By Kai Lyla
Companies providing insurance in Singapore are regulated by the Department of Home Affairs. All licensed insurance companies must comply with certain regulations, so you at least can be sure that they aren’t fly-by-night businesses. But since many insurance companies have been able to survive and continue to flourish in Singapore, there are many that are barely registered and are only in business because they are willing to pay the minimal registrations fee and allow a very rapid turnover of agents.
To avoid all the hassle involved, I advise you to get in touch with your closest insurance agent before purchasing any Singapore insurance policy. While it might be tempting to contact the first company that you come across online, this might not always be the best idea. If you choose to use the first Singapore insurance agent that you come across online, you may run into some problems later on.
It is not uncommon for companies to have many agents working under them, which may lead to a situation where you do not receive professional advice when making decisions about your insurance policy. This could also lead to companies using some lower quality insurance policies than what you were originally advised and could cost you more in the long run.
A good thing to do is to look up a list of insurance companies in singapore before you decide to go and make your purchase. I recommend that you start off your search with the top three or four companies in the list. By law, they have to submit all the information listed in their public register to DHA. The DHA database contains a list of all registered and licensed Singapore insurance companies and their respective policies. Since these firms are all legally required to submit all their filings to DHA, it is possible for you to quickly see which ones are the most reliable. You can also see reviews and comments about these Singapore general insurance companies from people who have already purchased their policies from them.
