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Insurer Income to underwrite FWD’s motor insurance plans

  • 📰 The Straits Times
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Under their deal, FWD will be a distributor or seller of the motor plans.

SINGAPORE - Digital insurer FWD’s motor insurance business will soon be underwritten by local composite insurer Income, as the two firms sealed a deal.

Market observers said for Income to break even, new customers and existing ones who renew their plans can expect to pay premiums that are roughly 15 per cent to 30 per cent higher. This range is based on Income’s current premiums. Based on data from the General Insurance Association of Singapore , motor insurance made up 21 per cent of gross written premiums in 2023.

 

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