SG: Motor insurance premiums to remain the same
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.
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