Singapore general insurance sector sees growth in domestic and offshore segments

Singapore general insurance sector sees growth in domestic and offshore segments – GIA | Insurance Business Asia

Insurance News

Singapore general insurance sector sees growth in domestic and offshore segments – GIA

There was a combined 10.1% increase in gross written premiums year-over-year

Insurance News

By
Abigail Adriatico

The General Insurance Association of Singapore (GIA) has found that the domestic and offshore general insurance segments saw a combined year-over-year growth of 10.1% in gross written premiums, reaching about S$10.2 billion, with the sector also recording an underwriting profit of S$608.1 million.

“The sector’s sustained growth this year reflects its resilience and underscores our enduring commitment to safeguarding the interests of consumers and businesses,” said Ronak Shah, president of GIA.

There was a 7.3% growth in gross written premiums within the domestic segment, which amounted to S$5.2 billion, while the profit for underwriting fell by 11.2% to S$262.9 million. The net incurred claims also increased by 44%, while the motor segment increased in claims by 73.3% to S$573.4 million.

The sector has also launched the Vehicle Accident Report History (VARH) service, which allows car owners to buy a report which shows the dates of accident reports made by owners or drivers of their vehicles within the past six years. This allows a buying and selling experience that is more transparent for those looking to buy vehicles.

Travel insurance had a 37.6% increase in gross written premiums, which was the highest among various business segments. The health segment saw a 12.1% increase in gross written premiums, but it saw an underwriting loss of S$10.6 million.

Gross written premiums for employer’s liability saw an increase of 10.2% along with an underwriting profit of S$45.7 million.

“Despite the positive results, we remain keenly aware of economic headwinds and the continued threat posed by fraudulent activities. Protecting and supporting our motoring public will remain a key focus for the sector in the coming year,” said Shah.