Ins-Rate Agency

13/01/2022

Hi All,

This has been big news in the insurance industry, NTUC's insurance operations currently a co-operative under the NTUC umberlla will become a corporate entity. While we do not represent NTUC in any capacity, NTUC is arguably one of the biggest insurer in Singapore and many Singaporeans do have policies with them. If any of you, either our clients or readers have policies with NTUC, this article might be interesting to you.

SINGAPORE: NTUC Income on Thursday (Jan 6) announced plans to convert itself into a corporate entity, citing the need to be more competitive amid “intensifying headwinds” in the insurance sector. Currently a co-operative under the NTUC umbrella, the insurer said converting into a company governe...

02/12/2021

Hi Clients / Readers

This post was in response to our motor bike riding customer regarding No Claims Discount (NCD). The NCD structure for motor bikes is different from that of motor vehicles, but similar to that of commercial vehicles. With the maximum NCD percentage at 20%. Refer to the table below for the break down and the link to the General Insurance Association (GIA) website for further details about NCD in general.

Safe motoring to all.

https://gia.org.sg/consumers/motor-guide/no-claims-discount.html

08/11/2021

Hi all,

We have been looking around and researching what could be the easiest way to present to our clients/readers on what the travel insurance requirements are for outbound travel to each country that Singapore has a Vaccinated Travel Lane (VTL) with.

Since many of the VTL flights are on Singapore Airline (SQ) flights, the SQ website has a very decent page detailing the travel insurance requirements of each country we have a VTL with. A disclaimer here, we are not advocating for any company's product and Singapore Airline has its preferred insurance partner.

However, if you do want to travel, you could use the information on the page shared below to help make your plans. Read especially under the FAQ section of each country to find out what the insurance needs are for each of this country.

Take care and stay healthy. Safe travels if yo are considering a trip.

Travel with greater confidence by adding travel insurance to your flight booking

22/10/2021

Hi All,

In response to some queries we have been getting regarding travel insurance after the opening of Vaccinated Travel Lanes (VTLs) between Singapore and several countries. This is the travel insurance requirements for INBOUND short-term visitors (tourist) to Singapore. This is from the ICA website. If you have friends and relatives visiting you this year end, please take note.

We will be doing some research and compilation and hope we can post a concise post soon on OUTBOUND travel insurance requirements as soon as possible.

Stay safe and healthy

Mandatory COVID-19 Travel Insurance Short-term Visitors Short-term visitors applying to enter Singapore via the Air Travel Pass (ATP), Reciprocal Green...

19/10/2021

Long hiatus without posting, some insurance humor to kick things off.

10/02/2020

Dear Clients / Readers

We have been getting a handful of questions regarding travel insurance claims with regards to the coronavirus outbreak , this is an article from 6th February. The article is a good read that answers many of the questions in the general.

We urge our clients / readers to consult their respective policies to check what is covered.

Stay healthy and safe travels to all

Coverage of certain parts of mainland China may also be affected as the outbreak situation develops, according to a General Insurance Association update on Tuesday.. Read more at straitstimes.com.

07/01/2020

New Year Greetings to all our clients / readers

This is in response to some queries we have been getting regarding Work Injury Compensation Insurance. We would like to give a quick summary on the purpose of Work Injury Compensation Insurance and who it applies to.

Purpose:
Work Injury Compensation Insurance pays for medical care and physical rehabilitation of injured worker(s). It also helps to replace lost wages of the injured worker(s) while they are unable to work.

Who it Applies to:
1. All employees doing manual work, regardless of salary level.
2. All employees doing non-manual work, earning $1,600 or less a month.
(Note this applies to both local and foreign employees)

For more information refer to the following link on MOM's website

https://www.mom.gov.sg/workplace-safety-and-health/work-injury-compensation/work-injury-compensation-insurance

Work Safe Everyone !!!!

You need to get work injury compensation insurance for all employees doing manual work, as well as all employees earning $1,600 or less a month.

24/12/2019

Dear Clients / Readers

Merry Christmas and Happy Holidays

Something slightly different. This is an article from Channel News Asia dated 22nd December titled "More buying pet insurance for dogs and cats as vet fees climb". While buying insurance for pets is still not common in Singapore and not all pets can be covered. What is on offer in Singapore basically is coverage for dogs and cats only. This is however a growing and evolving market, it may become more common in the future.

In the mean time, have a good festive period ahead.

SINGAPORE: When a pet owner realised that her toy poodle was very active and had a tendency to dash across the road, she decided to get it ...

23/09/2019

Dear Clients / Readers

Something a lot of you all are familiar with, but we been getting some queries on. Refer to the table in this post on how NCD is set. Take note NCD, is not the only determinant of your premium for the year, other factors include, make and model of your vehicle, age, driving experience and so forth.

Safe motoring to all

22/07/2019

Dear Clients / Readers

We missed this article when it was first published on 27th June on the Straits Times titled "Food delivery firms take up third-party liability insurance"

Quoting the article "Deliveroo and Grab have already taken up third-party liability insurance for their riders, while a third company, Foodpanda, is looking into purchasing the insurance."

Third party liability insurance essentially offers insurance coverage for the insured arising from injury or property damage against a 3rd party caused by the insured. Including associated legal costs. Different insurers have their own associated exclusions and terms and conditions.

This is extremely welcome news. Though we wish that injuries or property damage would never occur to any 3rd party or insured, inevitably accidents do happen. Such an arrangement would give greater peace of mind to the public at large and the delivery riders working for these food delivery firms.

Stay safe always to our clients and readers

Pedestrians are now better placed to claim for damages should they get into an accident involving riders from food delivery services in Singapore.. Read more at straitstimes.com.