SG: Lorry driver jailed after causing fatal accident.

With ever increasing competition between the insurance companies, it is expected that the insurance premiums will dip or remain the same. So far, this prediction is holding true, as NTUC Income and AIG are keeping their current rates, while AXA has cut it by 4.5 percent. DirectAsia followed in AXA’s footsteps, but it only cuts its premiums by 3 percent. The reduction in insurance premium comes after measures that were put in place by the General Insurance Association of Singapore (GIA) to reduce the number of inflated claims over the past few years. Various frameworks that include the Motor Claims Framework, the pre-repair inspection requirement and the Non-injury Motor Accident (Nima) scheme, ensures that no claim is unjustly made. That said, claims due to physical injuries have steadily been increasing in the past 4 years, both in severity and frequency.

The interest rates for car loans have increased. Many have been anticipating the increase, which is caused by the implementation of measures to control how much money is being loaned out in a bid to cool the market; new legislations now require the loan to be repaid in 5 years, and the maximum loan amount is capped at 60% of the car’s purchase price. So far, the only bank that is sticking to their old rate of 1.88% is DBS; all its competitors have raised their interest rates to about 2.68 per cent.

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