Read that Aviva and AXA weighs sale of business. Should we still purchase policies from them?

Hi anon,

MAS has really safeguarded us very well, I would say. We have a very sound system in place.

Policy Owner's Protection Scheme will have you covered (within limits) and even if they don't leave Singapore this year, what if some other company decides to leave Singapore 5 years later and you already have a policy with them?

Or what about people who might have bought an Aviva policy 5 to 10 years ago from DBS? Should they be worried now?

I got asked this pretty often recently, in any case, it should not affect your decision to purchase from these insurers. Even if an insurer ultimately leaves, another insurer would take over (this is probably the preferred way that will appease all parties). As an example, John Hancock left Singapore, and their policies were taken over by Manulife.

Hi there. Aviva decided to keep its Singapore and China operations almost a year ago. There has been no change since. Not sure why it is being mentioned that Aviva is selling.

AXA is weighing up a possible sale. But in any case, all policies bought at current terms will always be honoured by the insurer taking over. In any case, one can always get a refund from SDIC if AXA closes instead.

You can reach me here to find out more. I cover 9 major insurers including AXA and Aviva.