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.