Motor insurance premiums set to rise
Motor insurers suffer losses due to inflated claims.
OneShift Editorial Team
14 Mar 2009
Motoring insurance premiums in 2009 are likely to rise by an average of 10-20 percent over the 2008 average of S$1,000.
According to the General Insurance Association, the increase is due to those inflated claims which caused motor insurers last year to lose a massive S$241 million. That amount was responsible for bringing down the industry's overall profits by more than half.
Last year, motor insurers paid out S$742 million in claims. In contrast, the industry only paid out S$582 million in 2007.
Credits: JRC
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