharing options...
Tonyng 4th Gear March 18, 2011 Share March 18, 2011 All these does not sound like insurance. What we are paying is an installment plan for the damages claimed. So whose fault is it that there was flooding? Any report out? Why are we paying for their mistakes? Sigh. Link to post Share on other sites More sharing options...
At3li3r Neutral Newbie March 18, 2011 Share March 18, 2011 All these does not sound like insurance. What we are paying is an installment plan for the damages claimed. So whose fault is it that there was flooding? Any report out? Why are we paying for their mistakes? Sigh. ya lo... Strongly agree... If everytink happen must charge to us then why in the first get insureance for? Like that i tink car with no insurance might drive in a more safely way coz no insurance cover... Thus result in lesser accident? Flood damages, young drivers accidents, all accidents charge to consumers.... Then when they earned money, nv refund us the balance... ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Food delivery firms take up third-party liability insurance
Food delivery firms take up third-party liability insurance
Advise on car insurance
Advise on car insurance
Cancer cases on the rise in Singapore
Cancer cases on the rise in Singapore
Writ of summons
Writ of summons
Envy motor director Ng Yu Zhi in hot soup
Envy motor director Ng Yu Zhi in hot soup
MAS to allow online nomination of insurance beneficiaries
MAS to allow online nomination of insurance beneficiaries
DIY W212 side mirror actuator replacement
DIY W212 side mirror actuator replacement
What does your home insurance cover?
What does your home insurance cover?