Doing away with third-party claims can put the lid on costs, it believes
By
Christopher Tan, Senior Correspondent
Case president Yeo Guat Kwang said it has discussed the no-fault regime with the General Insurance Association. -- ST PHOTO: JOHN COSGROVE
RADICAL proposals are being considered by the consumer watchdog and motor insurance industry to clamp down on a scourge of insurers and motorists: inflated claims.
The Consumers Association of Singapore (Case) has suggested doing away with third-party claims, in favour of a 'no-fault regime', which exists in one form or another in countries like New Zealand, Canada and the United States.
In a no-fault system, motorists will make claims against their own insurer in an accident, whether they are at fault or not. This removes disputes and theoretically reduces claims costs and, eventually, premiums.
Read the full story in the Straits Times on Wednesday.
