Singapore insurer ECICS updates core policies to address current market risks

It also did a brand refresh for its 50th year in operations.

Singapore general insurer ECICS Limited has reached its 50th year of operations. 

Established in 1975 as a government-led initiative, the company has transitioned into a homegrown insurer for the private sector. 

To mark the milestone, the firm has refreshed its brand identity with a new logo and updated several of its core insurance policies.

CEO Choi Kin Seng stated that the company is focusing on personal and business insurance products that address current market risks.

Some updates to its core policies include a No Claim Discount (NCD) Protector for the first claim and a "Buy-up" option to reach a 50% renewal discount with an extra premium for its Private Motor Car Insurance.

Policyholders using authorised workshops can save up to $750 on standard excess. Special coverage and incentives are also available for electric vehicle owners.

Home Contents Insurance uses a first-loss model, paying up to the sum insured without penalties for underinsurance. It covers burglary up to $62,500 and provides 24-hour fire assistance.

Maid Insurance costs have been reduced, offering zero co-payment for hospital/surgical bills above $15,000, with annual medical coverage up to $80,000. Wages and government levies are reimbursed for up to 90 days if the helper is hospitalised.

Personal Accident plans are age-based: the Junior plan covers up to $150,000 for permanent disability and includes education benefits; the Standard adult plan offers up to $600,000 for total disablement and covers Traditional Chinese Medicine; the Senior plan provides up to $30,000 for loss of daily living activities and home accessibility modifications.