Some companies make a low provision for their outstanding claims. This gives the impression that their motor insurance is profitable. This allows them to reduce their premium rates.
Here are the claim provision for three large insurers during 2004:
NTUC Income: 101%
Company A: 60%
Company X: 72%
NTUC Income makes adequate provision for our claims. This means that we will be able to keep our competitive premium rates for a longer period.
The insurers who have inadequate provision will have to increase their premium rates in the near future.
Insure with NTUC Income, to enjoy lower premiums over the next few years.
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