A Safety Net for your General Insurance Policies – The Policy Owners’ Protection Scheme

Singapore consumers enjoy the benefits of a sound financial system. Insurers licensed in Singapore are supervised by the Monetary Authority of Singapore (MAS). It is MAS’ aim to ensure the stability of the financial system in Singapore and to require financial institutions to have sound risk management systems and adequate internal controls.

However, MAS does not guarantee the soundness of individual financial institutions. Therefore, a Policy Owners’ Protection Scheme (PPF Scheme) has been set up to protect policy owners in the event of failure of a life or general insurer which is a PPF Scheme member.

In a previous entry,

What happens if an insurance company goes bankrupt in Singapore?

It focused on more of life insurance and life insurance companies.

In this entry, we will be taking a closer look at general insurance or non-life insurance.

What happens if an insurance company goes bankrupt in Singapore?

Will an insurance company go bankrupt? I guess you can never tell now in such an uncertain world where anything can happen.


So what happens if an insurance company does go bust? You'd be happy that there's something known as Policy Owners' Protection Scheme.


Here's what the information from the Life Insurance Association of Singapore's website. Here are some of the pointers to note: