Dear Mr. Tan,
I read recently that insurance companies lost a lot of money on motor insurance and will be increasing their premium rates soon. Will this apply to NTUC as well?
I used to enjoy lower premiums from NTUC. Now I am worried that they will be increasing their premium rates, due to the lax claim control and poor management, e.g. the high payout for Jonathan Lock's case.
I understand that all insurance companies will have to increase their premium rates, and this is likely to be the same for NTUC Income. I do not know what is the percentage increase.
If you get the renewal notice, you should compare the rate with the previous year. If the increase is more than 10 percent, you should get a quotation by telephone from a few insurance companies. You may be able to get a better rate, if you call them directly.
Wish you all the best.
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