Singapore’s general insurance sector experienced a notable surge in performance during 2023, with gross written premiums escalating by 10.1 percent to S$10.2 billion compared to the previous year. This growth trajectory was primarily propelled by expansions in both domestic and offshore sectors. The sector as a whole recorded an underwriting profit of S$608.1 million over the course of the year.
Data disclosed by the General Insurance Association of Singapore (GIA) on Monday, March 18, revealed a 7.3 percent uptick in domestic gross written premiums, amounting to S$5.2 billion. However, there was a noticeable decline of 11.2 percent in underwriting profit, which settled at S$262.9 million, attributable to a significant 44 percent surge in net incurred claims.
Motor insurance stood out as the dominant sector in 2023, commanding the largest market share of 21 percent based on gross written premiums. Following closely behind were the health sector with 19.2 percent, property sector with 14.9 percent, employers’ liability with 8.9 percent, and travel sector with 5.7 percent.
Of particular interest, the motor segment witnessed a substantial spike of 73.3 percent in claims, reaching S$573.4 million, fueled by an increase in traffic accidents. The number of reported accidents surged to 149,451 in 2023, up from 139,019 in 2022 and 123,485 the preceding year. Despite gross written premiums holding steady at S$1.1 billion, the segment reported a noteworthy reduction in underwriting losses, decreasing to S$7.7 million from S$21.6 million in 2022.
Ronak Shah, president of the GIA, emphasized that safeguarding and providing assistance to the motoring public will remain a central focus for the general insurance sector in the upcoming year.
