S’pore’s general insurance sector climbs 10.1% YoY in 2023

The healthcare sector suffered an underwriting loss due to rising costs.

Singapore’s domestic and offshore general insurance segments saw year-on-year (YoY) increases, with a combined annual increment of 10.1% in gross written premiums to S$10.2b, reported General Insurance Association of Singapore (GIA).

This growth reaffirms the sector's importance in protecting consumers and businesses, with an underwriting profit of S$608.1m.

“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.

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The domestic segment observed a 7.3% YoY climb in gross written premiums to S$5.2b, though underwriting profit fell by 11.2% YoY to S$262.9m. 

Net incurred claims increased by 44% YoY, with the motor segment experiencing the largest rise in claims at 73.3%YoY to S$573.4m.

Travel insurance saw a significant increase in gross written premiums by 37.6% YoY, reflecting a strong recovery in global travel.

However, the health segment observed an underwriting loss of S$10.6m due to rising healthcare costs, despite a 12.1% YoY increase in gross written premiums.

Employer's liability gross written premiums increased by 10.2% YoY, aligning with the expansion of the labour market, whilst underwriting profit rose to S$45.7m.