Car Premium Likely to Increase

Car premium looks to increase after 2 con­sec­ut­ive quar­ters of bad claim exper­i­ence by the insurers. Rises may be 5% or 10%, accord­ing to NTUC Income spokes­man. After exper­i­en­cing two years of profits by the insurers from 2005–2006, first half of 2007 saw a defi­cit of $42 mil­lion, accord­ing to Gen­eral Insur­ance Asso­ci­ation of Singapore.

So car owner, brace yourselves for a higher premium in your next renewal of motor insur­ance. NTUC Income and AIG, who have a mar­ket share of 48% of motor insur­ance, will likely to increase the premium to com­pensate for the losses.

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