Motor premiums set to rise (Amended)

Singapore

Bad news ahead for motorists.

After two years of sliding premiums, they may soon have to start forking out more for car insurance as insurers feel the impact of higher costs and lower earnings from intense competition which forced rates down.

An agency owner said: "The trend is clear. Premiums for car insurance are starting to bottom out as more motor insurers face losses."

He said these insurers are finding it difficult to manage costs because of the sustained undercutting sparked by the industry's stellar results in 2014. That year, the motor business posted a record S$149.5 …