The workmen's compensation portfolio, what is wrong with it?
The report examines workmen's compensation insurance business in Singapore. The historical background of the business and its legislative framework are discussed. The underwriting and claims procedures, and the rating system are considered. Over the last five years, there has been a steady...
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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/10356/63722 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | The report examines workmen's compensation insurance business in Singapore.
The historical background of the business and its legislative framework are
discussed. The underwriting and claims procedures, and the rating system are
considered.
Over the last five years, there has been a steady deterioration in the results of
the business, and this is of growing concern. In fact, this is the only line of
business which stands out as making a loss in operating results. The reasons for
the decline as well as the recommendations made by the General Insurance
Association of Singapore to improve the results are examined.
Finally, other measures that could be considered to help reverse the trend, for
example, an increase in premium rates, implementation of a no-claim-discount, a
market agreement on tariff, a rate-freeze agreement, a link-up between
insurance companies, the Central Provident Fund Board and the Ministry of
Labour, and other recommendations are discussed. |
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