17 Mar '11, 10am

[CNA] Motor insurance premiums continue to rise

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.

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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