The wheels are in motion for Singapore drivers to have one fewer option if they want to buy cheaper motor coverage directly from insurers.
With digital insurer FWD out of the motor underwriting game, consumers now have only three platforms DirectAsia Insurance, Budget Direct Insurance and Singlife - where products are priced relatively lower as intermediaries are cut out.
To be clear, FWD still sells motor plans to customers directly online. The difference is that as of July 2, Income Insurance will underwrite the motor plans sold. Market observers said that this could possibly lead to higher premiums.
On July 3, FWD said in a statement that it will offer for the next 12 months "competitive premium rates during policy renewal". It added: "Customers with existing motor policies at FWD Singapore will not be impacted by the transition; there is no disruption to their current policies."
The motor insurance business in Singapore is a highly competitive one and FWD has been clocking losses.
Denne historien er fra July 04, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 04, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Pacific Victory Gives Ong First Malaysia Win
Quartet, treble and doubles recorded for the final day of the 2024 Kuala Lumpur season
Rivals Sabalenka, Swiatek are 'chilled' off the court
Top-ranked Aryna Sabalenka says she and key rival Iga Swiatek have developed a \"chilled\" relationship off the court, in contrast to their fierce battles on the big stage.
It may just be Uncle Lucky's turn in the fourth race
Dec 29 South Africa (Scottsville) form analysis
A $400m Van Gogh Gone With Nary a Trace
The painting, done only weeks before the artist's suicide, has not been seen in 34 years
Stock markets likely to be volatile in 2025 due to Trump tariffs, geopolitics
Investors anticipating another calm year in 2025 should be on guard for more shocks like the one seen in August as uncertainty around US President-elect Donald Trump's tax and tariff policies threatens to roil markets.
He decided on brokerage career at age 7 after watching HK drama
TV series about securities industry lured him with its images of 'pit' trading
Why Wall Street Is Making Irrelevant Market Predictions Again
An annual ritual is under way at the major Wall Street investment houses: predicting exactly where the S&P 500 will finish the next calendar year.
How a retiree lost $200k to scammers who posed as cops
Such scams show how financial crimes are evolving all the time
Travel insurance can be void if you put the wrong departure date
The devil is in the details as a young holidaymaker in Singapore discovered when a simple error on an insurance form left him high and dry when his flights were cancelled.
Aiming for that promotion? First, dress for success
First impressions count, and dressing appropriately helps in career advancement
