FWD Singapore has been named the new fire insurance provider for sold Housing & Development Board (HDB) flats for the next five years.
The contract, which was clinched in partnership with Singapore-based AVA Insurance Brokers, will provide insurance to HDB homes sold until August 15, 2024. It is expected to provide fire insurance coverage for around 440,000 HDB dwellings over the course of the contract.
FWD succeeds Etiqa as the insurance provider for the residences. The two firms, as well as other insurers including NTUC Income, participated in a tender exercise for the contract. The provided insurance does not cover flat contents, personal possessions, or improvements made to the HDB flats. Cover for these must be purchased separately.
“FWD is delighted to be the insurance provider for HDB Fire Insurance and we look forward to serving more homeowners in Singapore,” said FWD Singapore CEO Abhishek Bhatia. “This appointment is a strong endorsement of our customer-led approach that has allowed us to provide more than 300,000 Singaporeans with simple, reliable and convenient insurance.”
“As a specialist broker that prides ourselves on innovative insurance solutions and superior customer service, there is perfect synergy between AVA and FWD,” said Michael Chew, CEO of AVA Insurance Brokers. “We look forward to working with FWD to provide the best possible service to HDB homeowners in Singapore over the next five years.”