TMCnet.com, 20 Mar 2009
Singapore's insurance regulator said the city's unprofitable motor insurance sector is cause for concern for what it might say about nonlife insurance companies' underwriting standards and risk management skills in the wake of the global economic downturn.
Last year, the nonlife insurance sector reported a "record" underwriting loss of S$214 million (US$142 million) for motor insurance, and only three of the 25 insurance companies in the line managed to post an underwriting profit, according to the Monetary Authority of Singapore.
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