Products
Types of non-life/general insurance
Motor Insurance
All Risks Insurance
Glass Insurance
Money Insurance
Fidelity Guarantee Insurance
Goods In Transit Insurance
Hospital And Surgical Expenses Insurance
Personal Accident Insurance
Personal Liability Insurance
Workmen's Compensation Insurance
Household Buildings And/Or Contents Insurance
Fire Insurance
Consequential Loss Insurance
Theft Insurance
Public Liability Insurance
Machinery Breakdown Insurance
Machinery And Equipment All Risks Insurance
Computer Material Damage Insurance
Contractors all Risks Insurance
Marine Insurance
Terrorism Market Review August 2002 by Willis
The insurance landscape in Singapore has undergone many changes recently. There have been complaints about rising insurance premiums and more restrictive insurance terms. In a nutshell, the insurance companies are actively taking a tougher stance and becoming more selective in accepting business.
The reason behind the increase in insurance rates and tougher terms is due to the September 11 terrorist attacks in the United States. Many insurers that have incurred massive losses from the incident are also major re-insurers in Asia. To alleviate their financial positions held with respect to their risk portfolios, they have no alternative but to increase their reinsurance rates. And this higher reinsurance costs is translated into higher insurance premiums for the public.
The current economic slowdown has also contributed to the strict underwriting policies of the insurers. For example, the lack of projects and jobs in the construction industry, in the weak property market, has seen many performance bonds being called upon, resulting in the reluctance of many insurers to accept bond insurance.
Another area of much talk and complaints is Motor Insurance. The motor insurance premiums have undergone a hefty average increase of 10-25% in the past year. This is primarily due to the rising number of claims and their associated costs. To help contain these costs and prevent vehicle repair workshops from heavily inflating the cost of repairs, vehicles involved in accidents are required to be sent to any of the Independent Damage Assessment Centres (IDAC) for damage assessment prior to repairs carried out at the workshops. This was introduced in August 2002 by the majority of the insurers in the hope of combating the rising costs of claims and unscrupulous vehicle repair workshops.
Under these conditions, it is now more important than ever to have accurate and relevant information about the insurance to prepare for the future. Here at Pentaserve Agencies, we are able to provide the best possible advice and help our clients acquire policies that are both appropriate and cost-effective for their needs.
Motor InsuranceCovers your motor vehicle against loss or damage caused by accidents and your legal liabilitity to third parties for bodily injury or property damage.
All Risks InsuranceCovers jewellery, watches, gold and silver articles and other valuables against loss or destruction of or damage by any accident or misfortune.
Glass InsuranceCovers glass in windows, doors, fanlights, show-cases, shelves and counter-tops against breakage.
Money InsuranceCovers loss or damage to money whilst in transit and by theft from locked drawer, safe or strongroom or by hold-up while in the premises.
Fidelity Guarantee InsuranceCovers loss of money or goods either belonging to employers or for which they are responsible as a result of acts of fraud or dishonesty by an employee.
Goods in Transit InsuranceCovers loss of or damage to property caused by fire, theft or accidental means whilst being transported, loaded or unloaded from any road vehicle belonging to or hired by the insured.
Hospital And Surgical Expenses InsuranceCovers hospital expenses, surgical expenses and emergency accident outpatient expenses incurred as a result of accident, sickness or disease commencing or occurring during the period of insurance.
Personal Accident InsuranceCovers you for bodily injury or dealth arising from an accident.
Personal Liability InsuranceCovers your legal liability to members of the public arising out of your private and personal activities.
Workmen's Compensation InsuranceProvides payment for accidental bodily injury and/or disease sustained by your employees whilst in the course of employment.
Household Buildings And/Or Contents InsuranceCovers Loss or damage to the building and/or contents arising from an insured peril eg fire, ligthning, explosion, flood, bursting of pipes, windstorm, malicious damage etc.
Fire InsuranceCovers Loss or damage to the property caused by fire or lightning.
Consequential Loss InsuranceCovers loss of net profit and fixed charges following interruption of business caused by risks which are insured under a Fire policy.
Theft InsuranceCovers any loss/damage to the property and premises by any theft or attempted threat.
Public Liability InsuranceCovers the insured's legal liability to third parties for accidental bodily injury or loss of or damage to property whilst in the course of business.
Machinery Breakdown InsuranceCovers unforeseen and sudden damage to machinery by any accidental cause whilst at work or at rest and during cleaning, inspection, overhaul or removal to other position in the premises.
Machinery And Equipment All Risks InsuranceCovers all risks of accidental physical loss or damage to the property including the risk of loading and unloading.
Computer Material Damage InsuranceCovers accidental loss of or damage to the computer whilst at work or at rest or while being dismantled for purpose of cleaning or inspection.
Contractors All Risks InsuranceCovers loss or damage to contract works and all other materials on site as well as legal liability to third parties arising out of the performance of a contract.
Marine InsuranceCovers loss or damage to goods whilst in transit by sea, air or rail.
