A1OnlineInsurance Company

Singapore is today a reputed finance center, regional trading center, World's busiest port and has top location for investments. Singapore is situated at one degree north of the equator. Singapore has evolved into a premier insurance center in Asia and its general insurance market is relatively small over serviced by 46 non- life companies in the sector. There are about 14 providers in the Singapore insurance market and top four life insurers write 75% of total premium income and rest ten smaller companies write the rest. Singapore insurance market relatively moderate growth prospectus could limit the number of companies interested in enter the market. General insurance industry increased strongly 18.8% to SGD 3.3 billion in gross premiums in 2000 due to growth in both domestic and offshore insurance business.

A person who wants to work as an insurer in Singapore shall apply in writing to authority for registration. The authority will check all domestic and international rankings, his present and past credit ratings and commitment to contribute to Singapore's development as a regional insurance hub. Competition from Singapore based will present insurers in Malaysia, Indonesia, Philippines and elsewhere with a challenge. Some of the smaller in Singapore may seek to sell out. Every user of motor vehicle in Singapore should have in force an insurance policy which provides him or her legal liabilities arising out of death or bodily injuries.

Global health insurance is an independent insurance and one of the largest Singapore insurance brokers. Singapore health insurance plans are flexible, annually renewable and tailored to meet all medical requirements. Singapore health insurance plans also designed for people visiting or working in Singapore. Singapore insurance industry seems to be opened a greater foreign competition, with the city-state central bank. Monetary Authority of Singapore deputy director for financial supervision Tharman said the government was looking at the issues of opening up industry gradually to more competition.

After the difficult years of financial crises in 1997, the Singapore non-life insurance sector has stabilized due to current environment of premium rates which should alleviate widespread pricing inadequacy over the last four years. Against this backup of hardening premium rates and new measure to rein in the rising cost of claims, industry faces the challenge of rising reinsurance premiums rates. Life insurance association founded in 1950's is the trade association of insurance companies licensed by the Monetary Authority of Singapore to issue life insurance products in Singapore.

The citizens of Singapore get the possible financial loss, payment of taxes, settlement costs and other expenses from a particular life insurance company. Some of the eminent companies that provide Singapore insurance are Pacific Prime Insurance Brokers Company, Allianz insurance company, Ace insurance limited, Singapore aviation and general insurance company etc.People of Singapore purchase life insurance keeping in view financial care of survivors, paying out any outstanding debts , provide educational funds for their children , making charitable donations. Term insurance in Singapore can be used in renting apartments. If the concerned person stops payment of premiums then coverage ends. Whole life insurance in Singapore is like buying a house and annual premiums is higher than the term insurance. Whole life policies often provide build up equity within the policy with significant tax advantage.

Universal life insurance is a flexible combination of term and whole life insurance. It has features of minimal premiums of term policy and yet has flexibility to increase those premiums or accumulate equity like whole life insurance. After three years of rapid growth, insurance industry experienced a moderate decline in activity. In the first quarter of 2003, single premium life insurance business was decreased by 60% over the corresponding period in 2002. Singapore is intended to improve the general insurance industry by protecting policy holders. Due to the achievement of positive underwriting results, Singapore position in Asia shows cross border trade flow which is generating a strong demand for insurers in credit and political risk insurance.