Amongst the various risk management strategies that are prevalent, insurance circumvents the possibilities of loss that may threaten people's lives or cause damage to material property. Singapore Insurance is primarily concerned with alleviation of risk in exchange for a certain cash premium.
Primarily a legal term that is also common to economics jargon, insurance deals with loss or damage to life or property for a definite identifiable cause. Singapore government's Department of Statistics maintains that life insurance dominates the insurance sector. Their claim is testified by the substantial 11.8% escalation in insurance premium during the first financial quarter in the year 2005 unlike the rapid decline that had been recorded for the previous year.
The citizens of Singapore opt for a particular life insurance policy after going through all the salient facilities provided by the concerned insurance provider. It is generally expected that the company will insure its customers against possible financial loss, clearance of outstanding and no remittal debts, payment of taxes and other settlement costs as well as other miscellaneous expenses like academic funds and charitable contributions. Of course, the primary function of any life insurance policy is to ensure that the customer is fully covered in case of any medical exigencies and thus can avail the best of medical facilities.
Another insurance concept, rife in Singapore is term insurance that helps a potential buyer lease an apartment. The vantage of this scheme is that the client is covered as long as he pays the premium and hence it is an ideal short term indemnity measure that offers the maximum redress benefit at minimum cost. Of course, it is always possible to augment the initial premium among and renew the policy after the lapse of the first term.
A list of some of the eminent companies that provide Singapore insurance is hereby listed for future reference:
- Pacific Prime Insurance Brokers Company
- Allianz Insurance Company of Singapore Private Limited
- General insurers
- Ace Insurance Limited
- Mitsui Sumitomo Insurance (Singapore) Private Limited
- China Life Insurance (Overseas) Company Limited
- Great Eastern Life Assurance Private Limited
- Manulife (Singapore) Private Limited
- Royal and Sun Alliance Insurance (Singapore) Limited
- SHC Capital Limited
- Shenton Insurance Private Limited
- Singapore Aviation and General Insurance Company Private Limited
