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but "The Straits Time reports motor insurance premiums are expected to remain at current rates as the segment announced high profits yesterday." After posting five years of losses, vehicle insurers posted an underwriting profit of $50.4 million in 2012 - a 135.1 percent increase from 2011. Average premium collections also saw a small 0.5 percent increase last year of $1,280 - announced the General Insurance Association (GIA) at its annual briefing. The President of GIA, Derek Teo, told The Straits Times, average premiums should remain constant as long as there is underwriting profit. He also credited the Motor Claims Framework which combats deceitful and inflated claims for the continued profit. Mr Teo estimates 20 percent of the $700 million in motor claims incurred last year to be fraudulent or inflated. The Motor Claims Framework was set up in 2008, and calls for all motorists to inform insurers of accidents within 24 hours. This makes it easier for insurers to investigate accidents and resolve disputes, cites Mr Teo. Mr Teo also credited the Financial Industry Disputes Resolution Centre, which handles non-injury claims of up to $3,000 to help address inflated claims. Several critical issues face motor insurers, one being the rising number of accidents involving foreign-registered vehicle, from 5,286 reports two years ago to 5,537 reports last year. The large influx of foreign registered vehicles is attributed to the opening of Marina Bay Sands and Resorts World Sentosa integrated resorts. The increasing number of injury claims also remains a concern, with 19,310 motor injuries reported last year, a 19.4 percent increase from 2008. ----------------------------------------------------------------------------------- When they earn money they don't raise your premiums. When they don't make a profit, they raise your premiums. So when would they actually lower your premiums???