Other types of insurance


reinsurance-1 Other types of insurance

Reinsurance is critical to the insurance process; it brings capacity, stability, and financial strength to insurers. The purpose of reinsurance is to spread large risks and catastrophes over as large a base as possible. It is the assumption by one insurance company (the reinsurer) of all or part of a…

aviation-insurance-1 Other types of insurance

Aviation insurance covers the hull and liability hazards of both commercial airlines and private aircraft; it does not include accidental injury or death coverage, which companies issue separately. During the 1960s and 1970s, many new companies entered this field, primarily as reinsurers. These companies compete among themselves and with foreign…

business-insurance-1 Other types of insurance

Business Insurance can be any kind of insurance that protects businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owners policy (BOP), which bundles into…

Frequently Asked Questions

What information will the insurer highlight to me?

  • The premium payable
  • The excess (for insured and other drivers - named and unnamed)
  • The risks or events covered and period of coverage
  • Restriction on drivers (if any)

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What information will I be required to provide to my insurer?

The insurer needs to know some basic information about you. This is to assist the insurer to better assess the underwriting risk so that proper premiums can be set.

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How is my premium priced?

Most insurers in Singapore adopt a "risk factor rating system" when setting your premium. This means that the premium is based on factors other than the vehicle's value or the…
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Can my premiums increase even though I did not make any claim against my policy?

Yes, it is possible. Your claims history is not the only factor your insurer looks at in setting your premium. All insurance, including motor insurance, is about pooling of risks.…
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