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Source: https://www.straitstimes.com/singapore/motor-insurance-premiums-likely-to-continue-to-rise-as-claims-and-costs-surge?_nei=fe0cf66f-e955-425f-b7d2-54187d4b1aaf SINGAPORE – Motor insurance premiums are expected to continue rising as insurers grapple with mounting losses and rising claims, said industry experts. Latest industry statistics from the General Insurance Association (GIA) seen by The Straits Times show that in the first three months of 2025, gross written premiums for motor insurance rose by 9.4 per cent to $368.2 million, compared with the same period in 2024. Underwriting losses were up by about 14 per cent from $11.6 million to $13.3 million. For the full year of 2024, underwriting losses widened significantly to $33.8 million, from $7.7 million in 2023 and $21.6 million in 2022. This marked a sharp reversal from the underwriting profits of $49.7 million in 2021 and $104.5 million in 2020. Meanwhile, gross written premiums rose 11.3 per cent to $1.21 billion in 2024. Several factors are driving this trend. Insurers grappling with more accident claims and rising repair costs in a competitive market is one reason, said Ms Judy Ng, partner of financial services consulting at KPMG in Singapore. Global inflation, which has pushed up the cost of vehicle parts, and the growing presence of electric vehicles (EVs) which are more expensive to repair are also contributing to mounting expenses. “Insurers have incurred higher costs of motor claims due to their efforts to fulfil a rising number and cost of motor accidents amid market competition,” said Ms Ng. “An increase in the number of electric vehicles is another factor, as it can be costlier to repair EVs.” Even leading insurers are not immune to the pressures. GIA’s industry rankings for the first quarter of 2025 showed that Income Insurance retained its top spot with a 25 per cent market share. Its gross written premiums rose by $6 million, but its underwriting profit nearly halved, dropping from $9.4 million in the first three months of 2024 to $4.5 million in the same period in 2025. Liberty Insurance stood out for posting the largest improvement in underwriting results, bouncing back from a $567,000 loss in the first quarter of 2024 to a $2.1 million profit in 2025. Allianz Insurance Singapore, on the other hand, saw the sharpest contraction in gross written premiums, falling 18.6 per cent from $26.4 million to $21.5 million. Mr Timothy Jude Fu-Tien Wimala, chief executive of insurance broker Anika, noted that among the six major motor insurers which collectively hold about 65 per cent of the market, AIG and Liberty stood out for achieving strong organic growth from strategic increases of premiums for existing policies being renewed. He said: “AIG impresses with strong organic growth, leading to a gross written premium increase of more than 17 per cent, while keeping its market share flat. Essentially, AIG has found a way to increase its pricing while persuading its customers to stick around. “Liberty, however, has beaten everyone in the Big Six by increasing its gross written premiums by more than 21 per cent and still keeping its customer base with market share essentially unchanged.” The Big Six motor insurers in Singapore – ranked by gross written premiums, from highest to lowest for January to March 2025 – are Income, MS First Capital, AIG, India International Insurance, Allianz and Liberty. Generally, insurers that failed to raise premiums lost ground, and even those with meaningful increases saw only marginal share gains. “This illustrates how the costs of claims and operations are escalating premium growth and customers will carry the load of these increases,” said Mr Wimala. “Unless insurers can better control claims and manage operating expenses, the only direction for motor premiums is up.” On the consumer end, car owners are already feeling the pinch. Car dealer Fed Wu said one of his customers, a luxury sedan driver with a clean claims record, experienced a 25 per cent hike in his insurance premium after four years with the same insurer – from $1,200 to $1,500. He eventually switched to another insurer, buying a new policy online for $1,101. “With prices so high, many customers just pick the insurer that offers the lowest premium,” said Mr Wu. While the current pricing pain may eventually ease, some volatility remains. “Premiums could stabilise over time as insurers adjust to higher claims costs, and more accurately estimate and reflect these rising costs in their prices,” said Ms Ng of KPMG. “However, some level of increase can still be anticipated in the future to cater for general claims inflation and other emerging factors.” In the meantime, the message is clear: As long as claims stay high and repair costs keep climbing, insurers are likely to say they have little choice but to pass those costs on to consumers.

Income Insurance's eDrivo Car Insurance provides coverage that's tailored to the unique characteristics of electric cars. As Singapore shifts towards sustainable forms of transportation, electric vehicles (EVs) are continually growing in popularity with more and more drivers switching from internal combustion engine (ICE) cars to fully electric. EVs contribute positively not only to individual users but also to the environment, and society. Apart from a smoother and quieter ride, they don't produce any tailpipe emissions. This helps reduce localised air pollution, especially around residential areas. EVs are clearly unlike ICE cars, and that is why they need insurance coverage that's tailored to them. These needs are exactly what eDrivo Car Insurance, which offers comprehensive coverage for EVs, is designed for. Why do EVs require specialised coverage? It is important to get suitable coverage tailored for your EV, not just a regular car insurance, which may not be sufficient for your electric car. Think of insurance policies for ICE cars as 'off-the-rack' clothes for casual wear. On the other hand, eDrivo Car Insurance is a tailored suit. It's a better fit because it matches what an EV needs. Unlike ICE cars, the biggest component in an EV is its battery pack, which according to this Reuters article, accounts for around 40% of the vehicle's cost. With eDrivo Car Insurance, you get peace of mind as it gives unlimited battery replacement* coverage in the event it is damaged in an accident, so you don't have to worry about paying to replace your battery pack. You can also rest assured that your EV is protected against loss or damage due to malicious cyber acts with eDrivo Car Insurance's cyber hacking coverage**. Charging on the go Although most EVs today offer a driving range of 400km, with some even able to deliver over 500km, your busy lifestyle could cause you to forget to charge your vehicle. Income Insurance understands this, which is why eDrivo Car Insurance offers Emergency Mobile Rescue*** service. So should your EV's battery run out of juice while you're on the move, you won't have to run around to find assistance because a mobile charging station vehicle will be sent your way. Income Insurance's service provider will arrive at your location to provide DC fast charging until your battery reaches up to 20% capacity. Within Singapore, that's more than enough range for you to reach the nearest, or even the most convenient charging station, safely. Choosing eDrivo Car Insurance means safeguarding your EV with a policy that's tailored to its unique features. This lets you embrace the benefits of EVs with peace of mind. Sign up now and receive up to 440,000 STAR$®^. More importantly, you'll start enjoying the protection and convenience of eDrivo Car Insurance - the comprehensive coverage for your electric car's needs. This post was brought to you by Income Insurance. Footnotes ^ 1,000 STAR$® = $1 eCapitaVoucher. Promotion Ts&Cs apply. * The battery replacement must be covered under Section 1 of the policy. ** Cyber hacking by malicious act of gaining unauthorised access to your vehicle systems by any unauthorised person or entity. *** Emergency Mobile Rescue
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 – This service is provided within the Republic of Singapore. – This benefit is applicable to you only one time per period of insurance. Subsequent usage will be chargeable. – This benefit is not applicable for AC charging cars. All opinions expressed in this article are those of Sgcarmart and not of Income Insurance Limited ("Income Insurance"). Sgcarmart assumes full responsibility and control over the accuracy and completeness of all information provided in this article. Sgcarmart is responsible for the accuracy and completeness of all information provided and intellectual property used in this article. Income Insurance is neither responsible nor liable to any party for the content of this article and intellectual property used in this article. This article is purely for informational purposes only and does not constitute an offer, recommendation, solicitation or advice to buy or sell any product(s). This article does not have regard to the specific investment objectives, financial situation and particular needs of any individual, and it should not be relied upon as financial advice. The precise terms, conditions and exclusions of the Income Insurance product mentioned are specified in the policy contract at: income.com.sg/edrivo-car-insurance-policy-conditions.pdf. All Income Insurance products are developed to benefit their customers but not all may be suitable for your specific needs. If you are unsure if this product is suitable for you, we strongly encourage you to speak to a qualified insurance advisor. Otherwise, you may end up buying a product that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. Protected up to specified limits by SDIC. Information is correct as at 10 July 2025.

This mofo shud be ! I believe there are more of these mofos and scamming workshops out there.

The average premium collected for motor insurance dipped slightly last year, even as the sector saw a 17.3 per cent increase in underwriting profit to $59.1 million. At its annual results briefing on Tuesday, the General Insurance Association (GIA) said the average motor premium collected last year was $1,250, down from $1,280 in 2012. The association attributed the slight dip to more insurers entering the marketplace, and said this trend is likely to continue. As a whole, the motor insurance sector collected $1.22 billion in gross premiums, a 2 per cent drop from 2012. Said GIA president AK Cher: "The GIA will continue to work with our various stakeholders to ensure that motor claims are effectively managed and premiums continue to stabilise." Source: http://www.straitstimes.com/breaking-news/singapore/story/motor-insurance-sector-sees-rise-profits-general-insurance-industry-gr

A new motor insurance policy specially designed for elderly drivers has been rolled out by the Automobile Association of Singapore (AAS). The "AA Senior Motor Plus" policy introduced on Thursday is targeted at drivers aged 65 and above. It was launched in collaboration with Liberty Insurance and the Singapore Optometric Association. It will come with benefits such as a 5 per cent discount for eligible policyholders with 30 or more years of experience, and a free medical examination, required of drivers above 65 years old by the Traffic Police. "This policy will meet the needs of senior drivers and take into consideration their driving records and claims experience," said Mr Bernard Tay, president of AAS. Most insurers believe that older drivers have slower reflexes and may be more accident-prone, said Mr Tay. But this view does not also consider that older drivers are more stable, emotionally mature and experienced, he added. Source: http://www.straitstimes.com/breaking-news/singapore/story/new-motor-insurance-policy-elderly-drivers-launched-20140123

Are you a driver who does not use his vehicle too often? We have good news for you. DirectAsia.com an award winning online insurer has launched a new car insurance aimed at leisure drivers. This first of a kind motor insurance is available to drivers who use their car less than 8,000km per annum. You do receive all the coverage but just at a reduced premium, including Off-Peak cars. Interestingly drivers who drive less than 8,000km per year are less prone to accidents. As such DirectAsia would like to reward such drivers by providing savings to their premiums. Through introduction of such premiums motorists can be expected to save between 10 to 15 percent, all you have to do is drive less. CEO of DirectAsia.com Simon Birch commented the new low mileage based insurance saves motorists money if you do not drive frequently or you possess a second vehicle that is not used often. He is also delighted to be the pioneering company to offer such a service in the tropics. DirectAsia.com, is a new and innovative online insurance provider that began operations back in June 2010. As a dedicated direct personal lines insurer, DirectAsia.com provides fast and easy access to insurance needs online. They are fully licensed and regulated by MAS (Monetary Authority of Singapore). The company