Singapore's nonlife insurance industry paid S$22.9 million (US$16.8 million) in claims related to three severe floods in the central business district caused by heavy rains in June and July, according to the General Insurance Association of Singapore.The large amount of insured loss and risk exposure to floods may lead to a rise in nonlife premium rates. "If these floods persist, and there is a corresponding damage to properties and vehicles, we are likely to see an impact on premiums, especially for those places and localities frequently affected," said a GIA spokesperson. Full story
