Try GOLD - Free
Insurer Income to underwrite FWD's motor insurance plans
The Straits Times
|June 28, 2024
Income will continue pricing plans the way that it has been doing and price bad risks accordingly, says source
Digital insurer FWD’s motor insurance business will soon be underwritten by local composite insurer Income, as the two firms sealed a deal.
FWD Singapore on June 27 told its customers that Income will from July 2 underwrite and issue FWD’s car and motorcycle insurance policies. Under the deal, FWD will be a distributor or seller of the motor plans.
The announcement to customers came after The Straits Times reported about the move on June 27.
People familiar with the matter said FWD’s motor insurance renewal business is valued at about $16.9 million, based on its 2023 gross written premiums.
Income, whose pricing for motor insurance is higher than FWD’s, will continue to price the plans the way the former has been doing, and bad risks will be priced accordingly, said a source.
This story is from the June 28, 2024 edition of The Straits Times.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The Straits Times
The Straits Times
Build fluency through small habits
Experts suggest using mother tongue languages daily, such as at mealtimes
5 mins
May 18, 2026
The Straits Times
Bright spark? The race for fusion energy is no longer sci-fi
After decades of hype and hope, fusion energy could soon have its moment in the sun. But challenges remain.
7 mins
May 18, 2026
The Straits Times
Kampong Bugis gym offers free fitness programme for the visually impaired
At the starting line of the 2XU 10km Compression Run 2026 in April, Ms Siti Fairus Rahmad could not fully see the route ahead - nor hear everything around her. But she finished the race anyway, with the help of a guide.
3 mins
May 18, 2026
The Straits Times
US, Iran stall on Hormuz reopening as oil supplies tighten
Iran said transit through the critical Strait of Hormuz will resume once the conflict with the US and Israel is over, but the sides are no closer to resolving their differences or finding a path to achieve it.
3 mins
May 18, 2026
The Straits Times
Suburban malls eye grey market as more seniors make them social hubs
Retail spaces help seniors maintain routines and social connections: Study
5 mins
May 18, 2026
The Straits Times
Manila seeks court denial of stop-arrest plea from senator
The Philippine government has asked the Supreme Court to deny a petition by Senator Ronald dela Rosa to stop his arrest after the International Criminal Court (ICC) issued a warrant on allegations of crimes against humanity.
1 mins
May 18, 2026
The Straits Times
Noteworthy migratory birds and visitors that came to stay
As the latest migratory bird season draws to a close in May, The Straits Times recaps the noteworthy visitors that have arrived in Singapore, alongside migrants that now call the city-state home.
2 mins
May 18, 2026
The Straits Times
Coetzee bags another three-timer in Ipoh
Trainer Kevin Coetzee has pulled off another hat-trick of wins at the Ipoh meeting on May 16.
2 mins
May 18, 2026
The Straits Times
The AI risk of losing the skills you've mastered over the years
When it becomes our GPS, it dulls the mind's ability to handle complex problems. That needs attention.
5 mins
May 18, 2026
The Straits Times
Ukraine drones kill four in Russia, say local officials
At least four people were killed, including three in the Moscow region, after Ukraine launched its biggest overnight drone attack on the Russian capital in more than a year, local officials said on May 17.
1 mins
May 18, 2026
Listen
Translate
Change font size