18 Mar '11, 3am

Motor insurance premiums may increase again, says GIA

SINGAPORE - Motor insurance premiums, which rose 6.5 per cent on average last year to S$1,100, may climb even higher this year as insurers look to recoup underwriting losses. Last year, underwriting losses from motor insurance widened to S$48.9 million, some S$4 million higher than in 2009, according to the General Insurance Association (GIA) of Singapore. "With an increase in underwriting losses, we can expect premiums to increase but it is going to be very moderate, not as high as in the last 18 months," said Mr Derek Teo, president of GIA. Motor insurance premiums saw an average 20-per-cent increase in 2009. Last year's underwriting losses stemmed partly from an increase in personal injury claims - as many as 18,628 such claims were recorded, compared with 17,737 in 2009. The industry was also hit by the two flash floods in Singapore last year, which led to 428 motor cl...

Full article: http://www.todayonline.com/Business/EDC110318-0000320/Mot...

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