Singapore is becoming the Asian hub for insurance and reinsurance firms for both local and international financial institution that are interested in the provision of insurance services.
This is because the country offers an attractive alternative to insurance firms looking to access markets around the world. In accordance with the growth of Asian markets, and increasing awareness and growth in sophistication of uncertainty and risk management systems, the sector has come to age in terms of its service provisions across various sectors.
The types of property insurance that are available in Singapore are:
Named perils — it states the items covered and may include theft; vandalism or malicious damage to properties.
Open perils — covers physical losses to property under specified items unless an area is specifically excluded.
Homeowners and renters insurance — covers most types of damage to one home under the named perils items.
Automobile Insurance — provides protection against bodily harm or damage caused to a vehicle.
Personal umbrella insurance — is considered by the insurer in addition to homeowners or automobile insurance.
Climate change — Property owners consider this type of insurance in light of more severe weather events which could destroy their properties.
Terrorism — otters insurance in case of a terrorist attack on high-risk assets such as power plants, airports.
Renovations — offers renovation benefits in your policy in case of renovation activities on your property.
Country’s top property insurers
The list of companies that are considered as the best property insurance providers in Singapore includes the following: AlA, Prudential, AXA, Aviva, Great Eastern Life, Manulife, NTUC Income, HSBC Insurance, Tokio Marine and Zurich International.
The following criteria can be used when choosing the best insurance for individuals and their properties:
1. The basic factor to consider when choosing the best firm for you is the credibility of the insurance company. Choose the company or group of company that knows the tasks to clients and that discharge its services as stated in the law of the country. The company should be licensed and have a good reputation.
2. Choose the company provides the best services at the most affordable price. Good services provision should be prioritised before looking at profit making.
3. Choose a managing company in which you are the only client they serve who has a particular kind of properties. For instance, to them, you are the only option.
4. Choose the companies that have as many properties insurance policies as possible. For example, a company that insures properties against employee theft, employer’s liability insurance and.
5. Lastly, choose a company that satisfies your needs. Conducting interviews with the firm will help you determine the suitable alternative for your needs.