On page A11 of Straits Times on June 17, 2010, NTUC Income took out a full page advertisement with this punch line above a picture of a few stranded vehicles trapped by flooded Orchard Road ...
"YOU CAN BE SURE OF ONE THING WITH US - SOMEONE WILL PAY FOR THIS."
Who will pay for those damages I wonder? As you read further, "That's why we've always got you covered..." would means NTUC Income will pay for the damages? A very comforting and reassuring thing indeed for the owners of S350, Lamboghini and 30 other vehicles to hear.
But if NTUC Income pay, who will be ultimately foot the bills? Just a day before the advert, my friend made this remark "Given the flood, we the motorists die la.."
I was puzzled by his remark. He duly explained, " insurance costs go up, insurance premium will go up lor"
A double edge sword played by NTUC Income. A few vehicle owners assured while thousands wonder.
2 comments:
Totally agree with you friend.
NTUC will pay and eventually the cost of the loss pass back to all the people buying motor insurance. Insurance pricing is all about previous loss experience. Ultimately, is income paying or the mass market/public paying for this loss? Should it be consider more of a loan?
After reading some of your blog, sorry to say but I find you is rather a negative person and nthing but lot of complaints Eg the motor ins raises, is not just ntuc income, all insurance co increase in premiums. Ins work as a premium pooling way which mean to say they collect everyone premium and do payout. Actual facts that the payout is so huge that an individual like u don't know. Eventually u have to know, insurance co is not a charity organisation. Ur blog is full of childish assumption lol
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