The General Insurance Association of Singapore (GIA) has reported a robust average annual growth of 8% over the past decade in the general insurance sector, with combined gross written premiums increasing by 6.3% to S$10.8b in 2024. This growth underscores the sector’s resilience and its crucial role in protecting lives and businesses amidst evolving risks.
The domestic segment saw an 8.3% rise in gross written premiums, although it faced a 16.7% drop in underwriting profit to S$219.04m due to increased claims in property, travel, and health sectors. Ronak Shah, President of GIA, highlighted the sector’s importance in navigating complex risks, stating, “Insurance plays an irreplaceable role in safeguarding the public, helping them recover from financial losses, and ensuring access to protection.”
In September, Singapore will host the International Union of Marine Insurance (IUMI) 2025 annual conference, further cementing its status as a global maritime insurance hub. This event will gather marine insurance professionals worldwide, reinforcing Singapore’s position as a leading maritime centre.
The sector’s growth also reflects positive trends in specific segments. The health segment reversed its previous losses, posting an underwriting profit of S$5.34m in 2024, whilst employer’s liability insurance saw a 4.9% decline in net incurred claims. However, the rise in road traffic fatalities remains a concern, prompting ongoing collaborations with the Traffic Police and Singapore Civil Defence Force to enhance public safety.
As Singapore strengthens its role as a global insurance hub, the sector remains committed to fostering resilience and safeguarding the nation’s economic stability and public wellbeing.
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