Insurance Agency Singapore | Commercial Insurance and Personal Insurance

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Fire safety is an important aspect of home and workplace safety. A lot of us, especially new home owners, are unaware on the importance of insuring our homes with sufficient fire insurance coverage. Most will probably try to pay as low premium as possible, thinking that such fire cases are unlikely to happen.

A fire can break out anywhere and at any time because of unexpected causes such as a power overload, a short circuit, a kitchen accident or a lightning strike. According to Singapore Civil Defence Force (SCDF), there is a total of 4,724 fires broke out in Singapore last year, 2014. Of this number, 2,888 (61.1%) fires involved residential premises, and 565 cases (12.0%) took place in commercial premises. The remaining 1,271 (26.9%) were non-building places which involved vegetation and vehicles on road. In this year 2015, there are 10 cases of fires outbreak over the past few months, 5 of which involved residential premises.

You can play your part by not discarding items at common area such as corridors, lift lobbies and void decks. Smokers should also take more precaution by making sure cigarette butts are completely extinguished before disposing into rubbish chutes or bins.

Here are more fire safety tips (source from SCDF) for residential premises which we could take precautions:

FIRE SAFETY TIPS –  RESIDENTIAL PREMISES

Ø Discarded Items 1. Do not leave unwanted furniture and items at common areas such as corridors, lift lobbies, void decks and staircases. 2. Arrange with your Town Council or Management Office if you require assistance for the disposal of unwanted bulky items such as cupboards, sofas, etc.   3. If you notice discarded items at the common areas, please alert your local Town Council or Management Office. Ø Rubbish Chutes/Bins 1. Completely extinguish lighted materials e.g. cigarettes and sparklers before disposal into rubbish chutes/bins. 2. Douse charcoal embers with water before disposal into rubbish chutes/bins. 3. Avoid throwing flammable substances like paint, oil or kerosene into rubbish Ø Cooking 1. Never leave cooking unattended as it can result in fires; turn off the gas supply and cooking appliances whenever they are not in use. 2. Petrol or kerosene should not be used to start a BBQ fire – they can flare up unexpectedly; use fire-starters instead. 3. Charcoal should be doused with water when cooking is done. 4. Keep cooking appliances including the stove-top, cooker hoods and ovens clean and free of greases. 5. Keep flammable liquids (e.g. cooking oil and wine) and combustible materials away from heat sources such as the stove. 6. Keep LPG cylinders in a well-ventilated area. Ø Electrical Appliances 1. Never overload electrical outlets with electrical appliances. 2. Always switch off appliances when they are not in use. 3. Check the condition of wires regularly. Frayed wires or cracked cords should be replaced or repaired by licensed electricians. 4. Do not run wires under carpets or mats and keep them away from hot surfaces. 5. Use electrical plugs which carry the SAFETY Mark Ø Housekeeping 1. Keep matches, lighters and candles out of children’s reach. 2. Store flammable substances in a safe place. 3. Do not place window curtains or any combustible materials near praying altars, stoves or lighted materials. 4. After parties or gatherings, check for smouldering cigarette butts around and under the sofa, chair cushions and carpets. 5. Lit candles should also be kept away from paper, curtains and furnishings. They should be placed in stable holders on heat-resistant surface. It is also not advisable to leave candles burning in a room unattended. Ø Decorations and Lightings 1. Check the decorative lighting fixtures before use. Blown bulbs and frayed wires should be replaced using the service of licensed electricians for repairs, if necessary. 2. Do not leave decorative lighting fixtures switched-on when leaving home or when going to bed. Indoor lighting fixtures should not be used in outdoor area to avoid electric shocks and short circuits. 3. Use decorative lighting fixtures which carry the SAFETY Mark. Similar to electrical appliances such as fans, decorative lighting fixture is also a Controlled Good under the Consumer Protection (Safety Requirements) Registration Scheme, which is administered by SPRING Singapore. 4. Decorations made of light tissue paper or cardboard burn easily. Do not attach them to lights or other heat source, and always keep them away from candles. Ø Handling Sparklers 1. Sparklers should be kept in a closed box and away from flames. 2. When being used, it should be lit at arm’s length and only one at a time. Children playing with sparklers must be supervised by parents/adults. 3. Lighted sparklers should never be thrown at combustible materials. 4. When a sparkler goes out, do not immediately touch the hot end for it could still burn; put the hot end in a bucket of water to fully cool it down before disposing it safely. 5. Follow the safety instructions as stated by the manufacturer. These instructions are typically found on the box housing the sparkler.

See more information on scdf.gov.sg

Another piece of good news for motor drivers! LTA has announced there will be an increase in the no. of COE quota for the months of May June July, which is 41% more than the Feb-March-April period. During the first quarter we have seen price fluctuates, where prices drop during the introduction of the increment, only to rise back up after the government announced changes to the revised CEVS rebate that will kick start in 1 July 2015.  

Looking at the chart from Straits times papers dated  16/04/15, the monthly quota for the CAT A & B for the May-June-July period are 2853 and 1856, up from period of 1973 and 1444 respectively. Looks like its time to head down to the  motor show room again to enquire more on the pricing. Most car owners will aim to get one before 1 July, taking advantage of the CEVS rebate before it change.

Lets not miss out this window opportunity again.   

*Source and data from LTA & The Straits Times

Another piece of good news for motor drivers! LTA has announced there will be an increase in the no. of COE quota for the months of May June July, which is 41% more than the Feb-March-April period. During the first quarter we have seen price fluctuates, where prices drop during the introduction of the increment, only to rise back up after the government announced changes to the revised CEVS rebate that will kick start in 1 July 2015.  

Looking at the chart from Straits times papers dated  16/04/15, the monthly quota for the CAT A & B for the May-June-July period are 2853 and 1856, up from period of 1973 and 1444 respectively. Looks like its time to head down to the  motor show room again to enquire more on the pricing. Most car owners will aim to get one before 1 July, taking advantage of the CEVS rebate before it change.

Lets not miss out this window opportunity again.   

*Source and data from LTA & The Straits Times

 

 

The passing of one of our founding fathers, Mr Lee Kuan Yew, has saddened many people. Over the past many years, we are all used to having him around to take care of our Singapore. My friends and I were discussing how much he, who is our first prime minister since Independence Day, has contributed to our successful Singapore.

While news of the passing of Lee Kuan yew has been circulating online since early this morning, I can’t help but have many thoughts coming through my head upon seeing the video where our current PM, Lee Hsien Loong, addressing the nation at 8am. Some people said he almost cried while addressing, while others commented he can’t cry on national TV because as our current leader, he has to be strong and lead the nation forward. But how is he really feeling right now?

I was born in a family where helping out in the family business is inevitable. Through my life, many people has look upon me as ‘The Boss’s son’, and while doing my degree, friends will often remind me that I don’t have to study so hard since my career path has already been set. At work, colleagues will always know me as ‘The second generation’ of the business. The term ‘second generation’ I believe also applies to our current PM. Many people will always judge how can the second generation do better than the first? While others will say ‘You are where you are today because of what the first generation has provided you’

As a second generation, I always try my best to show that the second generation’s work is not just based on or continued from the first. I truly feel and understand there was always a need to prove that the second generation can achieve success on their part. While it has been built from the first generation, the second generation has to work even harder to not only maintain the success, but build on and achieve the next tier of success. In Chinese, there is a saying ‘创业难, 守业更难’ Not many people understand this. They see success that the second generation is enjoying but yet, they don’t see how pressure is also building up on them to make it even better. The second generation might be able to work things out but there will always be a doubt somewhere in them that they will want to seek advice or assurance from the first generation to endorse what they are doing is right.

While our Current PM is grieving over the loss of his father, I am sure he is also facing the pressure to carry on the success to the next level. Now that he can’t seek advice from his father, he will face a bigger test and pressure than ever before.

While we continue to mourn over the passing of Lee Kuan Yew for the next seven days, let us not forget that we, whether the second, third or even fourth generation of Singapore, must start working even harder to bring and maintain the success and peace that we have enjoyed today and before. Rest in peace, Mr Lee.

Looks like there will be no cheers for car buyers after the release of prices at 4pm today. Here are the comparison of the latest prices on COE

                                  18th March 2015                              4th March 2015                              17th Feb 2015

Cat A                         $64,700                                                $61,410                                           $57,199

Cat B                          $71,889                                                  $68,668                                           $66,751

Cat C                          $59,999                                                  $56,501                                            $53,202

Cat D                         $5,610                                                     $5,501                                               $5,800

Cat E                          $72,100                                                  $70,500                                           $67,901

Yup, the day where we all feared. COE INCREASED AGAIN. Hopes of buying a car at a cheaper price has been dashed again.

Ever since there was an announcement in January that supply of COE quota has increased for the 3 month period ending April, many potential car buyers especially me are anticipating the drop. Although we were given hope during Feb that prices are indeed coming down, however it has only dropped  to the lowest during 4th Feb at $57k, as indicated above. So those buyers who got in during this Feb 4th window are the biggest winners now.

The last three prices will show that COE will hardly drop beyond $50k, well at least we know what to expect from now on. Lets hope for the best in April.

 

Data from Onemotoring

The latest COE prices have been released today and here we take a look at it:

                                          4th March 2015                              17th Feb 2015

Cat A                                 $ 61,410                                            $57,199

Cat B                                  $68,668                                           $66,751

Cat C                                  $56,501                                            $53,202

Cat D                                 $5,501                                               $5,800

Cat E                                  $70,500                                           $67,901

COE prices are on the rise again. There are several factors that resulted in the increase. Firstly, the last two COE bidding we have seen that prices have been dropping and fundamentals of economics will show that potential car buyers have started to take advantage  of price drop by entering the market during this window.

Secondly, the recent SG budget has announced that the revised  carbon emission-based vehicle schemes(CEVS) will kick-in in July 2015, and has urged many buyers to buy now rather than later (see straits times). CEVS scheme is meant to encourage buyers to purchase low carbon emission models and the new revised scheme is such that only cars with 135g or lower carbon emissions per km will be entitled to rebates ($5k-$30k), while those above 185g will have to incur a surcharge. This is compared to the previous 160g for rebates and 210g for surcharges. I am not sure which models qualify for rebates or surcharge before the change in scheme, but we can probably guess certain popular car models might end up incurring surcharge than rebates.

My previous analysis was based on simple understanding of economics, but there will be factors that will play a part in influencing the price. Maybe if you consider getting a hybrid car, or an electric one (not sure if there is such a model? but i do see car parks having certain lots for electric cars) you won’t be too bothered by the scheme. But no doubt this change has urged buyers to take action now, and that maybe my ideal wait for $50k and below COE price (CAT A) might not come true eventually. I have heard from a friend that his recent purchased of Toyota Estima (parallel import) cost around $150k, which was a drop compared to 2014 prices. Prices may not drop significantly now but they sure are a bit lower than before.

Time to head to the showroom and enquire more.  

 

Data from OneMotoring, LTA

The latest COE prices have been released today and here we take a look at it:

                                          4th March 2015                              17th Feb 2015

Cat A                                 $ 61,410                                            $57,199

Cat B                                  $68,668                                           $66,751

Cat C                                  $56,501                                            $53,202

Cat D                                 $5,501                                               $5,800

Cat E                                  $70,500                                           $67,901

COE prices are on the rise again. There are several factors that resulted in the increase. Firstly, the last two COE bidding we have seen that prices have been dropping and fundamentals of economics will show that potential car buyers have started to take advantage  of price drop by entering the market during this window.

Secondly, the recent SG budget has announced that the revised  carbon emission-based vehicle schemes(CEVS) will kick-in in July 2015, and has urged many buyers to buy now rather than later (see straits times). CEVS scheme is meant to encourage buyers to purchase low carbon emission models and the new revised scheme is such that only cars with 135g or lower carbon emissions per km will be entitled to rebates ($5k-$30k), while those above 185g will have to incur a surcharge. This is compared to the previous 160g for rebates and 210g for surcharges. I am not sure which models qualify for rebates or surcharge before the change in scheme, but we can probably guess certain popular car models might end up incurring surcharge than rebates.

My previous analysis was based on simple understanding of economics, but there will be factors that will play a part in influencing the price. Maybe if you consider getting a hybrid car, or an electric one (not sure if there is such a model? but i do see car parks having certain lots for electric cars) you won’t be too bothered by the scheme. But no doubt this change has urged buyers to take action now, and that maybe my ideal wait for $50k and below COE price (CAT A) might not come true eventually. I have heard from a friend that his recent purchased of Toyota Estima (parallel import) cost around $150k, which was a drop compared to 2014 prices. Prices may not drop significantly now but they sure are a bit lower than before.

Time to head to the showroom and enquire more.  

 

Data from OneMotoring, LTA

The latest result of COE prices just before the Chinese New Year period has been released today at 4pm. I have been anticipating the drop in COE ever since the announcement of COE quota  increase for Feb – Apr.  Lets take a look at the latest results:

                                          17th Feb 2015                              4th Feb 2015

Cat A                                 $57,199                                             $62,002

Cat B                                  $66,751                                            $70,890

Cat C                                  $53,202                                            $52,101

Cat D                                 $5,800                                              $5,504

Cat E                                  $67,901                                            $71,921

Huat Ah! Cat A, B and E (open) has dropped while commercial vehicles (Cat C) and motorcycle (Cat D) has increased further. So what will happen going forward to March and April? The increase in quota has helped push the price further down, it has at least given potential car owners a sigh of relief especially those whose car COE is expiring in 2015 or 2016 (the years when COE is approx. $10k)

The cost of owning a car might prove to be lower in the near future, given the price of petrol decreasing in the past few months. While many speculate oil prices will shoot back up soon, I  have actually done some research that shows oil price might drop even further (will blog on an article soon). Nonetheless, if you are looking to buy a car soon, be optimistic! I strongly feel this year or next will be the best chance to buy before COE crazily goes back up again. Remember the basic speculation technique? Buy low Sell High. To reiterate, I would be looking to enter at $50k Cat A or $60k Cat B.

Probably its time to go window shopping at Leng Kee showrooms soon.

Data from One Motoring

The COE for February 15 has been released on the 04-02-15, it may be a bit late to blog about it but nonetheless lets just review on the latest prices. As I have mentioned in my earlier post on the increase of quota from Feb – Apr 2015, the prices for January and February 2015 are as followed:

                                  Feb 15                                         Jan15

Cat A                                 $62,002                                    $65,001

Cat B                                  $70, 890                                   $76,889

Cat C                                  $52,101                                      $55,011

Cat D                                 $5,504                                       $4,403

Cat E                                  $71,921                                      $75,200

The increase in supply definitely help pushed down the prices by a bit, with Cat B vehicles dropping the most at approximately $6k, with the exception of an increment for Cat D (Motor Cycle). Is this good enough? As the increase in quota is over a 3 month period, we should be able to guess how much more it will drop/increase come the 2nd bidding for February. In simple economics term (based on the Demand and Supply Curve), as prices drop, demand will increase such that probably more people will look into buying/changing cars in the next bidding exercise, so that might start to push the price higher again.

As I mentioned previously, buying a car nowadays is like speculating in share prices. Using the basic financial strategy of  ‘Buy Low Sell High’ it’s pretty much about guessing when is the right time to enter. As we know CAT B has once soared to the high $90k, this price right now definitely much less expensive.

In my opinion, if prices for CAT A can drop to $50k and CATB $60k, i think it is consider a good price to enter. Some friends I have talked to are sceptical where they don’t believe it will drop to that $50k range, which they say ‘at most drop few k only’

Let’s just hope for the best

 

Data from One Motoring

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