Fare hike yes, but rental cannot hike more than fare.
Dont speak 2 soon. Juz like pap govtment style
Give by left hand ...... take back by right hand.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1117102/1/.html
Singapore
News
Motor insurance premiums continue to rise
By Rachel Kelly | Posted: 17 March 2011 1804 hrs
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SINGAPORE : Motor insurance premiums will continue to go up this
year as insurers look to recoup underwriting losses, said the
president of the General Insurance Association of Singapore (GIA)
Derek Teo.
GIA said the industry's underwriting losses widened to S$48.9
million, some S$4 million higher than in 2009.
Last year, the average motor insurance premium rose 6.5 per cent
to S$1,100.
In 2009, it had increased by a larger 20 per cent.
GIA said the two major floods last year led to 428 motor
insurance claims amounting to S$11.6 million.
The number of reported accidents in Singapore also remained high
at some 162,500 last year.
Last year, earnings from motor insurance premiums increased by
nine per cent to more than S$1 billion, slower than the 26 per cent
increase the previous year.
This coincided with an all-time high number of vehicles recorded
last year at 945,829, up 2.2 per cent from 925,518 in 2009.
GIA president Derek Teo said: "The bottom line is that you still
have underwriting losses despite the premium increases in prior
year from 26 per cent to nine per cent last year.
"It is unlikely for us to see a more than 20 per cent increase
for this year, but as I said, with an increase in underwriting
loss, we can expect premium to have an increase.
"But it is going to be very much moderated; not as high in the
last 18 months".
Motor accounts for the largest slice of the general insurance
pie, making up roughly 40 per cent of the industry.
Overall, the general insurance industry continued its growth
momentum with total gross premium income climbing 3.7 per cent to
S$3.03 billion for 2010.
Underwriting profits in the industry gained 4.4 per cent to
S$198.1 million.
All classes of business except marine cargo posted growth in
premiums.
Personal accident was the leader of the pack, gaining 10 per
cent, with motor following closely behind with an increase of nine
per cent.
Health insurance reported the biggest casualty in terms of
underwriting, with underwriting profit slumping 56 per cent from
S$10.4 million in 2009 to S$4.6 million last year.
The number of reported accidents in Singapore remains high at
162,527 in 2010, in comparison to 164,079 in 2009.
However more motorists are reporting accidents within 24
hours.
In 2010, some 81 per cent of accidents were reported within 24
hours, a jump from 64 per cent in 2008.
GIA is targeting this number to hit 90 per cent in the next two
years.
Health's share of the non life market also fell from 6.2 per
cent in 2009 to 5.8 per cent in 2010.
The industry's total incurred loss ratio improved last year by
0.8 per cent to 57.6 per cent, from 58.4 per cent in 2009.
Going forward, Mr Teo said he had been optimistic about the year
ahead.
"I think, over the years, our industry has grown (steadily) and
we expect it to continue in the same manner for the rest of this
year," he said.
-CNA/al/wk