17 Mar '11, 7am

Singapore insurance premiums may rise - Yahoo! Singapore Finance

Topics: Economy Government and Policy International Elena Torrijos , On Thursday 17 March 2011, 15:14 SGT 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 man...

Full article: http://sg.finance.yahoo.com/news/Singapore-insurance-prem...

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