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
NO REVENGE FOR CUBS
Singapore U-16s lose 1-0 to BG Pathum in repeat of 2023 Lion City Cup final
REDS NOT CARRIED AWAY
Slot says his players, who have topped the EPL table before, know it is still early days
Guardiola wary of Fulham's speedy weapons
Last season's English Premier League title rivals Manchester City and Arsenal find themselves playing catch-up to Liverpool in this early part of the campaign, but are expected to push the Reds all the way.
TOO EARLY TO JUDGE UNITED, SAYS TEN HAG
But Red Devils co-owner Ratcliffe refuses to guarantee manager's future after Porto draw
Clubs may get extra transfer window
Fifa has proposed opening an extra transfer window in June 2025, ahead of the first edition of its expanded Club World Cup in the United States, world football's governing body announced on Oct 3.
Fifa regulations breach free movement laws: EU court
Some of Fifa's player transfer rules go against European Union laws and free movement principles, the EU's top court said on Oct 4 in a ruling that could open the door for players to find a new club more easily after their contract is terminated.
Chess ace Ding reminds us, heroes are vulnerable humans
From Wenzhou in Zhejiang province come many brilliant things.
CLARK EXCITED FOR FUTURE
Fever star is WNBA's top rookie of 2024, capping sensational record-breaking year
DOPING CASE MAKES SINNER FEEL UNEASY
But Italian is 'very confident' he will avoid sanction after three hearings went his way
Randle feels wanted in Minnesota, eyes NBA title
Once he got over the initial shock of being traded from the New York Knicks to the Minnesota Timberwolves this week, Julius Randle was excited to join another NBA (National Basketball Association) title contender.