Policy Owners’ Protection Scheme
The Policy Owners’ Protection (PPF) Scheme is an additional safety net that protects the interests of general insurance policy holders in the event a general insurer fails. The PPF Scheme is administered by the Singapore Deposit Insurance Corporation (SDIC).
All General Insurance companies are regulated entities in Singapore. The PPF Scheme provides added assurance that there is a compensation scheme for policy owners to reduce the financial impact on individuals in the event an insurer defaults. Experience in other countries has shown that consumers are less likely to panic if and when things go wrong, if there is a mechanism in place to guarantee the safety of insurance policies.
The PPF Scheme provides 100% coverage for the types of general insurance policies covered under the Scheme. No caps are applicable for protection of your general insurance policies.
All insurers registered by the Monetary Authority of Singapore (MAS) to carry out direct general business (other than captive insurer or specialist insurers) are members of the Policy Owners’ Protection Scheme (PPF Scheme members).
You can get more information from the PPF Scheme brochure or contact SDIC at www.sdic.org.sg.
You may refer to the PPF FAQ if you have any questions or contact SDIC.
You may also view an informational video by clicking here.
For more information on General Insurance in Singapore, please visit the GIA website at www.gia.org.sg.
Please click here for the list of AXA General Insurance policies covered under the PPF Scheme.
