General Insurance


What is general insurance?

General insurance gives you some financial coverage against a range of events or loss which could be suffered, for example

  • loss of your belongings
  • damage to car
  • damage to house

If the event happens, your insurance company will pay you an agreed amount, or an amount to cover some or all of the loss.

What is the sales process?

There is a needs analysis requirement for all health insurance products, including short-term health insurance which can be classified as general insurance. There is no similar formal needs analysis requirement for buying general insurance products like fire insurance or travel insurance. But, under the Singapore General Insurance Code of Practice issued by GIA, the general insurers and their intermediaries are expected to explain all the main features of their products and services that they offer and assist the consumers to identify the products that meet their needs.

Cancellation period for financial products and services sold during unsolicited visits

The Consumer Protection (Fair Trading) Act provides for a five-day cancellation period for financial products and services that are sold during unsolicited visits (i.e. unsolicited sales conducted at your home, office or even someone else’s place of residence by the supplier).

For more information, read the guides on Motor Insurance and Travel Insurance.

 

The above information is prepared in collaboration with the General Insurance Association of Singapore.