Automobile Association of Singapore introduces proprietary motor insurance for new drivers

Asia Insurance Review | April 25, 2019

Automobile Association of Singapore introduces proprietary motor insurance for new drivers
In partnership with Liberty Insurance Singapore, the Automobile Association of Singapore (AA Singapore) has launched a motor insurance policy for young or new drivers which is offered by its wholly-owned subsidiary AAS Insurance Agency. Dubbed 'Young or New Drivers Motor Insurance', the policy is designed for drivers below the age of 24 or new drivers with less than two years of driving experience. It is common for young or new drivers to face higher excess and premium on their motor insurance plans as they are commonly classified as one of the high-risk groups that are more likely to be involved in an accident due to their lack of driving experience. “Young or new drivers are deemed to be less safe than a seasoned driver as studies have shown that these drivers are more prone to being involved in road accidents. Often, accidents are a result of human error and we want to instil the right attitude to this group of drivers and help them to be safe on roads; by raising their risk awareness and understand how they should react under differing road conditions, thereby lowering their chances of a crash,” said AA Singapore president Bernard Tay.

Spotlight

The insurance industry is operating in an age of radical disruption. Traditional insurers are no longer safe, with insurtechs challenging incumbents to rethink their business and operating models. The diversification of product offerings and ever-growing price competitiveness mean that customer expectations are changing faster than ever before.

Spotlight

The insurance industry is operating in an age of radical disruption. Traditional insurers are no longer safe, with insurtechs challenging incumbents to rethink their business and operating models. The diversification of product offerings and ever-growing price competitiveness mean that customer expectations are changing faster than ever before.

Related News

Global average commercial insurance prices rose to 14%

Marsh | May 11, 2020

Global average commercial insurance prices increased 14% in the first quarter. The change marks the highest year-over-year increase since 2012. Pricing was trending higher in the first quarter prior to any meaningful impact from losses associated with COVID-19. Global average commercial insurance prices increased 14% in the first quarter, driven in part by rises in property insurance rates, insurance broker Marsh said in a report released Monday. The change marks the highest year-over-year increase since 2012, when Marsh launched its Global Insurance Market Index for rates. Pricing was trending higher in the first quarter prior to any meaningful impact from losses associated with COVID-19, said Dean Klisura, president, global placement and advisory services at Marsh, adding that the pandemic will likely have an impact on pricing for the rest of 2020. Globally, on average, pricing for property risks increased 15% while financial and professional lines rose nearly 26% and casualty increased 5%, Marsh said. Read More:Willis Draws COVID-19 Insurance Loss Picture: It’s a Wash or Historic Failure The increases, particularly for property and financial lines coverages, continue a repricing trend that has been shaking out in the industry, said Christopher Lang, Marsh global placement leader for the United States and Canada, in an interview. Recent years have proved challenging for directors and officers coverage, a financial lines product that companies use when their executives are sued. The policies pay the executives’ defense costs and penalties awarded by the courts. But lawsuits and awards mounted, pushing up premiums and reducing the amount of cover offered. Property rates have been increasing since at least 2018, as insurers, battered by numerous natural disasters, correct soft pricing and limits that curbed their profitability. Many insurers have also ramped up inspections and engineering requirements of insured properties, demanding that owners make improvements to limit risks. Read More: Push to claim Covid-19 business interruption coverage fails in D.C. Having initially brushed off the potential impact from coronavirus-linked claims, global insurers have woken up to the prospect of a double whammy - a sharp rise in payouts at a time of big investment losses. Executives, lawyers and analysts say the cost is sure to be multiples of prior catastrophes such as Hurricane Katrina, the Tōhoku tsunami or the 9/11 terrorist attacks. That could be tens of billions to half a trillion dollars or more, depending on how long the pandemic lasts and other variables. Insurers have been fielding a growing number of notices from customers who intend to file various types of claims, including those for lost business revenue, Lang said. “We know there will be an impact in the market, the extent of which is still unknown,” said Lang, who expects an increase in claims for D&O and employment practices liability coverages. About Marsh Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching $17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

Read More

CORE INSURANCE

Hub International Strengthens Healthcare & Construction Insurance Capabilities With Acquisition Of The Assets Of Eaton-Provident Group In Arizona

Hub International Limited | October 08, 2021

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced that it has acquired the assets of Eaton-Provident Group, LLC (EPG Insurance). Terms of the transaction were not disclosed. Located in Scottsdale, Arizona, EPG Insurance is a property and casualty insurance firm serving businesses, families and individuals. EPG Insurance specializes in various industries, including senior living and construction, which supports Hub's Specialty practices by complementing and strengthening its existing capabilities. EPG Insurance's keen understanding of the insurance business, their broad and multidisciplinary experience, and our shared culture and values makes them an ideal addition as we continue to grow in the region and guide clients, - Randy Perkins, President of Hub Southwest. EPG Insurance Principals Tim Schmidt, Greg Budiac and Jeff Schmidt, and the rest of the EPG Insurance team will join Hub Southwest. We are committed to our clients and look forward to continuing to help them protect their businesses and assets with expanded services, solutions and value through Hub, - Mr. Tim Schmidt. About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

Read More

DECK 7 OPTIMIZES ITS STRATEGIC MARKETING FOR 2020 USING A REVISED ABM STRATEGY

DECK 7 | February 04, 2020

Being one of the best lead-gen service providers in San Diego, California, DECK 7 is more data-focused than ever. The brand has optimized its strategic marketing approach by scaling ABM in a number of effective ways. By combining its time-tested ABM framework with a strong data-driven approach, DECK 7 is empowering numerous brands in maximizing growth and driving actionable results. DECK 7’s ABM prowess is defined by its skilled team members and their advanced approach to B2B marketing. The DECK 7 team has created a simple, yet effective framework for executing ABM at scale; it consists of a comprehensive and strategic approach in order to identify, target, engage, activate, and measure success in real-time.

Read More