Why Is NTUC Income Travel Insurance So Cheap

I dunno man. A bunch of us are going on a trip soon. So I have asked all if they would like to ge travel insurance to cover any crap that may, touch wood, happen. The last this same-ish group went to Bangkok, a phone was permanently lost and luggage with newly-purchased bras went missing. So did the necessary and scoured website for quotes. I found that most insurance providers were charging double the premium for a similar policy with NTUC Income. Seriously. One of travellers decided to stick to her AIG plan and has forked out $32 versus the $16.50 (pre-group discount) the rest owe me. I remember also my GE insurance guy telling to get travel insurance from NTUC too, some time back. Strange. So the cheapos got the cheap deal and we all hope never to claim anything.