The workmen's compensation portfolio, what is wrong with it?

• Main Authors: Lui, Su Kian, Tang, Nam Hee, Mohd Iskandar Bin Mohd Salleh
• Other Authors: Ashok Goenka
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Finance::Insurance
• Online Access: http://hdl.handle.net/10356/63722
• Institution: Nanyang Technological University

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.