18 Mar '11, 3am

Quake may rattle insurance premiums: By Lorna Tan, Senior Correspondent PREMIUMS for property-related insurance

Quake may rattle insurance premiums: By Lorna Tan, Senior Correspondent PREMIUMS for property-related insurance

PREMIUMS for property-related insurance policies in Singapore - including home, fire, car and various types of business insurance - might all rise as a result of Japan's unfolding disaster. But the local industry says it is too early to tell just when - and by how much - the premiums could increase. A key industry body says the reason for possible hikes is that global reinsurers, which effectively offer insurance to insurers, are set to be hit by huge claims from those affected by Japan's disaster. These reinsurers could well drive up the rates they charge insurers to spread the risk - and this could cascade down to premiums for policies in Singapore, as in other insurance markets. The warning came from the General Insurance Association of Singapore (GIA) during a briefing on Thursday. Policies likely to be affected are property insurance, which includes fire insurance, ho...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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