- Combined gross written premiums across both domestic and offshore segments rose by 6.3% to S$10.8 billion in 2024, sustaining growth from previous years.
- Net incurred claims for domestic segment continued its upward trend, underscoring the sector’s vital role in safeguarding the public and providing financial protection during times of need.
- In September, the sector will host the International Union of Marine Insurance (IUMI) 2025 annual conference, reinforcing Singapore’s role as a key global maritime insurance hub.
SINGAPORE, 24 March 2025 – The General Insurance Association of Singapore (GIA) today announced that the sector recorded sustained overall growth across both the domestic and offshore segments, with combined gross written premiums rising by 6.3% to S$10.8 billion. Underwriting profit grew by 5.6% to S$642.31 million.
Over the past decade, the sector has grown at an average rate of around 8% per annum. This sustained long-term growth reflects the sector’s consistent performance and overall resilience, and further demonstrates its critical role in protecting lives, property, and businesses in an evolving risk landscape.
The domestic segment experienced an 8.3% increase in gross written premiums, a higher growth compared to 2023. However, most business segments saw an increase in net incurred claims, with property, travel and health segments recording double digit increases. This led to the overall 14.4% increase in claims for the sector, which is in line with global trends1 given factors such as climate change, healthcare inflation, and rising repair or replacement costs. Underwriting profit for the domestic segment fell by 16.7% to S$219.04 million.
“The general insurance sector is operating in an increasingly complex and fast-evolving risk environment. From climate-related disasters to rising medical costs and economic volatility, insurers today must navigate a rapidly changing landscape,” said Mr. Ronak Shah, President of GIA. “Now more than ever, insurance plays an irreplaceable role in safeguarding the public, helping them recover from financial losses, and ensuring access to protection. The Singapore general insurance sector remains committed to supporting Singapore through these uncertainties, as we continue to strengthen our role as a key insurance hub globally.”
Upcoming global and local risk protection initiatives
The sector’s consistent growth trajectory highlights Singapore’s standing as a key global insurance hub, setting the stage for the country to host the International Union of Marine Insurance (IUMI) 2025 annual conference in September. As the world’s largest annual global marine insurance event, IUMI 2025 will bring together global marine insurance professionals to shape the future of the industry.
With an average of 140,000 vessel calls annually2, Singapore remains the busiest transshipment port in the world and a central node in global trade. Despite being a city-state, the country is the second and fourth largest marine hull underwriter in Asia and worldwide respectively3. Hosting IUMI 2025 further cements the sector as a key enabler in strengthening Singapore’s role as a leading global maritime hub.
Beyond the global marine sector, focus also remains on improving local road safety and the protection of the motoring public. Based on latest Traffic Police statistics4, while total accident numbers have slightly declined, accidents have become more severe. This has resulted in road traffic fatality rate rising to 2.51 per 100,000 population—the highest since 2016.
To this end, GIA continues to work closely with the Traffic Police to enhance road safety awareness. The association also plans to collaborate with the Singapore Civil Defence Force (SCDF) on a series of public education campaigns focused on property fire prevention, and addressing rising incidents linked to electrical faults and active mobility devices (AMDs).
Positive momentum seen in select domestic segments
The health segment5 posted an underwriting profit of S$5.34 million in 2024, reversing the underwriting loss incurred in 2023. This corresponds with its 15.9% increase in gross written premiums, highlighting the continued importance of health insurance and the growing awareness of insurance protection as part of holistic health management. However, the Group Health and Surgical subsegment continues to face headwinds with rising claims costs contributing to loss-making performance in this subsegment.
Net incurred claims for employer’s liability insurance saw a 4.9% decline for 2024, defying the upward trend seen across the sector’s other top business classes. This positive momentum aligns with fewer major workplace injuries recorded in 1H2024 Workplace Safety and Health report6, even though number of fatalities increased slightly from 2023. Nevertheless, work-related traffic accidents remain a major concern, driving continued engagement by the sector to consider alternative modes of transport for workers.
In the travel segment, gross written premiums increased by 5.1% to S$310.1 million, reflecting heightened consumer awareness of travel risks amid geopolitical and climate-related travel disruptions.
Further breakdown of the general insurance sector’s performance by business segment can be found in the appendixes.
Amid an evolving risk landscape, the sector remains proactive in mitigating risks and strengthening public awareness to ensure that Singaporeans remain well-protected. As Singapore strengthens its role as a global insurance hub, the sector will continue to foster resilience through driving meaningful initiatives, safeguard businesses and individuals, and contribute to the nation’s long-term economic stability and public wellbeing.
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1 - Deloitte, 2025 global insurance outlook: Evolving industry operating models to build the future of insurance – https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html
2 - Maritime Port Authority, Global Connectivity – https://www.mpa.gov.sg/maritime-singapore/what-maritime-singapore-offers/global-hub-port
3 - International Union of Marine Insurance, IUMI STATS Report 2024 – https://iumi.com/wp-content/uploads/2024/12/IUMI-Stats-Report-2024.pdf
4 - Singapore Police Force, Annual Road Traffic Situation 2024, https://www.police.gov.sg/media-room/statistics?filter=2DDE3860D1BB4FD6AE91F9B08CFA1E45
5 - The health segment comprises Group Hospital and Surgical, Hospital, Critical Illness insurances, and others.
6 - Ministry of Manpower, Workplace Safety and Health Report, Jan-Jun 2024 – https://www.mom.gov.sg/-/media/mom/documents/safety-health/reports-stats/wsh-national-statistics/wsh-national-stats-2024.pdf
