First-ever sector-wide video campaign to be launched 2H2023 as members come together to raise public awareness towards motor touts to combat fraudulent claims in the motor insurance sector
SINGAPORE, 22 March 2023 – The General Insurance Association of Singapore (GIA) today announced that the general insurance sector recorded positive results for both the offshore and domestic segments with a combined 15% increase in gross written premiums to S$9.34 billion. Underwriting performance rose by 20.3%.
Domestic Segment Records Second Consecutive Year of Growth
The domestic segment recorded a stable growth of 9.6% in gross written premiums totalling S$4.84 billion. This came on the back of strong uptake in the health, property, and travel segments in the domestic market, with the easing of travel borders globally contributing to significant growth in the latter.
Correspondingly, underwriting profit increased by 14.8% year-on-year to S$301.6 million in 2022, buoyed by strong performance in the health segment. This is the second consecutive year of growth recorded for the sector, underscoring its resilience as it emerges from the Covid-19 pandemic.
"The general insurance sector’s robust performance over the past year has reinforced our country's position as a leading insurance hub in the region. Despite challenges posed by the pandemic, the sector has displayed resilience, adaptability, and innovation, enabling us to continue serving our customers and supporting economic growth. As we look ahead into 2023, we remain optimistic in our sector's ability to navigate and excel in a rapidly evolving landscape," said Mr. Ronak Shah, President of GIA.
First-ever sector-wide video campaign to combat motor touts
With the resumption of economic activities and in the face economic headwinds, the sector continues to keep a keen eye on the rising trend of motor touts and other fraudulent activities. This year, the general insurance sector will come together in a sector-wide effort to launch a video campaign aimed at raising public awareness around motor touts. This campaign will be launched second half of 2023.
This is the first-ever sector-wide marketing initiative to tackle inflated claims in the motor segment since the launch of the Motor Claims Framework1 in 2008, further underscoring the sector’s continued commitment to stamp out fraudulent actors in its largest business segment.
Positive domestic market performance supported by health segment
Across the various business segments, health insurance came up top in terms of growth with a 19% increase in gross written premiums. Total underwriting profit for the health segment also increased by S$69.6 million, reversing the underwriting loss experienced in 2021. This highlights the general insurance sector’s growing position in providing comprehensive protection through corporate health coverage.
Gross written premiums for property insurance grew by 6% to S$758.3 million. This is reflective of the multiple high profile fire incidents reported by the media in the past year2, reinforcing the pertinent role of property and fire insurance in rebuilding lives.
1 - GIA Motor Claims Framework, https://gia.org.sg/images/pdf-files/MCF_Brochure.pdf, retrieved on 22 March 2023.
2- The Straits Times (13 Feb 2023): More fire-related deaths in 2022 although fewer blazes reported; spike in vehicle fires: SCDF: https://www.straitstimes.com/singapore/more-fire-deaths-in-2022-although-fewer-blazes-reported-spike-in-vehicle-fires-but-fewer-pmd-cases
