Date: 18-Mar-2010 15:01
Mar 18, 2010 THE STRAITS TIMES
Insurance relief for drivers
By Maria Almenoar DRIVERS, expect a reprieve from escalating motor insurance premiums this year.
Motor insurance companies, now in a healthier state following consecutive years of rising premiums, are likely to impose only marginal increases, the General Insurance Association of Singapore (GIA) said yesterday when it released its performance figures for last year.
It said industry losses narrowed sharply to $44.5 million last year from $214 million the year before, partly as a result of steep premium hikes last year.
The hike pushed the amount of pre-miums collected across the billion-dollar mark for the first time: Insurers collected $1.08 billion from a record 925,518 vehicles on the road.
GIA president Derek Teo said pre-miums had to be raised for the industry to address 'the loss situation' of the last few years. 'We've now reached a stabilised level, but we're not totally out of the woods,' he added.
He said if premiums were to rise, the increase would 'not be as significant as before'.
Date: 17-Mar-2010 17:37
Mar 17, 2010 THE STRAITS TIMES
Motor insurance losses down
By Maria AlmenoarHIGHER premiums, a record number of cars and an improved accident reporting framework have narrowed the underwriting losses for the motor insurers significantly.
Last year's motor insurance underwriting loss of $44.5 million was a drastic drop from the record-high $214 million loss the year before.
This means insurance premiums should stabilise and, if they do increase, it will be by a lesser quantum, said the General Insurance Association which represents more than 30 insurers.
The narrowing of underwriting loss for the motor insurance business helped the overall insurance industry post a $189.7 million underwriting profit - a 273 per cent increase over 2008.
Date: 17-Mar-2010 03:06
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