Motor insurance in Singapore : problems and prescriptions
Motor insurance makes up 32% of the total insurance business in Singapore. On statistics , the loss ratio is 62.7%. However, claims is only one aspect of the business expense. Overall, motor insurers are not making enough premium revenue to pay claims, administrative expenses, acquisition expense...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/63027 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Motor insurance makes up 32% of the total insurance business in Singapore. On
statistics , the loss ratio is 62.7%. However, claims is only one aspect of the business
expense. Overall, motor insurers are not making enough premium revenue to pay claims,
administrative expenses, acquisition expenses.
This report seeks to identify and examine the various reasons why motor insurers are
suffering from deteriorating results. It emphasizes that immediate action is needed to
avoid the erosion of profits from the motor insurance market.
Furthermore, likely effects of the current situation are studied and this report attempts to
recommend possible solutions to the problems. |
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