Singapore’s general insurance market grows by 3.4%

The general insurance sector in Singapore grew by 3.4% in terms of gross written premiums (GWP), amounting to SG$3.81 billion for 2018, according to the General Insurance Association of Singapore (GIA). According to a statement by the GIA, motor insurance achieved a strong recovery in 2018 with a 137% increase in underwriting profit, totalling SG$9.96 million, reversing the SG$27.2 million underwriting loss recorded in 2017. The GIA attributed the comeback to key industry initiatives including the fraud management system (FMS), motor claims framework, and proactive consumer education efforts. The GIA is working to mitigate significant increases in claims costs for the work injury compensation insurance and health insurance segments which contributed to the sector’s 64.8% decline in underwriting profit for 2018, totalling SG$37.7 million.