There was an article in the Sunday Times of 3 September from Leong Chan Teik showing the lowest premium rates quoted by AXA Insurance and by NTUC Income. They are based on the figures provided by both companies.
Most of the rates under AXA appeared to be quite low.
My colleage called the hotline in AXA Insurance and asked for a quote for a similar profile of driver and vehicle (Ford Escort 1.3) reported in the article.
The article quoted a premium of $367. The hotline quoted a premium of $449 (ie 18% higher).
When asked about why the Sunday Times article showed a lower figure, the hotline staff said:
- don't know who provided the quote to the newspaper and the assumptions used
- the article was a rough guide
- we cannot believe newspaper articles
- there may be other factors used (not mentioned in the article)
I asked my colleague to write to the Sunday Times journalist.
Tan Kin Lian
Chief Executive Officer
NTUC Income
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