The General Insurance Association of Singapore (GIA)has 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 Ronak Shah, President of GIA.
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 help 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 2023.[
New Service for the public
Building on the success of the GIA Easy Accident Reporting System (GEARS), the sector also launched its new online Vehicle Accident Report History (VARH) service 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.
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 market. The segment achieved an increase in underwriting profit to S$45.7 million, as workplace safety and deaths in workplace fell in Singapore last year.
Looking ahead, GIA said 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.
