Last Updated on January 8, 2023 by Faiza Murtaza
Insurance can be seen as the arrangement made by a state or company to cover or compensate for damage, illness, specified loss, and death in return for payment of a specified premium. Different countries have different insurance companies that help it’s citizens go through tough and perilous times. Since there are different companies it shouldn’t surprise you if I tell you that different companies have different plans and offers. Hence, if you are not careful enough you might end up selecting an insurance company that doesn’t suit your needs.
Do you reside in Singapore? Are you looking for the best Singapore insurance? Then you are in luck because in this blog post you’ll learn about the best insurance companies in Singapore come 2022.
All the insurance companies you can find in Singapore are being regulated by the Monetary Authority of Singapore (MAS) and all insurers must have a license before they’ll be able to operate.
Insurance companies in Singapore are represented by two non-profit trade associations: the General Insurance Association (GIA) and Life Insurance Association (LIA). Both organizations are responsible for setting industry guidelines and recommendations but MAS still gets to decide which guidelines or recommendations to push forward. Regardless, Insurance companies are still allowed to design their policies and just like you may have guessed, different policies mean different weaknesses and selling points. Insurance companies cover different aspects like life, car, house, etc. In this guide, however, I’ll be telling you about the best Insurance companies in Singapore for 2022 and the insurance plans they offer.
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Aviva is an insurance company in Singapore whose history dated back to the London-based Hand Fire and Life Insurance Society. Aviva is a London-based British multinational company formed by CGU with a palindrome name and Norwich Union in 2000.
Aviva offers 12 types of insurance in Singapore. The insurance they offer include life, health, personal accident, savings and retirement, disability, critical illness, home insurance, investments, travel, car, business, and governmental.
The benefits of choosing Aviva Insurance are guaranteed renewal, covers you up to 99 years of age, you enjoy offers from one of the most competitive premiums, basic coverage, extended coverage period, you can convert your plans and a few other benefits. Aviva is listed on the London Stock Exchange and they are also part of the FTSE 100 Index.
AIA Group Limited is an insurance company in Singapore that’s has a long history that dates back to 1919. During that time, they were founded by American Asiatic Underwriters and today they are an American multinational insurance company.
AIA insurance in Singapore offers 11 types of insurance plans and they are life, health, personal accident, savings plan, disability income, critical illness (CI) plan, investment linked plans (ILPs), travel insurance, and lifestyle insurance.
One of the benefits you enjoy from AIA insurance plans is their AIA Secure Flexi Term which offers you a lump-sum payout if you happen to be diagnosed with a terminal illness and pass on. You also get a 15% discount on your premiums if you achieve your healthcare goals.
AXA was originally founded as Mutuelle de L’assurance contre L’incendie in 1816. They are a French multinational insurance company headquartered in Paris. They made their way into Singapore in 1969 and later in July 2011 they launched the AXS Tower along 8 Shenton Way.
AXA offers 10 insurance plans in Singapore and they are travel, car, maid, home, life and critical illness, savings and investment, health insurance, personal accident, art insurance, and AXA imperial collection.
AXA insurance offers its customers guaranteed renewal which means you can choose a period between 5 and 30 years and receive renewal when your plan comes to an end. Just like Aviva, they offer coverage of up to 99 years.