Digital insurer FWDâs motor insurance business will soon be underwritten by local composite insurer Income, as the two firms sealed a deal.
FWD Singapore on June 27 told its customers that Income will from July 2 underwrite and issue FWDâs car and motorcycle insurance policies. Under the deal, FWD will be a distributor or seller of the motor plans.
The announcement to customers came after The Straits Times reported about the move on June 27.
People familiar with the matter said FWDâs motor insurance renewal business is valued at about $16.9 million, based on its 2023 gross written premiums.
Income, whose pricing for motor insurance is higher than FWDâs, will continue to price the plans the way the former has been doing, and bad risks will be priced accordingly, said a source.
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