Singapore general insurance sector stable, shows slight uptick

The General Insurance Association of Singapore (GIA) announced that the sector achieved stable growth in 2021, with an 8% increase in gross written premiums to SG$4.42 billion.

According to GIA, the sector’s growth was driven by a strong uptake across its top five business segments, with the property segment showing the biggest double-digit increase. The sector paid out SG$1.24 billion across all business areas, with an SG$84.3 million increase across its three largest segments – motor, health and employer’s liability.

Despite more claims being paid out in major segments, the sector recorded an underwriting profit of SG$262.7 million.

At its recent annual general meeting, GIA announced the composition of its new management committee. Ronak Shah (pictured above) of QBE was re-elected president, and Christian Sandric of AIG was re-elected as vice president. Jimmy Tong (Great Eastern) and Joanne Huang (Tokio Marine) were also re-elected as honorary secretary and honorary treasurer, respectively.

The management committee members are Hichaim Raissi (Allianz), Khor Kee Eng (FWD), Kaiwan Moradian (Liberty Insurance), Mack Eng (MSIG Insurance) and Andrew Yeo (NTUC Income).

“The evolving COVID-19 situation continues to demonstrate why the work of the general insurance sector is essential – to protect what people value most,” Shah said. “General insurers continue to answer the call of duty to safeguard consumers’ interests during disruptive times, from COVID-19 financial relief measures to participating in a multi-agency insurance workgroup to discuss the provision of COVID-19 cover in key products such as travel insurance.

“For 2022 and beyond, cyber risks and sustainability will become increasingly pertinent issues for the Sector,” Shah said. “2021 has been a year of laying down the foundation for closer collaboration and partnerships. In 2022, our dialogue and initiatives in place will move talk to action to urgently address these increasingly worrying risks and our policyholders’ changing protection needs. As we step into 2022 with greater optimism, our efforts will be focused on driving forward-looking developments with purpose, innovation, and collaboration at the core.”