Singapore's General Insurance Association said that motor insurers registered record losses of 214 million Singapore dollars (about 140 million U.S. dollars) in 2008, local media reported on Thursday.

According to TV broadcaster Channelnewsasia, insurers paid out 742 million Singapore dollars (about 485 million Singapore dollars)in claims in 2008 compared to 582 million Singapore dollars (about380 million U.S. dollars) in 2007 due to an increase in younger drivers getting into accidents with personal injuries.

The report said that Singapore motorists are set to pay higher insurance premiums, which are expected to go up by about 10 to 20 percent in 2009 in light of the losses insurance companies incurred in 2008.