- General insurance sector recorded collective growth of 10.1% across both its domestic and offshore markets
- Increase in net incurred claims observed for the majority of domestic business segments, led by motor insurance
SINGAPORE, 18 March 2024 – The General Insurance Association of Singapore (GIA) today announced year-on-year growth for both its domestic and offshore general insurance segments, with a combined increase of 10.1% in gross written premiums to S$10.2 billion. The sustained growth reaffirms the sector’s relevance and role in protecting consumers and businesses. The sector recorded 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. 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 Mr. Ronak Shah, President of GIA.
Increase in net incurred claims across major domestic market segments
The domestic segment observed 7.3% growth in gross written premiums, amounting to S$5.2 billion, while underwriting profit fell by 11.2% to S$262.9 million. Net incurred claims rose 44%, driven by an increase in claims across most business segments as the sector continues protecting Singapore customers and helping to rebuild their lives and property. In particular, the motor segment saw the largest increase in claims by 73.3% to S$573.4 million, as traffic accidents rose in 20231.New service for the motoring public – Vehicle Accident Report History
Building on the success of the GIA Easy Accident Reporting System (GEARS), the sector also launched its new online Vehicle Accident Report History (VARH) service2 earlier this year. This service allows car owners to buy the report showing dates of accident reports made by owners or drivers of their vehicles the past six years, allowing a more transparent buying and selling experience for prospective buyers of their vehicles.
GIA also produced a sector-wide video campaign to raise public education on motor touts, in partnership with the Singapore Police Force.
Strong recovery in travel fuelled positive performance in domestic market
Across the various business segments, travel insurance emerged top with a 37.6% increase in gross written premiums. This is in line with the strong recovery in business and leisure travel globally.
The health segment recorded an increase of 12.1% in gross written premiums. However, it concurrently observed an underwriting loss of S$10.6 million, reversing the profit experienced in 2022. This was contributed by the 10.3% increase in claims, signifying rising healthcare costs.
Gross written premiums for employer’s liability observed a 10.2% increase, consistent with the expansion of resident and foreign labour market3. The segment achieved an increase in underwriting profit to S$45.7 million, as workplace safety and deaths in workplace fell in Singapore last year4.
Further breakdown of the general insurance sector’s performance by business segment can be found in the appendixes.
Looking ahead, the sector remains committed to meeting consumers and businesses’ evolving needs and ensuring protection remains accessible amid a more volatile global landscape. Beyond ongoing fraud-mitigation initiatives, the sector continues to proactively assess and implement approaches to safeguard Singaporeans’ interests.
1 - Singapore Police Force, Annual Road Traffic Situation 2023: https://www.police.gov.sg/-/media/D4435F72157942D3B323EE4A507D4CFB.ashx
2 - GIA, Vehicle Accident Report History Service – https://m.gears.com.sg/accident-history-report
3 - Ministry of Manpower. Labour Market Advance Release Fourth Quarter 2023: https://www.mom.gov.sg/newsroom/press-releases/2024/3101-labour-market-advance-release-fourth-quarter-2023
4 - The Straits Times (31 January 2024); Workplace deaths in Singapore down 22% in 2023: https://www.straitstimes.com/singapore/workplace-deaths-in-2023-fall-by-22
