Friday, March 18, 2011

Japan’s Earthquake May Raise Insurance Premiums for Singaporeans

Japan’s recent earthquake might result in higher insurance premiums

for Singaporeans.

According to the General Insurance Association of Singapore (GIA),

the disaster is expected to seriously impact many global insurers,

leading to an increase in the cost of insurance protection for consumers.

In particular, motor insurance premiums in Singapore are expected to

continue increasing this year as insurers seek to recoup underwriting

losses, GIA said.

The motor insurance segment’s underwriting losses widened to

S$48.9 million last year from S$44.5 million in 2009. This was partly

attributed to the impact of major local flooding incidents.

GIA said that the major floods last year resulted in 428 motor insurance

claims totalling S$11.6 million.

The number of reported accidents involving motor vehicles in Singapore

also remained high at about 162,500 last year.

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