Business insurance renewal checklist for Singapore companies
When should renewal work start?
A broker opens the renewal file 90 days before expiry and aims to have terms agreed 30 days before. The gap gives time to collect updated figures, ask the holding insurer for renewal terms, and test 2 or 3 other insurers if the terms are poor. Starting at 30 days leaves the company with one quote and no leverage.
The timeline for a 1 January renewal looks like this:
| Date | Task |
|---|---|
| 1 October | Broker issues the renewal data request and claims summary |
| 15 October | Company returns headcount, payroll, turnover and asset figures |
| 1 November | Holding insurer gives renewal terms; broker decides whether to remarket |
| 15 November | Alternative quotes received and compared on a terms table |
| 1 December | Insurer selected, binding instruction given |
| 1 January | Policies incept; schedules and certificates issued |
Compulsory covers cannot lapse. Work injury compensation insurance must be bought from a designated insurer for every employee doing manual work and every non-manual employee earning S$2,600 or less a month. A gap of even one day is an offence with a fine of up to S$10,000, a jail term of up to 12 months, or both.
The business insurance renewal checklist: figures to update
Insurers rate on declared figures. A figure left at last year's level produces an under-insured policy or a premium adjustment at year end. The renewal data request covers:
- Headcount by job category, with manual and non-manual staff separated.
- Estimated annual earnings for the coming year, for the WICA policy.
- Number of Work Permit and S Pass holders, for medical insurance and bonds.
- Turnover for the past year and the forecast, for liability and professional indemnity.
- Sums insured for buildings, contents, stock and machinery, at current replacement cost.
- Gross profit and the indemnity period, for business interruption.
- Vehicle list, drivers and usage, for the fleet policy.
- Any new activity, premises, product line or overseas contract.
The broker checks each figure against the last declaration and asks about any move of more than 10%. A company that grew from 40 to 60 staff, or opened a second warehouse, needs new limits, not a renewal of the old ones.
Which Singapore rule changes affect the 2026 renewal?
Two compulsory covers changed during 2025. Both must be checked at renewal.
WICA compensation limits rose for accidents from 1 November 2025. Death compensation is now S$91,000 to S$269,000, up from S$76,000 to S$225,000. Permanent incapacity is S$116,000 to S$346,000, up from S$97,000 to S$289,000. The medical expenses cap is S$53,000, up from S$45,000. A policy written on MOM's compulsory terms follows the new schedule automatically. The common-law liability section and any employer's liability top-up should be reviewed against the higher statutory floor.
Foreign worker medical insurance moved to Stage 2 on 1 July 2025. The annual claim limit stays at S$60,000 per worker, with the insurer paying 75% of claims above S$15,000 and the employer paying 25%. Stage 2 adds standardised allowable exclusions, age-banded premiums for workers above 50, and direct payment from insurer to hospital. Policies renewed before July 2025 may still carry the old wording; the renewal is the point to move them.
The market itself moved. Domestic general insurance premiums grew 8.4% to S$6.09 billion in 2025. Motor claims rose 11% and property claims rose 60.5%, so motor and fire renewals face harder pricing than liability renewals.
How are quotes compared?
Comparing quotes on premium alone is the most common renewal error. The broker builds a terms table with one column per insurer and one row per term that matters. Price is the last row.
| Row | What to compare |
|---|---|
| Limit of indemnity | Per occurrence and in the aggregate |
| Deductible | Amount, and whether it applies per claim or per event |
| Basis of cover | Occurrence or claims-made; retroactive date for PI and D&O |
| Sub-limits | Flood, burst pipes, theft, money, goods in transit |
| Warranties | Alarm, fire protection, hot-works permit, storage height |
| Exclusions | Any exclusion not in the expiring policy |
| Territorial scope | Singapore only, ASEAN or worldwide |
| Claims service | Named adjuster, turnaround on documents |
| Premium | Including GST and any policy fee |
A quote that is 15% cheaper but moves a S$5,000 deductible to S$25,000 is not cheaper for a company that claims once a year. A fire quote with a new storage-height warranty can be void from day one in a warehouse with 8-metre racking.
What does the claims history do to the renewal?
Insurers ask for 3 to 5 years of claims experience before quoting. The broker obtains the loss run from each holding insurer and checks that closed claims are marked closed and that reserves on open claims are current. An open claim reserved at S$80,000 that settled at S$12,000 inflates the loss ratio until the record is corrected.
One claim rarely moves a renewal on its own. Underwriters look at frequency, severity and trend over the period. Three small motor claims a year signal a fleet problem and a rising premium. One large fire claim in 5 years, with a cause that has been fixed, can often be explained. Where the account has been claim-free, the broker asks for that to be shown in the premium or in a lower deductible.
Where the company has a reserve it disputes, that is settled before the market is approached, not after.
Renew with the holding insurer or move?
Staying with the holding insurer carries value: known wordings, a claims relationship and no gap in the retroactive date on claims-made policies. Moving carries value when the holding insurer's terms are out of line or its appetite for the trade has changed.
Before any move, the broker checks:
- The new insurer is on the MAS Financial Institutions Directory and, for WICA, on MOM's designated insurer list.
- Claims-made covers carry the same or an earlier retroactive date.
- Cancellation terms on the expiring policy, and whether a mid-term move costs a short-period rate.
- That the new wording is at least as wide on every row of the terms table.
A broker's own standing can be checked the same way: a registered insurance broker appears on the same MAS directory. The TRS process for renewals follows the timeline above.
Frequently asked questions
How many quotes should I compare at renewal?
Two or three alternatives against the holding insurer's terms is enough for most SME programmes. More than that spreads the account thinly across the market, and insurers quote less sharply when they know they are one of 6. Where the holding terms are fair, one alternative serves as a benchmark.
What information does the insurer need to re-quote?
Current headcount and payroll, turnover, sums insured, the activity description, and 3 to 5 years of claims history. Specialist covers need their own forms: a cyber proposal asks about controls, a PI proposal asks about contracts and fee income. Incomplete data produces either a loaded quote or no quote.
Will one claim raise my premium?
Not usually on its own. Underwriters weigh frequency and severity over 3 to 5 years, and compare the account with its trade. A single claim with a fixed cause is explained in the renewal submission. Repeated small claims signal a risk-management problem and are priced accordingly.
Can I move insurer mid-term?
Yes, but the expiring policy is cancelled on short-period terms and the refund is less than pro rata. Claims-made policies need a matching retroactive date on the new policy or past work loses cover. Most companies move at renewal and use the mid-term only when an insurer withdraws from the trade.
Sources
General information only, not advice on any particular policy. Cover depends on the policy wording and the insurer's terms.